FRS 105 amendments align LLPs and micro-entities regimes THE FRC has issued amendments to FRS 105 – Limited Liability Partnerships and Qualifying Partnerships. Following a change in legislation, LLPs and qualifying partnerships can apply the micro-entities regime. Effective for accounting periods beginning on or after 1 January 2016: Applies to financial statement of companies, which qualify for… Read more…
SDLT revisions on commercial properties Stamp Duty Land Tax (SDLT) revisions introduced for commercial properties. 1% increase applied to the highest rate of SDLT on commercial property. This alongside duty on certain leases forecasted to raise approximately £2.5bn over the next five years. This has heavily affected the real estate market and affect existing property… Read more…
Corporation Tax Payments Increase Deferred. Proposal to increase Corporation Tax in 2017, applicable to corporations generating profits exceeding £20m annually has now been deferred to 1st April 2019. Great news for multinational businesses! Consider your tax strategy and plan ahead. Contact us for further assistance.
Personal Tax Extending entrepreneurs’ relief is anticipated to promote investment in unlisted trading companies. New shares allotted worth up to £10m purchased on or after 17 March will be able to benefit from relief on the basis they are held for at least three years from the 6 April 2016. Capital Gains Tax Rates Revised… Read more…
Vatable businesses are entitled to recover input, however the rules governing input Vat Recovery can become difficult in the absence a definition of what it means for a supply to be for the purpose of a business. To help you in determining if Input Vat is recoverable find below the general conditions that need to… Read more…
£71m in extra funding to improve the service HMRC provides to tax payers. Seven day a week service by 2017 that will boast extended hours and Sunday opening on online services and tax and tax credit phone lines. Improve existing telephone services & slash call waiting times by recruiting an… Read more…
A tribunal has ruled that security firm G4S cannot reduce its profits for tax purposes by deducting parking fines. The company, G4S Cash Solutions, tried to reduce their corporation tax bill by approximately £580,000 but the first-tier tribunal has ruled in HMRC’s favour in rejecting the claim for the deduction of the fines. The company… Read more…
Under changes introduced by the Government in January, companies can now legally opt out of auditing their accounts if they fall below the £10.2 million statutory threshold, but they may risk their credit ratings by doing so. Ratings agency Graydons recently told Accountancy Age that firms which opt out are lacking an important form of… Read more…
The rules on using Personal Service Companies (PSCs) in the public sector are set to undergo a radical overhaul in 2017. The responsibility for deciding whether the intermediaries legislation applies will move from the person working through their own company to the public sector organisation. The Treasury has increasingly viewed PSCs as a tax avoidance… Read more…
Significant changes to Employment Allowance that were first announced by the Chancellor in his 2015 Budget came into effect at the start of the new financial year on 6 April. While the maximum reduction to employers’ Class 1 National Insurance Contributions has increased from £2,000 a year to £3,000 a year, directors who are the… Read more…
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