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New UK GAAP is here

by | Jun 29, 2017 | ACCA, financial reporting

Revised Companies House guidance aims to address filing confusion For accounting periods commencing 1 January 2016, all company accounts have to be prepared and filed under the ‘new’ UK GAAP regime. This means that there is a number of options available, particularly...

Gift aid: small donations

by | Jun 26, 2017 | ACCA, business taxation

On 6 April 2017, some of the rules for the Gift Aid Small Donations Scheme (GASDS) were changed. These changes can be summarised as follows: The maximum amount of GASDS top up you can claim is 10 times the total amount of Gift Aid donations claimed on by the charity...

Model accounts for charities

by | Jun 26, 2017 | ACCA, financial reporting

The Charity Commission has updated its accounts pack for charitable companies with income under £500,000. CC17 Charity accounting templates: accruals accounts (CC17) SORP FRS 102 for charitable companies provides templates, suggested notes and explanation, and...

IHT changes on the horizon

by | Jun 1, 2017 | ACCA, capital taxation

Inheritance tax threshold increased to £1m by 2020-21. From 6 April 2017, a new inheritance tax Residence Nil Rate Band (RNRB) is available (in addition to an individual’s own nil rate band (NRB) of £325,000), conditional on the family home being passed down to...

FreeAgent Software

by | May 25, 2017 | business taxation, HMRC

By now readers of this newsletter should be aware of the impending arrival of Making Tax Digital. Staging dates are: April 2018 sole traders / partnerships over vat limit – Income Tax and NI April 2019 sole traders / partnerships under vat limit – Income...

Recent reporting changes for charities

by | May 22, 2017 | ACCA, business issues

Recent changes for charities include around model accounts and audit/examiner reporting requirements. Model accounts The Charity Commission has updated its accounts pack for charitable companies. CC17 Charity accounting templates: accruals accounts (CC17) SORP FRS 102...

VAT partial exemption

by | May 17, 2017 | ACCA, VAT

A review of the potential pitfalls. When a business that is registered for VAT makes exempt supplies it will normally fall within the scope of partial exemption. This creates two problems: output VAT cannot be charged on exempt supplies – sounds obvious but the...

Dividend payment templates

by | May 15, 2017 | ACCA, business issues

The practical procedures for payment of dividend templates for board minutes, dividend vouchers and dividend waivers. The payment of a dividend is governed by a company’s Articles of Association. Unless otherwise stated, this will be in accordance with...
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