Financial Reporting Standard
On 29 October 2010, the Accounting Standards Board issued its proposal to introduce an international based financial reporting framework for UK companies which are not publicly accountable.
Who is affected?
It is likely that your business will be impacted by this proposed change unless it has already adopted full International Financial Reporting Standards (“IFRS”) or is small enough to be able to adopt the existing Financial Reporting Standard for Smaller Entities (FRSSE).
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The Bribery Act 2010 – Will This Impact On Your Business?
In April 2010, the Bribery Act was enacted and passed in to UK law. We have had bribery legislation on the statute books for over 100 years but, in a world where bribery and corruption is ever present, the UK lagged behind many of our competitor countries in not having an up to date piece of legislation.
Now that the Act is in place it is expected that the UK may experience significantly increased enforcement action against UK companies and directors. The purpose of the new act is both to simplify bribery law and allow a much more effective response to bribery offences committed in the UK or abroad as well as bringing legislation up to date in the fight against international corruption and bribery.
Jurisdiction
Everyone who is involved in business in the UK will fall under the jurisdiction of the Act. Further, its impact is far reaching as a direct result of the Act’s extra territorial application....
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Directors Responsibilities
While economic indicators suggest that we may have seen the worst of the recession, we are still in difficult economic times and the impact of the recession is still being felt in many areas.
Annual accounts can convey a positive message for some, but for others, accounts and the disclosures within them, paint a very different picture. Deterioration in trading and cash flow can often lead to working capital deficiencies and unhealthy balance sheet ratios.
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Thoughts for Charity Trustees
The charities’ sector is one which is now “benefiting” from an increasing exposure to regulation. This is creating an environment where those involved with charities, which will include many Chamber members, need to be aware of their responsibilities and some of the associated pitfalls.
The Office of the Scottish Charity Regulator (“OSCR”) is the body which keeps the Scottish Charity Register and monitors compliance with the legislation. If there is any apparent misconduct OSCR will investigate and take action to protect charitable assets.- The Scottish Executive has announced that it will amend the legislation to remove restrictions on a charity’s ability to provide trustee indemnity insurance (“TII”). With new regulations and the associated risks, this may be worth considering.
- New trustees need to understand their roles and responsibilities from the outset and some form of induction process can be very beneficial. As a minimum, trustees should receive an induction pack containing the most recent financial information, most recent annual report and audited accounts, minutes of recent board meetings and a copy of the OSCR publication: Guidance for Charity Trustees.
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Some Good News on Pensions!
In April 2009 the then Labour government introduced restrictions to higher tax relief on pension contributions for high earners. Individuals with income over £150,000 per annum were to have their higher rate tax relief on pension contributions restricted from April 2011.
At the same time complex 'anti-forestalling' rules were introduced with immediate effect to stop individuals accelerating their pension contributions ahead of April 2011 in order to maximise relief.
It became apparent very quickly that these rules would be complicated and thankfully the new Coalition Government announced in June that they would undertake a review of these rules with a view to simplifying the system for pension tax relief.
Our overview looks at the Treasury proposals for simplification along with comment and examples.
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Use It or Lose It!
Derek Gemmell, a tax senior manager at Anderson Anderson & Brown discusses the window of opportunity that exists right now for incorporated or unincorporated trading businesses of any size, inclusive of rental businesses, to benefit from a £100,000 deduction against taxable profits.
This relief, known as the Annual Investment Allowance (AIA), provides an immediate 100% deduction against taxable profits where a business invests up to £100,000 in plant and machinery in an accounting period. Where a period is less than 12 months the AIA is reduced proportionately.
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VAT - The Year So Far
VAT - the year so far....
While the VAT rate changes have grabbed the headlines, there have been perhaps more significant developments as HMRC have sought to harmonise tax provisions and tackle perceived avoidance.
Topics under discussion include;
- Vat on Deal Fees
- Partial Exemption Charges
- Place of Supply of Services
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EETS Bulletin November 2010
The November issue of the Anderson Anderson & Brown LLP Employer and Expatriate Tax Solutions (EETS) newsletter covers a number of topical changes recently introduced, or in the pipeline. We hope you find these articles and compliance calendar useful and informative. Topics under discussion include:
- Employment training costs
- New online PAYE information source - businesslink.gov.uk
- Travelling expenses - are they "in the performance of the duties"?
