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VAT Update - October 2014

An update of the latest changes to HMRC's VAT notices and guidance.

Academy reporting under SORP 2015

Academy reporting under SORP 2015.

Reporting for societies

The Co-operative and Community Benefit Societies Act 2014 replaces the 1965, 1967, 1975, 1978 and 2002 Industrial and Provident Societies Acts; the Friendly and Industrial and Provident Societies Act 1968; the Co-operatives and Community Benefit Societies Act 2003; and the Co operative and Community Benefit Societies and Credit Unions Act 2010.

RTI Penalties: HMRC at a glance guide

HMRC has produced a handy at-a-glance guide to RTI penalties.

Review of the Environmental Social and Governance Reporting Guide HK

Consultation Paper on Review of the Environmental, Social, and Governance Reporting Guide Issued by the Hong Kong Stock Exchange

Accounting for dynamic risk management: a portfolio revaluation approach to macro-hedging

Comments from ACCA to the International Accounting Standards Board (IASB).

China’s next 100 global giants

This report identifies 100 emerging businesses that are not yet well known outside China but will be competing globally over the next three to five years.

Consultation: Tackling offshore tax evasion

HMRC's Offshore Evasion and Strategy Team has initiated its first consultation documents on tackling offshore tax evasion, which are open for comment until 31 October 2014.

RTI: Disputed PAYE liabilities

HMRC have started to send letters to employers who are disputing a PAYE charge.

Pension schemes: an update on the proposed revisions to the UK SORP

In this video, ACCA’s Paul Cooper and KPMG’s Kevin Clark explain the proposed revisions to the UK SORP for pension schemes issued for consultation in 2014.

Revenue from contracts with customers: the new international standard

In this video, ACCA’s Richard Martin and Paul Cooper discuss IFRS 15, issued in May 2014. This Standard updates the international accounting requirements for a wide range of revenue-generating activity.

PAYE RTI penalties

HMRC announces a change to the proposed penalty regime for RTI with the phasing in of in-year penalties. Find out more here.

Investment entities: applying the consolidation exception, proposed amendments to IFRS 10 and IAS 28

Comments from ACCA to the International Accounting Standards Board.

Should accounts be trying to predict the future?

In this paper ACCA’s Global Forum for Corporate Reporting examines the past and future perspectives of financial reporting.

Prudence and IFRS

This paper summarises the debate about whether International Financial Reporting Standards, as the key global standards, should include prudence and state its importance in their conceptual framework.

IFRS 15, revenue from contracts with customers: a major project is completed

This paper describes the development of the project to update the financial reporting of revenue from contracts with customers, which has now resulted in the issue of a new International Financial Reporting Standard (IFRS), and the views that ACCA has expressed during the various stages of this project.

Proposed changes to the international standards on auditing (ISAs) addressing disclosures in the audit of financial statements

Comments from ACCA to the International Auditing and Assurance Standards Board.

Financial insight: challenges and opportunities

This joint report from ACCA and IMA suggests ways the finance function can improve current approaches to business partnering.

Latest news and announcements from HMRC

HM Revenue & Customs latest news August 2014 can be accessed on the link below.

Telling the story clearly

Paul Cooper explains how the IASB’s disclosure project is seeking to ‘declutter’ annual financial statements so that their messages come across clearly.

Joint effort

Paul Cooper looks at the background to the joint IASB/FASB project on revenue recognition, culminating – after several years of development – in IFRS 15.

Technical Factsheet 190 Carbon accounts for small businesses-interim guidance

The factsheet concentrates on a simple form of carbon accounting that is suited to entities with turnovers up to, say, £7 million; this includes companies of all types, charities, partnerships and sole traders. The factsheet provides guidance on advising small businesses about setting up and operating carbon accounting, and on the associated tax advantages.

A price cap on high-cost short-term credit (HCSTC)

Comments from ACCA to the Financial Conduct Authority (FCA).

