Accountancy

Proposals to change the SORP

Proposals to change the SORP

Also: matters of material significance; two Charity Commission investigations; and a banking alert for charities. A draft Statement of Recommended Practice update bulletin has been issued, which deals with a number of matters arising from the revision to the underlying accounting standard – FRS 102 – and from developments in practice and law since the SORP was. Read more

New guidance for auditors and what trustees should know

New guidance for auditors and what trustees should know

The FRC’s revised Practice Note 11 addresses a range of developments and has implications that trustees should be aware of. The financial Reporting Council (FRC) has re issued its guidance on the audit of charities – Practice Note 11 (PN11). Trustees of charities should be aware of what it covers. Chairs of audit committees especially. Read more

General Data Protection Regulation (GDPR) – Guide for Accountancy Practices

General Data Protection Regulation (GDPR) – Guide for Accountancy Practices

Introduction The date for the GDPR implementation is getting closer. This article is designed to help accountants understand the new data protection regulations coming into effect on 25 May 2018. An overview of the new regulations can be found here. The GDPR is an EU regulation and builds on data privacy and security principles that. Read more

Residence, Domicile Brexit and UK Taxation by Jonathan Schwarz

Residence, Domicile Brexit and UK Taxation by Jonathan Schwarz

Jonathan Schwarz, Barrister, Temple Tax Chambers. Visiting Professor King’s College London. The slender majority referendum vote in favour of the UK leaving the EU has raised questions of tax residence and domicile in a dramatic way. If the UK proceeds to give notice under TFEU Article 50, British citizens resident in other EU Member States. Read more

Assessments and appeals – What can taxpayers appeal against?

Assessments and appeals – What can taxpayers appeal against?

It is normally straightforward to tell when HM Revenue and Customs (HMRC) have raised an assessment in respect of a taxpayer. However, what constitutes an ‘assessment’? This is an important question because assessments are generally subject to a right of appeal. But is there a right of appeal against an HMRC tax calculation notice? Right. Read more

Beneficial Ownership: Mark McLaughlin Discusses CGT

Beneficial Ownership: Mark McLaughlin Discusses CGT

It ought to be straightforward enough to identify who has made a disposal for Capital Gains Tax (CGT) purposes. Of courses, tax is seldom black and white. The tax legislation offers little help. It simply states: “Tax shall be charged… in respect of capital gains, that is to say chargeable gains… accruing to a person. Read more

HMRC and Agents

HMRC and Agents

HMRC caused a stir on 31 May 2011, with the issue of the consultation document ‘Establishing the future relationship between the tax agent community and HMRC’. HMRC’s proposed strategy includes “providing additional support to agents whose standards are below those expected in the professional community.” The document requests comments on appropriate actions by HMRC to. Read more

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