VAT: Distance Selling

The update below is a refresher on distance selling, highlighting the main rules that apply to distance sales from the UK.

VAT Update - April 2014

Update on VAT and Indirect Taxes - April 2014.

Limited liability partnerships - salaried members

Following the consultation and feedback the new LLP rules regarding disguised employment are now in force, with effect from 6 April 2014.

New UK GAAP - Presentation in Financial Statements

A look at how financial statements should appear under FRS 102

Intangible assets

FRC have published a research paper that highlights investor views on intangible assets and amortisation.

FRS 103: Insurance Contracts

The standard applies to entities applying FRS 102 that have insurance contracts with accounting periods beginning on or after 1 January 2015

The smart finance function in today’s complex world

This paper outlines ACCA’s smart finance function campaign, launched in April 2014. The campaign showcases the good practices, challenges and opportunities that corporate finance functions face in ‘working smarter’.

Professional development for engagement partners responsible for audits of financial statements (revised)

Comments from ACCA to the International Accounting Education Standards Board.

Year-end real time information (RTI) update

Employers need to ensure that HMRC receive the final FPS by 19 April...

HMRC Agents Blog

As part of its Tax Agent Strategy, HMRC has introduced a new agents blog, providing useful information for agents.

Financial Conduct Authority (FCA) - Audit requirements for FCA regulated firms

The Financial Conduct Authority (FCA) has produced useful guidance on its website regarding the audit of firm's which it regulates.

Partnership tax changes

Partnership tax is changing; Finance Act 2013 made some changes and Finance Bill 2014 is making further changes.

The growth challenge

This report reviews the policy environment and support structures supporting SME growth in nine countries. It draws on the Virtuous Circle of Enterprise Growth framework and builds on a series of interviews with policymakers and SME advocates.

VAT Changes: Budget 2014

Changes to the VAT registration threshold and other business-related VAT matters.

Scottish rate of income tax

Legislative changes resulting from the introduction of the Scottish rate of income tax.

Artificial dual contracts of non-domiciles

New measures will tax the overseas employment income of non-domiciles on the arising basis, rather than on the remittance basis, in the case of artificially arranged contracts with the same or associated employers.

Accelerated payments "tax-follower" cases

New legislation will place greater emphasis on previously decided tax cases.

HMRC powers extended - Direct collection from bank accounts

The government plans to give HMRC the power to recover tax directly from debtors’ bank accounts.

All change for NNPs and high-value residential property

Taxation of high-value residential property held by non-natural persons extends to properties between £500,000 and £2m.

Starting tax rate for savings

From 6 April 2015, the starting tax rate for savings will be reduced from 10% to zero, and the limit will be increased from £2,880 to £5,000.

Upfront payment of tax associated with avoidance schemes

Taxpayers will be required to pay upfront tax disputed under schemes that fall within the DOTAS rules or are counteracted under the GAAR.

Transferable tax allowances

The transfer of a portion of personal allowances between spouses or civil partners has been announced.

Childcare boost for parents

The Tax-Free Childcare Scheme includes an increased costs cap and will support working families with children under 12.

New ISA

Changes will make ISAs more flexible and increase the annual subscription limit.

Tomorrow's finance enterprise

This report seeks to answer the question, what are the key influences shaping the future role of the CFO and tomorrow’s finance enterprise?

Income tax personal allowances

personal allowance 2014/15

Defined contribution pensions advice

Government to introduce new guarantee offering free and impartial guidance on pension choices at the point of retirement.

Pension flexibility increases

Individuals will benefit from changes to withdrawals from registered pension schemes. Saving was a theme of this Budget and the reform of pensions was a headline measure.

Budget 2014 and capital gains tax

The main CGT changes arising from the Budget 2014.

The IAASB’s proposed strategy for 2015–19 and proposed work program for 2015–16

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

Pensions Consultation: Freedom and Choice

On 19 March 2014 the government issued a consultation entitled 'Freedom and Choice in Pensions’...

LLPs in the spotlight

Under the Finance Bill 2014, salaried members of limited liability partnerships (LLPs) will become employees under certain conditions, while excess profits in mixed partnerships will be reallocated...

Multinational corporations, stateless income and tax havens

This report provides evidence to show that the corporate income tax system is not ‘broken’ and that the corporate income tax base is not being eroded. It offers a critique of the stateless income doctrine and the interaction between tax havens and multinational corporations.

Farmers: capital gains tax roll-over relief

New EU legislation was implemented in December 2013 to introduce a new agricultural subsidy, the Basic Payment Scheme.

Corporation tax: changes ahead

Continued reduction in the corporation tax rate, removal of associated company rules, creative industries tax relief and a tightening of group profits movement were Budget highlights.

Venture capital trusts: anti-avoidance

New legislation around VCTs will counter particular forms of share buy-back arrangements.

R&D Cashback for loss-making SMEs

Small and medium-sized enterprises that make a loss stand to benefit from an increase in research and development tax credits.

VAT Update - March 2014

This article details an update on the latest VAT briefs and notices.

Annual Tax on Enveloped Dwellings - A reminder

The Tax Return covering the period 1 April 2014 to 31 March 2015 and any payment are required by 30 April 2014

Draft amendments to FRS 101, reduced disclosure framework (2013/14)

Comments from ACCA to Financial Reporting Council

Amendments to fair value accounting

Amendments to fair value accounting

Changes to UK GAAP

Watch our video on changes to UK GAAP.

Finance leaders survey report: September 2013

This report presents the results of the third of a series of surveys that ACCA and IMA conduct every six months to track how finance issues are evolving.

Breaking out: public audit’s new role in a post crash world

In this paper, contributors from Scotland to Bhutan are upbeat as they reflect on their role in accountability and improving public services. They also speak about improving public engagement and strengthening scrutiny and public service effectiveness.

Audit quality - IAASB's Framework

The International Auditing and Assurance Standards Board (IAASB) has developed a Framework for Audit Quality.

Global policy on taxation of companies: principles and practices

This paper outlines ACCA’s policy on the taxation of businesses, especially multinational corporations.

Annual improvements to IFRS: 2012-14 cycle

Comments from ACCA the International Accounting Standards Board.

Accountants and strategic leadership

This paper looks at the future of corporate reporting, following the introduction of the Integrated Reporting Framework from the IIRC.

Customs Notices update

HM Revenue & Customs have updated three Customs notices that focus on importing and exporting reliefs.

National Insurance £2,000 set-off

Business and charities will be eligible for a new £2,000 Employment Allowance to set off against their employers’ (secondary) national insurance contributions.