Matthew Cox

After months of anticipation, the Government has finally issued a detailed VAT technical note and draft legislation, regarding the proposed changes to the VAT status of private schools. This significant update initiates a seven-week consultation period, allowing stakeholders to provide their comments and insights. Read more here... https://sowo.kr/q0NkLlL7 #VAT #PrivateSchools #UKGovernment #Updates

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In a recent press release, HMRC addressed some common misconceptions about who needs to file a self-assessment return before the 31 January 2025 deadline and clarifies some of the most widespread myths. #SelfAssessment #Tax #HMRC

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Useful webinar highlighting the coming changes.

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Changes to the UK Audit Regulations come into effect today. Access the new regulations and make sure you are aware of the updates, especially related to audit eligibility. The deadline to ensure you are compliant with the eligibility-related changes is 1 April 2025. All other changes are effective immediately: https://lnkd.in/eZfhwr4w #icaewRegulation #Audit

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Time To Pay is a common solution for UK businesses struggling to meet tax liabilities, however, not every company will be able to successfully negotiate this type of arrangement. With a Time to Pay arrangement, no debt will be written off, therefore you must be able to demonstrate your ability to repay the full amount of your tax arrears (and continuing tax liabilities) within a period typically not exceeding 12 months. https://lnkd.in/esM9MhXG

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UPDATED: Accountancy Tier- firms & events One of my most used visuals, it helps sales and marketing teams to understand the UK Accounting event landscape, and how you can get a better balance on your marketing mix and your target audience. Alternative Events only invite managing/senior partners and CIO/IT directors of accountancy firms within the top 300 firms who are in this criteria: 🔴 4 - 400 partners 🔴 £3m - £730m revenue 🔴 30 – 9,000 staff WANT TO KNOW MORE…. https://lnkd.in/et-vSxhA or send me a LI message! #JoinTheAlternative #accountants #accounting

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Some people will have a self assessment tax liability due at the end of 31 July - and it's painfully difficult to explain why. It's called the "payments on account" system for self-assessment. 🟣 When it applies is hard to explain as there are lots of exceptions 🔵 How it is calculated is hard to explain as some liabilities don't count 🔴 You can reduce them sometimes and the implications of this can be really bonkers if it's wrong Although no penalties will be charged for missing this (typically estimated) advance on your tax liability.... late payment interest at 7.75% means that it should be taken seriously. I don't think it should be scrapped, but I think the thresholds of when it starts to apply should be drastically increased.

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⏰ HM Revenue and Customs (HMRC) is reminding taxpayers that the 31 January 2025 deadline for submitting 2024-25 Self-Assessment Tax Returns is fast approaching. 📧 Already, over 3.5 million tax returns for 2024/25 have been filed, but HMRC expects more than 12 million to be submitted by the end of January 2025. To avoid a last-minute rush, HMRC is encouraging individuals to file their tax returns as early as possible. #SelfAssessment #TaxReturn

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Taxation is an area academy trusts should be aware of and monitoring. The below course is perfect to enable you understand the importance of monitoring and mitigating tax. Want to find out more? Then follow the link below and book your place today ⤵️ https://lnkd.in/e4868JnD #academies #taxation #academyfinance

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The new Labour Government are following through on their plans to tackle the ‘tax gap’, which is the difference between the tax owed and the tax paid, investing in HMRC’s compliance work through the hiring of around 5,000 additional staff to recover tax revenues.  With an ever-changing tax reporting landscape, it is essential for companies to review their tax governance, risk management and controls as well as the people, processes and systems they have in place as compliance will come under renewed scrutiny. Getting things right and staying compliant can feel like a major challenge, which is why PwC have reimagined what compliance looks like, by connecting and automating the process across taxes to reduce disruption and give you and your team valuable time back. Get in contact with our team today to discover how we could help you can navigate these changes: https://lnkd.in/eKASyYB2  #Tax #ConnectedTaxCompliance #ReframingTax #TalkingTax

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#VATCat wanted to remind you that we are regularly seeing "checks", "nudges", and audits from #HMRC. The enquiries tend to focus on governance, process, and controls from a risk perspective. Simply put, this means HMRC are looking at the end to end VAT process in detail - what is actually done (and validating the process) vs. what is said is done. Changes that can influence a business risk profile include 4+ years between HMRC audits, changes in sectoral approaches to VAT accounting that HMRC may historically have "accepted" but no longer does, internal systems upgrades, acquisitions and mergers that bring together new tax and/or finance departments, entering new markets or supplying new products, moving from CHIEF to CDS, or changes in staffing. Process-led reviews tend to start with checking controls around base data and the upload of AP/AR data to preparing / checking / submitting a VAT Return, and whether companies have sufficient controls embedded in this process to be able to manage "risk" based on their specific VAT profile. With HMRC taking a more robust & challenging approach, how comfortable can a business get? If the answer is along the lines of “not sure” or “not very” then, it's probably worth exploring.

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📢 **APESB Issues Revised APES 310 on Client Monies** 💼 The Accounting Professional & Ethical Standards Board Limited (APESB) has issued a revised **APES 310 Client Monies**, bringing key updates to support professional accountants in managing client funds. **Key changes include:** - Flexibility to use alternative terms like “client account” instead of “Trust Account” when opening bank accounts (new paragraph 5.2) - Practical options to prevent situations that might lead to a right of set-off (new paragraph 5.5) - New definition for confidential information and updated definition of assurance engagement to align with **APES 110 Code of Ethics** (including Independence Standards) - Amendments to assurance report templates to incorporate quality management changes and align with the revised **ASAE 3100 Compliance Engagements**, effective for engagements starting after **15 December 2022** (Appendix 2 & 3) 📅 **Effective Date**: The revised APES 310 applies to engagements or assignments starting on or after **1 April 2025**, with early adoption permitted. #APES310 #ClientMonies #TrustAccount #APESB #AccountingEthics #Compliance #AccountingStandards #Audit

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