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Charities denied millions from on-line donations by HMRC
CHARITIES have been denied millions of pounds because donors wrote personal messages on fundraising website JustGiving, according to a recent article in The Times. Officials at HM Revenue and Customs launched an attack on charitable donations last November by instructing staff at JustGiving to remove gift aid where a personal message had been left which referred…
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Action plan to simplify EU VAT regime
The VAT Action Plan announced recently by the EU Commission consists of four main threads A single EU VAT system Plans for dealing with VAT fraud Intention for member states to choose their own rates Support for e-commerce and SMEs The first thing to note is that the plan is primarily a discussion document and…
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National living wage, new apprentice NI rates, and employment allowance
National Living Wage From 1 April 2016, the government introduced a new mandatory national living wage (NLW) for workers aged 25 and above, initially set at £7.20 – a rise of 50p relative to the current National Minimum Wage (NMW) rate. That’s a £910 per annum increase in earnings for a full-time worker on…
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Companies Warned about new Transparency Law!
Does this spell the end of “secretive” company structures? With effect from 6TH April 2016 every UK Company is required to obtain and hold beneficial ownership or significant control information and, from June 2016, provide this information to a central and publically available registry. The register will be known as the Register of People with…
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Are VAT Inspectors an Endangered Species?
During the past few weeks, a number of business have received notifications from HMRC, informing them that it would like carry out a “remote” VAT audit. This latest style of VAT audit seems to be focused on small and medium sized businesses (SME’s) which is consistent with HMRC publicly-stated initiatives to increase revenue yields from…
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Valuation insights: HMRC withdraws valuation checks services
With effect from 31 March 2016, HMRC’s Shares & Assets Valuation is withdrawing its valuation services for PAYE health checks and ITEPA (Income Tax (Earnings and Pensions) Act 2003) post-transaction valuation checks. Impact The reason cited for the withdrawal of this service is SAV’s valuation resources being “severely stretched”. The greatest impact will be for…
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Valuation insights: Selling shares for more (or less) than market value
We have recently seen a number of instances where shareholders’ agreements contain a different method for allocating sale proceeds to shareholders from the Articles of Association. Such arrangements may expose shareholders and the company to substantial tax liabilities. There are often good commercial reasons why some shareholders should receive a larger proportion of the proceeds…
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Valuation insights: Death of the control premium?
It has been a long established practice that when valuing a private company using valuation data from comparable listed companies a control premium should be added to reflect the benefit of acquiring full ownership of the business. This approach has been under challenge for a number of years and recent developments in the US could…
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Valuation insights: New rules for purchase price allocations
The new accounting standard FRS 102 requires that on a company or business purchase the separate intangible assets acquired should be identified and valued. With the first accounts under this standard now being prepared we can share our experience and insights into how these valuations are working out in practice. Standards For several years companies…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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