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14th January 2013 | Accounting, Audit
The provisions of the Companies Act 2006 have been amended for accounting periods ending on or after 1 October 2012. A company can be audit exempt if:
Similar changes have been made to the criteria for limited liability partnerships.
19th December 2012 | Legal
The Financial Services Industry is undergoing significant regulatory changes, which come into effect from the end of 2012, under the auspices of the Retail Distribution Review (RDR).
Through RDR, the Financial Services Authority (FSA) aims to ensure “a resilient, effective and attractive retail investment market that consumers can have confidence in and trust, at a time when they need more help and advice than ever with their retirement and investment planning”.
7th December 2012 | Tax
HMRC relaunched its Business Record Check (BRC) initiative on 1 November 2012.
7th December 2012 | Tax
There were a number of VAT changes announced in the Budget in March 2012. Most of the media attention focussed on the so-called “pasty tax” and whether we were all going to have to pay extra for Cornish pasties and the like. Following the media frenzy this change was dropped but there was another measure contained in the same Budget notice that has been implemented and has the potential to catch out unwary businesses.
This update contains a list of the goods and services that are currently subject to the lower 5% rate.
Electricity - The supply of electricity for domestic or for non-business use by a charity is usually supplied at the reduced rate. On supplies used solely for business purposes, VAT will usually be charged at the standard rate.
16th November 2012 | Tax
There are currently three types of investment vehicle that provide investors with a measure of tax relief.
1st November 2012 | Tax, Property
If you give away, or provide consideration in order to purchase, land or property and are subsequently deemed to ‘occupy’ the property, then you may be caught by the pre owned asset rules. These rules are designed to prevent individuals from avoiding Inheritance Tax by, for example, providing the money to their children to purchase a house, thereby reducing the value of the parent’s estate, which the parent then lives in. An asset which falls under these rules is liable to an income tax charge based on the market rent of the property.
1st November 2012 | Tax, Payroll
All employers need to be aware of their responsibilities following the introduction of pension reforms.
The Pensions Regulator has issued “Getting Ready” notes for employers and this can be downloaded as a PDF document here.
This article summarises some of the key points.
1st November 2012 | Tax
When a trading business incorporates, one of the assets that is transferred to the company will be the goodwill inherent in the unincorporated business. Typically, this will have no base cost as it will have been built up over time by the trader or partnership. It may, however, have been acquired from another business and if so there will be an associated base cost.
18th October 2012 | Legal, Tax
The Budget of 21 March 2012 didn’t hold too many changes for a two partner law firm in Yorkshire we have been working with for a number of years. Yes, the top rate of tax will be reduced from 50 pence in the pound to 45 pence from April 2013, but income in excess of £100,000 per annum will still see personal allowances removed, creating an effective tax charge of 60% on a proportion of income.
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