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On 18th June a new consultation was opened on proposed changes to the new SORPs.

The new SORP (FRSSE) will be withdrawn for accounting periods commencing on or after 1st January 2016, after just one year of existence, due to the FRSSE itself being withdrawn from that date. The new consultation looks at what will happen as a result, with a final new version expected to be ready by March 2016.

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Click Here to read our summary of the Chancellor's Autumn Statement.

The November issue of Taking Account is now available.

Click here to read about more about our merger with Butterworth Jones, implications of the Summer Business Tax Changes, Cloud Accounting and much more. 

Charity Event

Many charities are actively considering whether to convert their unincorporated charity to a Charitable Incorporated Organisation (“CIO”). For many, it is the incorporated status of the new entity which most appeals. A CIO is not a limited company; it is not registered at Companies House. It is a form of incorporated charity regulated solely by the Charity Commission (“CC”). 

An unincorporated charity is not a legal entity, so the powers of holding property, liability exposure and similar rest with the Trustees; they are never passed onto the entity. 

By forming a CIO the title of property can be held by the charitable entity, liability is limited within the confines of the CIO and it can enter into contracts in its own right. 

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As Chancellor George Osborne prepares to deliver his Autumn Statement the South West’s leading independent firm of accountants is holding a series of briefings for business owners covering important issues such as tax changes, cloud accounting and insolvency.

The free to attend Breakfast Business Briefings, which are being organised by Thomas Westcott Chartered Accountants, take place across Devon and will include detailed presentations and question and answer sessions.

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Changes to the Gift Aid Declaration forms, sponsor form and guidance have been made by HM Revenue and Customs to make it easier for people to understand their tax obligations when they make donations to a charity or Community Amateur Sports Club. Please follow the link below for an update on the guidance.

https://www.gov.uk/guidance/gift-aid-declarations-claiming-tax-back-on-donations

The UK accounting framework is changing, and we are in the process of dealing with the biggest change to financial reporting here in the UK for 40 years. Financial Reporting Standard (“FRS”) 102 will be the accounting standard that will have the most impact for SME’s here in the UK, with the exception of the very smallest of companies.

What changes are being ushered in by FRS 102? And in particular, what aspects of FRS 102 will impact on manufacturing businesses?

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For those of us with young children, or those yet to grow up Halloween marks the chance to indulge in trick-or-treating, carving of pumpkins, fancy dress, firework displays and lest we forget the history behind this time of year remembering the dead. 

For those of us working in the personal tax world though the 31 October has other significance, it marks the last day on which you can file a paper self-assessment tax return with HM Revenue & Customs for the 2014/15 tax year. 

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The RPA are sending Basic Payment Scheme (BPS) leaflets to farmers informing them of what to expect in the next few months.

It confirms that it will announce the BPS values in November 2015 and gives an indication of when they will make payments.  The aim is to pay the majority of farmers in December 2015 and January 2016, and if payments are likely to be later than this they will confirm the reasons why.

Farmers should keep an eye out in the post for the leaflet, as it is a reminder that if bank details have recently changed then the RPA must be notified. 

For more info CLICK HERE 

One of the topics discussed at our recent series of Trustee workshops was the changes that are taking place to the annual return which is submitted on line to the Charity Commission. Charities with gross income of less than £10,000pa will be asked to file an update form. 

All charities with gross income over £10,000pa must file an annual return online. The annual return together with the accounts must be filed within 10 months of the accounting year end. Failure to file within the 10 month period results in an entry against the Charities record on the Charity Commission website.

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