HMRC guidance-Reconciling PAYE charges

HMRC has issued guidance that allows employers to understand how HMRC works out what is owed and identify reasons for an inconsistence. There may be occasions where there is an inconsistency between the amount HMRC say is owed and what employers believe they owe. Employers may become aware of these inconsistencies when checking the Business Tax Dashboard and cannot reconcile a charge shown with their records, or when HMRC contacts them about an unpaid amount or an unexplained credit

Revised IASB exposure draft: leases

Comments from ACCA (submitted via the FRC) 22 August 2014

Introduction to Intellectual Property

Introduction to intellectual property

Reasonable excuse

Generally, a 'reasonable excuse' is when some unforeseeable or unusual event beyond somebody's control has prevented that person from filing the return on time. For example: a failure in the HMRC computer system,a serious illness, disability or serious mental health condition has made the taxpayer incapable of filing the tax return etc.

IFRS 9: Financial Instruments

IFRS 9: Financial Instruments will come into effect on 1 January 2018, with early application permitted.

New UK GAAP changes to financial instruments and hedge accounting

The FRC has issued amendments to new UK GAAP to improve the accounting for certain financial transactions.

A risk challenge culture

This joint ACCA–IMA report discusses the elements of a risk challenge culture. It draws on discussions from roundtables held in Dubai, London, and New York in late 2013.

Proposed changes to certain provisions of the Code addressing non-assurance services for audit clients

Comments from ACCA to the International Ethics Standards Board for Accountants.

Childcare payments

Tax-free childcare - Childcare Payments (Eligibility) Regulations and draft Childcare Payments Regulations 2015 have been issued for comment.

HMRC New Debt Recovery Powers

HMRC to be given powers to collect tax debts from salary; not just bank accounts?

LLP SORP

The LLP SORP applies for periods beginning on or after 1 January 2015.

Charities SORP

It is decision time for many charities given the choice between adopting the SORP based on FRS 102 or the SORP based on the FRSSE.

ACCA and the Enterprise Research Centre

ACCA is proud to sit on the ERC’s Stakeholder Advisory Board, chaired by Lucy Armstrong, alongside some of the UK’s leading business associations.

Exploring diversity in business

Alison Maitland explains how diversity has risen high onto the agenda of business leaders, driven by growing recognition of the business case for it.

Building the finance function in growing businesses

This discussion paper presents views and recommendations on how to build the finance function to support growth in SMEs.

Global economic conditions survey report: Q2, 2014

This is the 22nd edition of the ACCA–IMA Global Economic Conditions Survey Report.

IPSASB strategy consultation

Comments from ACCA to the International Public Sector Accounting Standards Board.

Direct recovery of debts

Comments from ACCA to HM Revenue & Customs.

Tax avoidance schemes and accelerated payments

HMRC has today published a list of those avoidance scheme reference numbers (SRNs) whose users may be issued with an accelerated payment notice (APN).

Building civil service skills for the future

Written evidence from ACCA to the Public Administration Select Committee’s Inquiry: Building Civil Service Skills for the Future.

The effect of the recent EU accounting directive on UK GAAP

ACCA’s Richard Martin looks at how the EU accounting directive and new UK GAAP will interact and investigates the effect the two might have on the future of the FRSSE.

New UK GAAP and charities

The Charity Commission’s Nigel Davies introduces the new framework for charity accounting and reporting.

Tax implications of the new UK GAAP

The transition to UK GAAP will bring with it some tax changes. Read more here.

A challenge to filing VAT online

It has been mandatory for businesses to file online VAT returns from 1 April 2012 – but not every business agreed.

Changes to HMRC VAT toolkits

HMRC updates three VAT toolkits.

Substantial shareholding exemption

The substantial shareholding exemption exempts the disposal of certain shares in subsidiaries from corporation tax on any capital gain.

New UK GAAP: deferred tax

Changes could impact on profits and net assets