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CA Magazine

Every article from your latest print edition of CA Magazine

September 2009

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New system, new software

HMRC’s introduction of updated electronic filing for accounts is a potential minefield for companies

Direct debit options for tax payments

HMRC has set up a scheme for taxpayers to make regular payments by direct debit

Strategies to manage income tax changes

The new top rate of income tax announced in the 2009 Budget and the introduction of restrictions on tax relief for pension contributions for high earners have become major talking points in UK boardrooms

Final opportunity to settle tax liabilities on offshore accounts

Following HMRC’s introduction of the Offshore Disclosure Facility (ODF) in 2007, HMRC have launched a further disclosure initiative – the New Disclosure Opportunity (NDO) – to provide individuals with unpaid taxes linked to offshore accounts or assets a ?nal opportunity to settle their tax liabilities at a favourable penalty rate

HMRC begins consultation on building industry legislation

HMRC has commenced a consultation process on proposed legislation that could see businesses having to operate PAYE and National Insurance contributions on payments made to self-employed workers in the construction industry

Tighter rules expected on capital allowance-based tax avoidance schemes

There was further evidence of HMRC’s crackdown on tax avoidance following the issue by HMRC of a Technical Note Capital Allowances: anti-avoidance on 21 July

Taxman endowed with new powers

Measures which allow the taxman to deduct up to £2,000 a year from taxpayers’ salaries could cause serious financial hardship

Three tiers for new regime

Feedback on proposals is being sought in a consultation by the ASB on new standards for UK and Irish entities that converge UK GAAP with IFRS

Extinguishing liabilities with a new draft

The International Financial Reporting Interpretations Committee (IFRIC) has published for public comment a draft Interpretation, IFRIC D25 Extinguishing Financial Liabilities with Equity Instruments

Quality of accounting is 'fundamentally sound'

The Professional Oversight Board, a part of the Financial Reporting Council, has published its Report to the Secretary of State for Business, Innovation and Skills for the year to 31 March 2009

FRC chief executive Boyle backs transparency over stability

Paul Boyle, chief executive of the Financial Reporting Council, argued in a speech to the FRC Annual Open Meeting against proposals to use accounting as a public policy tool to reduce procyclicality and challenged the proposition that accounting measures that show volatility should be adjusted to create an impression of stability

The right choice of pensions

Informed member choices at retirement and greater employer engagement are the focus of a new Pensions Regulator statement issued recently about higher standards for defined contribution (DC) pension schemes

APB consults on small entity documentation

The Auditing Practices Board (APB) has issued for consultation an exposure draft of Practice Note 26 (Revised) Guidance on smaller entity audit documentation. Comments are requested by 30 September

Pension regulator aims to do more with less

The Secretary of State for Work and Pensions recently laid The Pensions Regulator’s (TPR) audited annual report and accounts for 2008-09 in Parliament

Charity auditor's reports

The Auditing Practices Board (APB) has issued Bulletin 2009/3, which provides examples of auditor’s reports for charities with accounting periods beginning on or after 6 April 2008

Balancing act

How effective is good governance in reducing volatility? ICAS is about to publish research carried out by Dr Azizah Abdullah and Professor Mike Page which explores the links between governance and performance during turbulent conditions

It's legitim Jim, but not as we know it

Earlier this year, the Scottish Law Commission published its proposals to reform the Scots Law of Succession. Douglas Sinclair looks at what areas could be the focus for change

Keeping company

Charlotte Barbour takes a closer look at the current governance consultations to investigate how they will affect companies

See the bigger picture

An ICAS survey on the role of the statutory audit yields some interesting results

Route changes for charities

Christine Scott looks at the likely impact of proposed changes to accounting regulations on Scottish charities – and those further a?eld

Jobs for CAs (link opens in new window)

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