The Financial Reporting Council (FRC) has issued a new reporting regime which replaces existing UK GAAP with effect from periods beginning on or after 1 January 2015. The new regime includes FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, a single standard based broadly on the International Financial Reporting […]
The Chancellor announced in Budget 2013 that the government would consult on certain changes to aspects of partnership tax rules. HMRC has now published a consultation document focused on: Aspect 1: disguised employment – the disguising of employment relationships through Limited Liability Partnerships (“LLPs”); and Aspect 2: mixed partnerships and profit and loss allocations – […]
It remains difficult in current economic conditions for many SMEs and start-ups to raise money from traditional sources. Many are therefore seeking alternative methods of raising capital, including offering equity in their businesses. On the other side, many individuals are seeking alternative investment opportunities to some traditional asset classes which are currently producing very modest […]
Offshore trusts are coming under increased HMRC scrutiny. This increased activity follows recent announcements that overseas territories including Jersey, Guernsey and the Isle of Man have agreed to share information with UK authorities. Last year HMRC set out plans for tackling tax evasion and provided details of the monthly activity they would be undertaking. For […]
The Government announced on 5 December 2012 that in order to support its objective of a system of pensions tax relief that is “fair, affordable and sustainable”, from 2014-15 onwards: • the Annual Allowance would be reduced from £50,000 to £40,000; and • the Lifetime Allowance would be reduced from £1.5 million to £1.25 million. […]
