Changes to taxation of non-domiciled individuals

Following an announcement in the July 2015 Budget the Government issued a consultation document on 30 September proposing a number of changes to the taxation of individuals who are resident in the UK for tax purposes but who are domiciled elsewhere (non-doms). There are three major changes proposed, to be included in the 2016 Finance Bill and to take effect from 6 April 2017.

Keeping control of the wheel during tough financial times

As shipping companies and the offshore oil services industry feel an increasing financial squeeze, management teams need to take proactive action to keep control of their future.

The offshore oil services industry, for example, has been under pressure since the collapse in the oil price, enduring low charter rates. That pressure will only increase following Iran’s agreement to curb its nuclear programme in return for the removal of sanctions. Crude oil from Iran is not expected to flow freely for several months, but when it does the offshore industry will face even greater challenges in meeting existing debt obligations and conserving cash. Offshore oil services companies would be well advised to take a close look at the options available to them before creditors start taking action for themselves.

New Year, New Accounts

Every company is going to see a change in the way their accounts are prepared in the next year. Here are some of the key questions and answers to help you understand what the changes are and how they might affect your company:

Draft legislation for the 2016 Finance Bill

The Government has today published draft legislation to be included in the 2016 Finance Bill, together with explanatory notes, amounting in total to several hundred pages.

Most of the material relates to measures that were announced in principle in the July 2015 post-election Budget, or in the Autumn statement on 25 November 2015. In many cases, it reflects the results of consultation exercises.

It’s the final countdown to FRS102

For those in the investment sector, the adoption of FRS 102 is likely to have a significant impact on the preparation of financial statements. It is worth bearing in mind that the first period of mandatory adoption (any period beginning on or after 1 January 2015) for FRS 102 is rapidly approaching.
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