The Criminal Finances Act has introduced a new corporate criminal offence of ‘failure to prevent the facilitation of tax evasion’. The offence is expected to be enforceable from September 2017.
Although this new offence doesn’t change the existing laws on tax evasion or the facilitation of tax evasion, it does make it easier to prosecute companies or partnerships (relevant bodies).
You may have heard that the Government recently announced a new timetable for Making Tax Digital (MTD).
Originally, the start date for many businesses was April 2018, however, they will now not be asked to keep digital records, or update HMRC quarterly, until at least 2020. This applies to all taxes except VAT.
Most landowners know exactly what the family owns, including the finer details of boundaries, tenancies and history. However, they may be less clear about exactly who owns which property and what’s on the business balance sheet. It’s not uncommon for someone to think they own land when in fact it’s still held in the names of grandparents’ executors, or for them to think it’s owned jointly with a spouse when that’s not the case.
The annual government report on agriculture has recently been issued. At 110 pages it is not easy reading, but it certainly sheds light on an industry which we, as accountants, normally only observe on a piecemeal basis.
Five interesting things
The average age of farmers rose from 56 to 59 between 2000 and 2013.
Recently the Solicitors Regulation Authority (SRA) released a consultation on the new rule book and code of conduct, which currently sit at over 430 pages combined. The consultation closed on 30 September 2016.
In June 2017, the SRA released the outcome of the consultation together with their take on the comments received.
Larking Gowen has been running a trilogy of business breakfasts on the theme of ‘How to make business fun, fulfilling and financially rewarding in 2017’. In June we presented part 2: ‘Invest in yourself’, and I thought that I would share some of the presentation with you.
Start by asking yourself some questions:
Focus on what you want to achieve; sometimes it is just not painful enough to make that change and remember, if there is no will, there will be no way!
Are you pulled by a dream or pushed by circumstances?
Have you identified your values?
What would you like to be remembered for?
What makes life worthwhile?
Stephen R Covey said: “If I really want to improve my situation, I can work on the one thing I have control over – myself.
Each year thousands of UK businesses receive a visit from HMRC. The vast majority are made through official appointments. However, increasing numbers of businesses are finding HMRC are making unannounced visits. If this happens to you, it is very important to know your rights.
There are generally two types of unannounced visit and you should clearly establish at the outset what is happening.
Data protection has always been considered a key concern for big business. High profile data breaches in recent years highlight the scale on which data is now gathered and the risks inherent with collection of data en masse.
It has been almost two decades since the UK Data Protection Act was introduced in 1998.
You’ve started your business, you’ve perfected your offering, now all you need to do is find someone to buy from you. Social media is an effective way to promote yourself, so why bother to network?
What puts people off networking?
Some of my clients are put off networking because they feel it involves getting up at the crack of dawn, and having to stand up and deliver a short talk to sell themselves.
The fifth MHA Legal Benchmarking Survey has recently been published. This year has been a positive one for most sizes of legal firms but they must make sure that they are profitable and efficient to stay competitive.
While our report reveals that the sector is in good financial health, with performance in 2016 pointing to a positive outlook for the future, firms continue to face a challenging environment.