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FRS102 – brace for change

by | Nov 14, 2016 | ACCA, financial reporting

Think you’ve mastered FRS 102? We have news for you… Many practitioners have spent the last year getting to grips with the no longer ‘new UK GAAP’ requirements of FRS 102. The changes to the treatments of deferred tax, loans, revaluations etc have had us all...

Badges of trade

by | Nov 11, 2016 | ACCA, business taxation

A side by side comparison of badges of trade between circumstances pointing to trade or investment. HMRC and taxation sources on the interpretation of badges of trade are many and extensive. With a view to summarising them and providing a quick reference concerning...

Relief for trading losses

by | Nov 8, 2016 | ACCA, business taxation

Is this the end of carry-forward loss relief for companies as we know it? In 2016 the government announced a consultation process on changes to the treatment of losses for corporation tax purposes. With the consultation exercise now completed, we are expecting the...

The Tax Gap

by | Nov 4, 2016 | ACCA, HMRC

HMRC has issued its annual Tax Gap report. HMRC’s Tax Gap report says: ‘The tax gap is the difference between the amount of tax due and the amount collected. It is impossible to collect every penny theoretically owed in tax, so a “tax gap” will always exist. For...

Enterprise Finance Guarantee

by | Nov 1, 2016 | ACCA, business issues

Facilitating lending to the UK’s smaller businesses. Since its launch in 2009, the British Business Bank’s Enterprise Finance Guarantee (EFG) has supported the provision of £2.7bn of finance to more than 26,000 smaller businesses in the UK (as at October 2016). EFG...

Charity reporting

by | Oct 17, 2016 | ACCA, business issues, financial reporting

The Charity Commission have produced Template to help non-company charities with incomes of less than £500,000 prepare their trustees’ annual report and accruals accounts in accordance with Charities SORP FRS 102. It also includes an independent examiners...