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At the July meeting of the SORP Committee the timetable and process for the publication of the next version of the Charity SORP was discussed. Future changes to the Charity SORP will be closely tied to more general developments in UK accounting practice and the next update of FRS102, the financial reporting standard upon which the SORP is based. As a result we can now expect th ...

If applicable to your business you should act now so that you can benefit from postponed VAT accounting (PVA) if  VAT-registered and importing goods into: • Great Britain (England, Scotland and Wales) from anywhere outside the UK ; • Northern Ireland from outside the UK and EU.  PVA allows for the declaration and recovery of  import VAT on the same VAT Return, rather than hav ...

The Government is to simplify the requirements for the Kickstart scheme, which is designed to create jobs for 16- to 24-year-olds, by reducing the limit for the number of vacancies employers must supply. The Department for Work and Pensions (DWP) said the scheme, which has been underway since September, has created over 120,000 jobs, but there has been criticism of the bureauc ...

Making Tax Digital (MTD) is already here for VAT traders who are over the vat registration threshold.  Starting April 2021 all VAT registered traders will have to utilise MTD compatible software to file VAT returns for periods starting on or after 1 April 2022. Businesses are required to keep the VAT record in digital form. Due to changes being made by HMRC in the transition pe ...

Information Sheets are published by the joint SORP-making body and seek to clarify the application of the SORP, or cover matters not addressed in the SORP but are relevant to charity reporting. Two new Information Sheets have been published, although are likely to be of limited application to most charities. However where relevant, preparers of charity accounts should read them ...

Updated 25th January 2021 Today HMRC has announced that Self Assessment customers will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February. Ward Williams are still encouraging customers who have not yet filed to do so by 31‌‌ ‌January, if possible. Customers still need to pay their Self Assessment tax bill by 31‌‌ ‌Jan ...

New customs and tax rules for trading with the EU started on 1 January 2021. To continue trading with countries in the EU, there are actions you must take, to make sure that you are compliant and so that you can minimise costs and delays. Before you move your goods, you will need to: Get ready to make customs declarations, these are now needed for all exports from the UK an ...

To ease the administrative burden on companies during the COVID-19 pandemic a temporary measure to provide additional time for companies to file accounts at Companies House was enshrined in law over the summer with the passing of the Corporate Insolvency and Governance Act 2020. Charitable companies usually have 9 months to file their accounts with Companies House. This is now ...

HMRC is advising the self employed that the Self-Employment Income Support Scheme (SEISS) has been extended. Taxpayers who were not eligible for the first and second grant will not be eligible for the third. To make a claim for the third grant the taxpayer's business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which th ...

All charities across the UK who do not prepare receipts and payments accounts should adopt the accounting principles set out in the Statement of Recommended Practice for Accounting and Reporting by Charities (‘The SORP’) when preparing their financial statements. The SORP is based upon FRS102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, being ...