- PAYE - collection of 50% tax rate if remuneration over £150,000
- Change to Dutch Social Security Legislation for Offshore Workers from 1 January 2011
- PAYE and CIS Deadlines November 2010 to February 2011
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Fundraising
Using a Professional to Access Equity Investment
The process of raising funding by selling an equity stake in your business is one of the biggest decisions most entrepreneurs make and it's imperative to plan out exactly what it is that you want to achieve. Often complicated and time consuming, it is vital that you maintain control by engaging corporate finance professionals with a track record of delivering such transactions.
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Driving Deals Through
Read about the latest ‘round’ of deals we've successfully completed in the last year! If you'd like a no-obligation discussion with Scotland's master dealmakers, contact Mike Brown, Douglas Martin, Gordon Steele or Steve Mitchell on 01224 625111.
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Performance Reporting: Beyond the Bottom Line
Actively monitoring the performance of your business has never been more important. When times are good and cash is coming in, we tend to get on with the day job. When times are tougher, many companies find themselves in unchartered territories and a more formal approach is required. More often than not, this is driven by external factors such as increasing scrutiny from banks and investors and/or mounting pressure from shareholders and staff looking for assurances. So how do you make the transition from working ‘in’ the business, to working ‘on’ the business?
Initiating a performance reporting project is a good place to start. This requires a commitment to sharing pertinent financial and non-financial information with some, if not all staff and other key stakeholders.
In this document we discuss the benefits of a well-conceived performance reporting framework.
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Facing Up To The Funding Challenge
The importance of securing and retaining appropriate funding, and matching a company’s debt structure to its business needs, has become increasingly important in the current financial climate. Being prepared for the volatility businesses are facing is paramount, especially as the markets are expected to remain uncertain in the near to medium term.
The current capital shortages that exist in the banking system have made it more difficult to obtain finance. The availability of cashflow lending has been significantly reduced, debt multiples offered by funders have decreased and the timetable for securing funding has been extended due to increased diligence requirements. The competitive environment amongst banks, so apparent in recent years, has clearly waned.
These issues pose significant challenges to the majority of businesses and highlight the need for maintaining a good relationship with current funders and for being prepared to deal with unforeseen circumstances, such as a reduction in trading activities.
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Need accounting staff on an ad-hoc basis?
Cherry-pick from our accounting services according to your needs!
We can provide people or teams covering all levels and disciplines according to your particular requirements, from staff secondment, and temporary staff cover to rapid response support. We can also provide a range of services through cross-functional teams, as well as Finance Director/Controller support and project resources.
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Effective Payroll Management
Do you look forward to the ongoing task of preparing and processing your payroll? If any of the situations below are familiar challenges you face, wouldn't you like to know what can be done to improve the overall payroll process?
- Incorrect timesheets or expenses
- Understanding statutory calculations
- Employee queries
- Too tight deadlines
- Pointless administration
- Reworking of data
- Changing management information needs
- Meeting online filing requirements
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Outsourcing - Putting You And Your Business First
In the current economic downturn, this is a time when streamlining your back-office is more important than ever. A time for focusing on what you’re good at, your core business and strengthening customer relationships. Being customer-focused is being process focused and they are two sides of the same coin. Get the back office right and the rest will follow.
The Benefits to Your Business
Outsourcing allows you and your management team the time to concentrate on building your business, ensuring your admin team are utilised correctly and cost effectively allowing for improved business performance.
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Personal Wealth Protection
Our latest Private Client briefing! With recently increased tax rates and the prospect of more to come, this issue focuses on the protection of personal wealth. The two important areas covered in this bulletin are:
- Higher Paid Employees – Shares from Employer
- Sheltering your assets from HMRC
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New Partner for AABWe are very pleased to announce the appointment of Douglas Martin as Partner in Corporate Finance. Douglas joined in 2002 and qualified as a Chartered Accountant in 2005. More on this story... Fraud Prevention and Investigation AppointmentAAB has announced the appointment of Scott Grant within their Fraud Prevention & Investigation service. Scott, an accredited Fraud and Financial investigator, joins after 23 years with Grampian Police More on this story... National Accolade for our Offices in UK Property AwardsProperty development and investment company Esson Properties were winners in the Best Redevelopment/Renovation category, for their work in converting and developing our offices at 9 Queens Road, Aberdeen. More on this story... |
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