News & views

HMRC is challenging businesses in the tech sector targeting potential UK tax of £2.5bn in 2018. The amount under review – known as ‘tax under consideration’ – is the suspected maximum potential additional tax liability before a full investigation has taken place.

HMRC has confirmed that the April 2019 deadline for the new Making Tax Digital regime for VAT has been delayed for some businesses, including charities, larger companies and public bodies.

When it comes to implementing the new lease standard IFRS 16, preparers of financial statements in the shipping industry have a number of choices about transition. It’s important to think through these options in good time.
 

In an announcement that will most likely come as welcome news for many charities and charitable trusts, HMRC have given charities an extra six months to comply with the Making Tax Digital (MTD) requirements.

As more businesses in the insurance sector become increasingly global, so more employers are moving their staff between their international offices. However, we have found that many employers often under-estimate their employment tax requirements in this regard.

 

Our latest blog captures the top issues you need to consider and key tax solutions for short term business visitors.

The recent Barclays Bank tax demand of £184m in backdated VAT should serve as a powerful reminder of the importance of compliance with VAT group requirements for financial services companies. The case indicates HMRC’s current interest in both VAT groups and partially-exempt entities.

While most UK business know that HMRC is embracing digital technology through the Making Tax Digital initiative and that businesses affected must replacing manual processes with digital record keeping by 1 April 2019, many financial services firms are unsure how exactly it will impact the sector.

With IFRS 16, the new lease accounting standard, coming into effect soon, shipping companies need to prepare for the new presentation and disclosure requirements. Many will need to make changes to their systems in order to be ready. 

Against the backdrop of constantly evolving regulatory requirements, financial services businesses must ensure continued focus on the underlying principle of maintaining a strong control environment; including oversight, compliance and monitoring.

However, we noticed certain common themes  where internal control deficiencies often arise for our financial services clients. We highlight these in our latest blog.

The new lease accounting standard, IFRS 16 Leases, comes into effect for periods beginning on or after 1 January 2019. Shipping companies need to make sure they have assessed and understood its implications.