2010

Emergency vehicles

There is no taxable benefit arising from private use of an emergency vehicle when the worker is on call.

Long service awards

Broadly speaking, benefits in kind are calculated at their ‘cash-equivalent value’ which is defined as the ‘expense incurred in or in connection with provision of the benefit’, inclusive of VAT.

Car fuel benefit

When an employee is provided with fuel for private purposes, an additional benefit arises. Fuel benefit is arrived at by multiplying a fixed base figure, £20,200 for 2012/13, by the same percentage rate used to calculate the car benefit.

Buses to shops

Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.

Bus services

Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.

Car fuel benefit

When an employee is provided with fuel for private purposes, an additional benefit arises. Fuel benefit is arrived at by multiplying a fixed base figure, £20,200 for 2012/13, by the same percentage rate used to calculate the car benefit.

Transport for disabled employees

Information relating to transport for disabled employees (ITEPA 2003, sections 246-7).

FRC: thinking about disclosures in a broader context

Comments from ACCA to the Financial Reporting Council (FRC), 31 January 2013.

Revised ISA 700: 'The auditor's report on financial statements'

The Auditing Practices Board has issued a revised standard on auditor's report that is aimed at producing more concise and informative reports.

Transport for disabled employees

Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.

Capturing natural capital

Awareness of the importance of natural capital is growing, but corporate reporting must evolve to meet information needs, says ACCA’s Rachel Jackson.

Boxing clever - Patent Box

The Patent Box regime came into effect on 1 April 2013

Exemption from preparing and filing accounts for qualifying subsidiaries

A look at the potential impact of the announcement that dormant subsidiaries could be exempted from the requirement to prepare and file accounts at Companies House

Child benefit tax change

The child benefit charge on ‘high-income’ families comes into effect for 2012/13, but only applies from 7 January 2013

Professional subscriptions

Allowable fees and subscriptions paid to professional bodies or learned societies under Section 344 ITEPA 2003

Proportionate application of ISQC1

IAASB staff has made available a Questions & Answers (Q&A) publication that focuses on how to apply ISQC 1 proportionately, taking into account the size of a firm. It highlights in the Q&A that smaller firms should find the publication helpful in achieving an effective and efficient implementation of ISQC 1.

Patent Box

The Patent Box regime comes into effect from 1 April 2013.

Shares of negligible value

HMRC provides a list of shares or securities formerly quoted on the London Stock Exchange, which have been officially declared of negligible value for the purposes of a claim under S24(2) Taxation of Chargeable Gains Act 1992 by the Shares and Assets Valuation Office.

The future of UK GAAP - an update

The three new accounting standards are the next step in the process of converging UK GAAP with IFRS.

Small charitable donations

The Gift Aid Small Donations Scheme removes the requirement to keep detailed donor records for small donations

Compliance check factsheets

HMRC have published a suite of compliance check factsheets.

IAASB: Review engagements

International Standard on Review Engagements 2400 (Revised): Engagements to Review Historical Financial Statements has been revised.

FRC sanctions guidance to tribunals

Comments from ACCA to the Financial Reporting Council (FRC), 14 January 2012.

FRC accountancy scheme

Comments from ACCA to the Financial Reporting Council (FRC), 14 January 2013.

Trustees and recovery of funds

The Charity Commission has issued guidance to Trustees on how it will approach recovery of funds from them.

Reporting issues for charities

ACCA in partnership with the Charity Commission have developed a podcast focusing on the key reporting issues facing Charities in the UK.

MacDonald Resorts Ltd v HMRC

This case concerns the place supply of a timeshare operated by Macdonald Resorts in Spain. HM Revenue & Customs won at Tribunal contesting that the place of supply was the UK and therefore at the standard rate of VAT.

McGowan v Brown & cousins

Tests whether a payment constitutes a trading receipt.

Walton v R & C Commrs

Amendments to Self Assessment return by HMRC; whether taxpayer had discharged burden of proving incorrect assessments.

Imperial Chemical Industries v Colmer

Consortium relief; whether the consortium company had to be a holding company of UK companies only in order to qualify for consortium relief.

W.T. Ramsay V Cir

Artificial series of steps inserted purely for the avoidance of tax. This is a key case and, together with the case of Furniss v Dawson is a mainstay of HMRC in tackling artificial tax avoidance schemes on the basis of substance over form.

Horton v Young

Travelling costs and the wholly and exclusively rule.

HMRC v Weald Leasing Ltd

This European Court of Justice (ECJ) decision tests the whether a structure was an abusive practice.

Holden v Wood & Wood

Company incorporated overseas; whether resident in UK by virtue of control.

HMRC v Landsdowne Partners Ltd.

Whether a discovery assessment was valid after HMRC discovered that they had incorrectly deducted certain expenses.

Walker v Adams

Compensation for loss of office including payment for 'injury to feelings'; whether taxable

Rupert Kimber v HMRC

Resumption of UK residence in the UK; Capital gains tax - whether the Appellant was resident in the UK when a particular disposal of shares was made.

Veltema v Langham

Discovery assessment; whether HMRC permitted to issue one; tax return submitted with valuation subsequently found to be incorrect

Varty v Lines

Principle private residence relief; sale of part of land within curtilege of property following earlier sale of dwelling house and land.

Tucker v Granada Motorway Ltd.

This case tests the difference between capital and trading treatment

Simpson v John Reynolds & Co (Insurances) Ltd

Tests whether a payment constitutes a trading receipt.

Sharkey v Werhnher

This case establishes the principle of value given a disposal other than in ordinary trade.

Southampton Leisure Holdings Plc v C & E Commissioners

This decision tests partial exemption attribution.

Smiths Potato Estates Ltd v Bolland

The wholly and exclusively rule.

United Biscuits (UK) Ltd

This case tests the definitions and exceptions of food.

TP Madgett (TP) & RM Baldwin (t/a Howden Court Hotel) v C & E Commissioners

This case tested whether a trade was within the Tour Operators Margin Scheme (TOMS).

Taylor v Good

Property with land acquired and subsequently sold with development value; Trading income vs. CGT.

Temperley v Visibell Ltd

Rollover relief; land acquired; proposed building of factory abandoned; roll-over relief claimed.

Sargent v Barnes

Travelling costs and the wholly and exclusively rule

Schofield v R & H Hall Ltd

This case tests whether an expense can be classed as plant.