In 2017 the Financial Reporting Council published their first Triennial Review of FRS 102, the financial reporting standard which replaced old UK GAAP in 2015. This first significant review of the standard takes effect for accounting periods beginning on or after 1 January 2019, resulting in the following changes.
You will have heard over the years about the need to put partnership agreements in writing. In the absence of any agreement, the outcome is, in most cases, undesirable.
From the 1st October 2019 a reverse charge procedure is being introduced for certain building and construction services. In certain circumstances the customer will be liable to account for VAT in respect of those purchases, rather than the supplier and this is known as the ‘reverse charge’.
Following initial consultation in 2016, the Legal Services Board approved regulatory reforms for firms of solicitors some time ago, incorporating a new set of Solicitors Accounts Rules which were anticipated to be effective from 1 April 2019. It has recently been announced these are now to be effective from 25 November 2019.
Many of our clients will have appointed either loved ones or professionals as their Attorneys since October 2007, when the current so-called Lasting Powers of Attorney (LPA) were first introduced.
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