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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

Coventry and Warwickshire Champions

Dafferns are proud supporters of Coventry and Warwickshire Champions, uniting  organisations and businesses  in a powerful network to help develop and promote Coventry and Warwickshire and raise its profile. At the January Champions event at Warwick Castle, Les Ratcliffe of Jaguar Land Rover, the Chairman of Coventry and Warwickshire Champtions, presented Dafferns’ membership certificate to Martin Gibbs… 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

Do private companies still need to hold an AGM?

The Companies Act 2006 Act abolished the obligation for private companies to hold annual general meetings. Companies are still be able to hold shareholder meetings if they wish to and meetings can be instituted by the directors at any time. Companies may still need to hold a meeting in certain circumstances, since for example they will… Read More

Starting your business – how we can help you get the basics right

Employed or self employed? The question as to whether someone is employed or self employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but HMRC emphasise that this is not the case. Forming a limited company Although you can set up a limited company by… 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

Martin Gibbs takes over as Chairman of Coventry and Warwickshire First

Martin Gibbs, Dafferns Senior Partner has taken over as Chairman of Coventry and Warwickshire First – the leading network representing business service professionals in Coventry and Warwickshire The voice of professionals in Coventry and Warwickshire Developing relationships that grow business Providing valuable insights through events that help to grow business

HMRC get heavy with those using tax avoidance schemes

Anyone with an open enquiry (or appeal) concerning a tax avoidance scheme may be issued with follower notices and accelerated payment notices under new legislation in Finance Act 2014. It is understood that 43,000 payment notices will be issued by HMRC (33,000 to individuals and 10,000 to corporates) and will cover about £7.1 billion of… Read More

Consultation on possible changes to rules on employee travel

Many employees and employers find the current tax rules for dealing with travelling and subsistence claims difficult to understand. This is an area that the Office of Tax Simplification is seeking to make more comprehensible. Consequently, the treasury are consulting on possible changes to the rules, and the way that such expenses are reported. The… Read More