Technical Updates

Technical updates

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technical updates

In-depth analysis of the issues facing our private clients, entrepreneurs and their businesses.

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23 August 2016

Reform of the Non-Dom Regime - August 2016 Consultation

Note: The government released their response to this consultation in December 2016- please see our update “Reform of the non-dom regime – December 2016”.
Non-Dom Technical updates
13 June 2016

VAT Update Quarter 4 2015

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…
VAT Technical updates
11 May 2016

Charities Update - May 2016

HMRC have amended the required wording for gift aid declarations with effect from 6 April 2016.  The revised declaration emphasises that it is the donor’s responsibility to make good any shortfall between the income tax and capital gains tax they pay in the tax year and the Gift Aid claimed on their donations.  Charities should review any declarations issued…
Charity Technical updates
10 May 2016

Donations to Parent Charity

It has been common practice for wholly owned trading subsidiaries of charities to donate all taxable profits to the parent charity and to claim relief for the charitable donations in the year in which the profits arise, so that no corporation tax is payable by the subsidiary. In some cases the amounts donated exceeded the distributable profits of the subsidiary company.…
Charity Technical updates
26 April 2016

VAT Update Quarter 3 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…
VAT Technical updates
11 April 2016

UK Tax Data Card 2016/17

Please download the pdf to view the UK Tax Data Card 2016/17. 
Tax data card Technical updates
18 March 2016

2016 Budget Update

Note: This update was written on 18 March 2016. 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
04 March 2016

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
02 March 2016

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…
Compliance Technical updates
06 February 2016

French Tax Data Card 2016

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

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…
Accounting Technical updates
03 December 2015

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