Geoffrey Cox

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HMRC defers VAT payments

Friday 20 March: Chancellor Rishi Sunak announced that all VAT payments falling due in the period from 20 March 2020 to 30 June 2020 can be deferred. Any VAT not paid during this period will be due to be paid to HMRC by the end of the 2020/21 financial year. VAT returns must continue to… Read More

Helpful new fundraising guidance for charity trustees

Fundraising is often a vital part of a charity’s interaction with the public. A key challenge for Trustees is not only to oversee financially successful fundraising, but fundraising that is carried out legally and in a way that reflects and upholds the values of the charitable organisation. The benefit of getting this balance right is… Read More

Statutory Register of People with Significant Control (PSC Register)

With the topic of greater transparency in the ownership and control of businesses in the news following the Panama Papers, it is quite timely that on 6 April 2016 new law came in to force which means most companies and LLPs are required to hold a PSC register. The register cannot be blank. Therefore doing… Read More

Interaction of new company size thresholds and FRS102

New company size criteria come into force in 2016. For companies with periods commencing on or after 1 January 2016, so effectively for 31 December 2016 year ends, the size limits for small companies increase as follows: Turnover – £10.2m (from £6.5m) Gross assets – £5.1m (from £3.26m) Number of employees – unchanged at 50… Read More

How small is small? New Accounting Directive news

BIS has issued its proposals on the UK implementation of the EU’s new Accounting Directive on financial statements and is proposing the following limits: Present Proposed Turnover £6,500,000 £10,200,000 Total Assets £3,260,000 £5,100,000 Average no. of employees 50 50 These proposals, if adopted, will apply to accounts beginning on or after 1 January 2016. An interesting… Read More

Donations by a subsidiary to its parent charity

Many charities have used trading subsidiaries as a vehicle to mitigate corporation tax on trading profits.Taxable profits earned can be reduced by the payment of a donation by the subsidiary to its parent charity. There has recently been new guidance and counsel opinion over the lawfulness and treatment where a subsidiary donates all its taxable profits to… Read More

FRS102 and Intercompany loans

FRS102, the biggest change in UK accounts reporting for twenty years, comes into force for medium and large companies for accounting periods commencing on or after 1 January 2015 and a small company version of the new standard will come in 2016. If your group has intercompany loans there may be significant changes as a… Read More

New Charities SORPs

On 16 July 2014 new versions of the Statement of Recommended Practice (SORP) were published and will apply to accounts of charities for financial years commencing after 1 January 2015. This has resulted in two versions:- –        One based on a new Financial Reporting Standard known as FRS102. The FRS102 SORP. –        One for smaller… Read More