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Taking the global economy’s pulse

ACCA and IMA’s latest joint survey still points to a weakening global economy.  Our GECS global confidence index in Q2 fell back slightly, after the bounce in Q1. But confidence remains above the record low reached at the end of 2018. The message from GECS is still...

Change to Whitefield Banking

Following completion of our migration from Standing Orders to Direct Debits, we are making some changes to our banking. Our main bank account continues unchanged.  It ends in 32.  If you have these account details saved then no changes are necessary.  The full account...

GDPR – one year on

Measuring the impact and what to focus on now. Reflecting on the first year of GDPR, the ICO highlights that ‘the focus for the second year of the GDPR must be beyond baseline compliance – organisations need to shift their focus to accountability with a real evidenced...

A Review of Competition Law

The Competition and Markets Authority (CMA) is an independent, non-ministerial government department. It seeks to enforce competition and consumer law to make markets work well for consumers, businesses and the economy. Competition law promotes fair trading between...

VAT: Sponsorship, prizes and donations

Sponsorship (VAT Notice 701/41) has been updated for the treatment of mixed sponsorship and donations and the claiming of input tax on the prizes from competitions. The notice also contains a section on crowdfunding. HMRC states: ‘Whether a recipient of crowdfunding...

How to reduce or avoid HMRC VAT penalties

VAT penalties can be confusing, but depending on the type of compliance breach they either follow the same penalty regime which applies to direct taxes or a VAT specific penalty regime. Penalties can be issued for: failure to notify of VAT liability late filing HMRC...