Technical Updates

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Dividends and Distribuatable Profits Under FRS 102

Under company law, a company may only pay a dividend out of distributable profits. The distributable profits of a company, being the accumulated realised profits less accumulated realised losses, are determined by reference to ‘relevant accounts’. These are usually the company’s last individual annual accounts (rather than group accounts) or, where there are insufficient…
Accounting Business taxes Technical updates

Persons with Siginificant Control (‘PSCs’)

This note provides a brief summary of the PSC rules contained in the Small Business, Enterprise and Employment Act 2015.  From 6 April 2016 unlisted UK companies, LLPs and Societates Europaeae will have to create and keep up to date an additional statutory register with details about its Persons with Significant Control (‘PSCs’). From 30 June 2016 specified information about…
Compliance Technical updates

French Tax Data Card 2016

Please download the pdf to view the French Tax Data Card 2016.
Tax data card Technical updates

IFRS 16 – New Lease Accounting Standard

The International Accounting Standards Board has issued a new accounting standard on leases, IFRS 16.  The main change introduced by the standard is that all leases will be brought onto the balance sheet, increasing the visibility of companies’ assets and liabilities.  The new standard is effective for accounting periods commencing on or after1 January 2019 for companies…
Accounting Technical updates

VAT Update January 2016

ADECCO UK LTD V HMRC FTT: TC 04743  This case was brought to appeal a decision by HMRC to reject an application for repayment of VAT charged on the supply of staff. The application had been made following the decision in another First Tier Tribunal (FTT) case brought by Reed employment in 2011 (TC 01069).  Adecco supplies temporary staff to clients. The agency sources…
VAT Technical updates

Autumn Statement 2015

Note: This update was written on 3 December 2015. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. For that reason, no action should be taken based on this update without taking further advice.  
Budget update Technical updates

FRS 102 - The Tax Implications

The requirement to prepare accounts under FRS 102 may give rise to unexpected tax consequences. The move could result in one off adjustments to taxable profits and also have an impact going forward.   
Accounting Business taxes Technical updates

VAT Update October 2015

CASE 1 Copthorn Holdings Ltd v HMRC FTT: TC 04585  Copthorn Holdings Ltd (“Copthorn”) operates a business model whereby it acquires land for housing development which it subsequently sells to subsidiary “special purpose vehicles” (“SPVs”).  Copthorn is a member of a VAT group meaning that any supplies it makes to SPVs also within the VAT group are disregarded for VAT…
VAT Technical updates

UK Tax Data Card 2015/16

Please download the pdf to view the UK Tax Data Card 2015/16.
Tax data card Technical updates

VAT Update July 2015

A PARTNERSHIP V HMRC FTT: TC04358  This case is a useful reminder that the recovery of input VAT is driven by underlying contractual arrangements.  The partners were in dispute and took advice separately, from different firms of solicitors, regarding issues concerning an outgoing partner. The solicitors duly invoiced various partners and groups of partners with whom they…
VAT Technical updates

Cross-Border VAT Changes from 1 January 2015

Fundamental changes to the way VAT is accounted for first took hold on 1 January 2010 when the first and most significant of changes collectively known as the “VAT package” came into force. These changes will now be a matter of routine for all who deal regularly with cross-border VAT issues. In recent years additional changes have come into force and on 1…
VAT Technical updates

Summer Budget 2015 Update

Note: This update was written on 23 July 2015. It is based on the government’s proposals at that point in time which don’t necessarily represent the final legislation. For that reason, no action should be taken based on this update without taking further advice.
Budget update Technical updates