The rate of tax on Directors’ Loans increased at the start of the financial year, on 6 April 2016, from 25 per cent to 32.5 per cent of any amount loaned to a shareholder during the previous accounting year, which had not been repaid within nine months of the end of that year. This brought… Read more…
HMRC stumped in ECB VAT surcharge battle Following a decision by a first-tier tribunal, it has been agreed that HMRC has been stumped in its £100,000 VAT match against the England and Wales Cricket Board (ECB), ruling that a surcharge liability notice (SLN) was not received by the board. In October 2015, HMRC upheld a VAT… Read more…
FRC issues alternative performance measures guidance THE FRC has published a guidance document for listed businesses and their advisers concerned by the European Securities and Markets Authority’s (ESMA) guidelines on alternative performance measures. It includes FAQ’S tackling what APMs are, compliance monitoring and the definition of responsibility between the FRC and FCA. Commencing 3rd July 2016,… Read more…
CloT Criticises Criminal Finance Bill The Chartered Institute of Taxation’s (CIoT) tax policy director John Cullinane has criticised the Criminal Finances Bill, which was confirmed to be going ahead in the Queen’s Speech. Plans were set to make it an offence for companies that don’t prevent their staff evading tax evasion, however this has… Read more…
Gift Aid fraud serves an accountant six year sentence Abu Talib Ghadiri, an accountant from Harrow, has been jailed for six years due to a £400,000 Gift Aid and VAT fraud following an HMRC investigation. His accomplice and brother Mohsin Raza was sentenced to a four years. Less than a month ago they were… Read more…
HMRC’s ‘Verify authentication’ service As part of the Making Tax Digital roll out, tax payers will now need to prove their identity before they can use online tax services. The Government state the system is ‘nearly there’ in terms of it going live from the beta system. Stay updated with Salhan accountants. Contact us… Read more…
Concerns over gaps in Pension regulation & disruption to auto-enrolment. The work and pensions select committee report auto-enrolment has been a “tremendous success”. However, they warn that taxpayer’s pension savings may be compromised due “72 unstable master trusts”. The success of auto enrolment now forecasts that approximately nine million people are newly saving or saving… Read more…
Chilango’s VAT battle with HMRC The Mexican restaurant, Chilango, has five sites in London and a further two outside. Upon deciding that its takeaway sales between December 2008 and March 2012 should have been zero-rated, it claimed a £681,623 refund from HRMC. HMRC assessed that the chain owed £59,328 in VAT for June 2012, as… Read more…
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…
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