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Trustees take note!
FATCA is here! In September 2012 the UK and US signed a treaty to implement the Foreign Account Tax Compliance Act (FATCA) in the UK. This legislation is aimed at reducing tax evasion by US citizens. So why should trustees of UK trusts take any notice?…because there may be a requirement for the trust to…
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Companies House to increase free access to data
In an effort to increase corporate transparency Companies House is to make all of its digital data available free of charge. This will make the UK the first country to establish a truly open register of business information. As a result, it will be easier for businesses and members of the public to research and…
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Holiday pay to include allowance for overtime?
Thousands of businesses are facing additional costs after a tribunal ruled that overtime should be included in holiday pay calculations. A recent Employment Appeal Tribunal (EAT) ruled that employers must factor in overtime when calculating holiday pay, instead of only taking basic pay into account. The tribunal also said that employees could make backdated claims if it has been less than…
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Do the new accounting standards affect me?
With relatively little fanfare, FRS 102 comes into force for accounting periods commencing on or after 1st January 2015. This is a fundamental change in the way in which financial accounts are prepared for companies of all sizes which can result in unanticipated consequences from lower tax bills, to dividends suddenly becoming illegal. Are you…
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What are the VAT consequences of an out of court settlement?
A recent case Decided by the First Tier Tax Tribunal highlighted how HMRC can sometimes misread the facts and thereby seek to apply the law inappropriately. In this instance, they sought to apply the bad debt relief legislation when there was no bad debt to apply it to! A business provided legal services to a…
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Are fines being issued for Pensions Auto Enrolment?
You can bet they are! The Pensions Regulator (TPR) has already issued its first fines to non-compliant employers for failing to meet their auto-enrolment duties, in what is widely seen as just the start of what may be a deluge of penalties under the new regime. The latest bulletin issues by the Regulator entitled ‘Compliance…
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The Dangers of using Tax Schemes
H M Revenue and Customs (HMRC) have today issued a list of the top 10 things that tax scheme promoters don’t tell businesses before they sign up to tax schemes. The list sets out HMRC’s assessment of the risks that people face when they sign up to a tax avoidance scheme, including not only the…
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A taxpayer win in respect of the VAT consequences of an out of court settlement
A recent case Decided by the First Tier Tax Tribunal highlighted how HMRC can sometimes misread the facts and thereby seek to apply the law inappropriately. In this instance, they sought to apply the bad debt relief legislation when there was no bad debt to apply it to! A business provided legal services to a…
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Auto Enrolment Trouble ahead!
October 1st 2014 marked the second anniversary since the introduction of auto enrolment for larger companies. Since then 786 firms have been investigated by the regulator but unfortunately the regulations have continued to change which is resulting in significant confusion and misunderstanding for businesses. To emphasis the point that auto enrolment is difficult, The Pensions Regulator (TPR) has released…
Last week, our trainees took part in an internal audit training session designed to strengthen their technical knowledge and support their professional development. While gaining practical skills was the key objective, we also wanted to make the learning experience engaging and enjoyable, so we incorporated some games. At Burgis & …
October 14, 2026
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