Neil Harris

A "must read" document to start your journey to the new UK accounting standards. Whilst we await the new SORP exposure draft this is the most useful guide I have come across so far!

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Away for a week following the election results and lots to catch up on ........ starting with how we expect Labour to implement their first steps for change, in order to meet their pledge to get “Britain’s future back”. Lots to consider for individuals, families and business owners. Find out how the proposed changes could affect you ➡ https://lnkd.in/eQR6mBYF #financialplanning #taxplanning #wealthmanagement #businessowner #tax

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🆕The latest edition of Technical Bulletin is now available to download Available free of charge to all ICAS regulated firms as part of our #Evolve programme of support to practices 👉https://buff.ly/44Hbb5O (login required)

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Delighted to attend the launch of the Chartered Institute of Taxation (CIOT) and ICAEW’s report ‘Tackling HMRC’s customer service challenge’ earlier today and also to have been given the opportunity to contribute to the content from a business perspective on behalf of CBI (Confederation of British Industry) members. Many of the themes in the report resonate strongly with our business members, who have expressed significant concerns about HMRC’s customer service. Contacting HMRC often involves resolving issues due to inefficient, paper-based systems, leading to long response times. CBI tax members want to see an online ticketing system referencing HMRC staff dealing with these enquiries to help businesses track progress. Per CIOT and ICAEW analysis: “HMRC could save an estimated 1.7 million hours of call handlers’ time every year if it implemented an automated tracking system for taxpayers to check the status of their queries.” Digitalisation should make life easier and faster for businesses to get their tax affairs right rather than result in ever more data reporting for HMRC. The basics need to be fixed first ahead of starting any new large-scale digital reporting projects. A prime example is the mandating of payrolling of benefits-in-kind which is scheduled to be implemented before overhauling HMRC’s inept payroll tax account systems where nearly 1 in 10 large businesses have reconciliation disputes covering a population of nearly 2 million employees. The Digital Transformation Roadmap and the multi-year Spending Review present pivotal opportunities for reform. Read the full report here: https://lnkd.in/ec2eM_Cy Huge thanks to Richard Wild and all at the CIOT and ICAEW who have put in a commendable effort to produce an extremely valuable paper for the public debate.

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By involving your accountant early in the decision-making process, you can: · Optimise Tax Planning · Navigate Regulatory Changes · Support Business Growth · Manage Cash flow Efficiently · Avoid Costly Mistakes In short, proactive advice from an accountant not only helps you stay on top of your finances but also allows you to make better business decisions, maximise savings, and avoid unnecessary stress. The earlier you involve your accountant, the more time they have to guide you effectively. Need help with your accountancy? Get in touch today!

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In this month’s Academy Update, we look at how the ESFA have recently updated their good practice guide on Academy trust management accounting. This guide provides best practices for finance professionals in academy trusts, particularly CFOs and finance managers. It focuses on preparing and presenting management accounts that align with the Academy Trust Handbook (ATH) requirements. 📒 There are several guidelines to follow which can improve your financial management and decision-making processes. To find out more about this, please click here to read our full article 👉https://lnkd.in/emY5YmtA #academyupdate #academies #academytrust #ESFA #accounting #finances #jamescowperkreston #maxismiseyourpotential #academysector 

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The FRC has issued an updated suite of FRS 102 factsheets which provide additional guidance to support stakeholder reporting in accordance with specific aspects new requirements following the Periodic Review 2024 amendments to FRS 102 and other FRSs. A helpful resource for ICAS - The Professional Body of CAs members involved in financial reporting Find out more 👉https://buff.ly/4187mHW #accounting #standards

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Whilst Employee Share Schemes and their value to growing the economy were not mentioned in yesterday’s Budget, the changes to Capital Gains Tax (CGT) rates – not being as high as many commentators expected - do feed through to such schemes and will increase the amount of CGT payable by employees on disposals of shares on or after 30 October 2024:   * EMI Options – where conditions are met for Business Asset Disposal Relief (BADR) on the sale of shares acquired under a qualifying EMI Option, the applicable rate of CGT on the first £1m of lifetime gains will be 10% until 5 April 2025, 14% in 2025/26 and 18% from 2026/27.  Capital Gains in excess of the lifetime limit will be taxed at 18% or 24%. * CSOP Options – any capital gain made on disposal of shares acquired under a CSOP option will be subject to new rates of CGT unless the seller meets the conditions for BADR generally. * Unapproved Options - any capital gain made on disposal of shares acquired under an unapproved option will be subject to new rates of CGT of unless the seller meets the conditions for BADR generally. Capital gains made on shares held within a Share Incentive Plan trust (or SIP) are still exempt from CGT.  For company’s thinking of all-employee type plans, this arrangement has further merit where Partnership Shares are used given that the deductions from an employee’s gross salary used to acquire Partnership Shares (capped at £1,800 per year) are exempt from Employers’ NIC. 

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VAT and Private School Fees 🚨 HMRC has just released new guidance on VAT for private schools (10 October 2024). They announced plans to remove the VAT exemption on private school fees, with details here: 👉 Charging and reclaiming VAT on goods and services 👉 VAT registration for private schools This guidance is based on a consultation from July 2024 and could change with the upcoming Budget. We hope HMRC will consider delaying these changes to let students finish the academic year—especially those sitting exams! This sudden shift could leave many families struggling to afford private education, and public schools are already overstretched. What happens to the kids caught in between? 🤔 Let’s hope for a practical solution that puts students first! 🙏 #SchoolFees #VATRegulations #PrivateEducation #EducationPolicy #HMRC #EducationReform #TaxPolicy #FamilyFinance #Budget2024 #StudentSupport #EducationMatters #VATChanges #PrivateSchoolFees

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Lets get "Inside the mind of an ACCA SBR marker" with me, Tom Clendon. Free webinar. Everyone who signs up will be sent a recording. https://lnkd.in/eMDTbiyB Every one who attends live (it is on Monday) will have the opportunity to ask questions! #SBR #Ilovemyjob #freewebinar

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As more policy details are released on how the VAT exemption for Independent Schools will be removed, our article sets out what we know now, and what you need to do to prepare for D-Day 1 January 2025 #independentschools #VAT https://lnkd.in/d7q8yC7j

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🩵 🫂 All charities need trust and goodwill, so it is important to ensure your charity is in the strongest position to ensure it starts off and remains compliant to be successful in the future. Learn about recent disqualifications below and how to keep your systems and controls in check ⬇️

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There we have it, no last minute reprieve. If this impacts your school, take action now to understand what you need to do to VAT register and, crucially, by when. If you need some guidance, get in touch and register for our free webinar taking place on 12 November #privateschools #vat Larking Gowen

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What are the biggest challenges and opportunities facing #entrepreneurs and #accountants today? This survey of over 2000 SMEs uncovers the key insights UK accountants can learn from to better support their clients. From the top challenges to growth opportunities, this study offers valuable data to help businesses thrive. 👉 Download the free study now to learn how to elevate your practice: https://ow.ly/7w3450TjSMa #Silverfin #EnhancedAccounting #Visma Visma Murray Willson | Marc Turley | Tanguy Segers | Phil Hobden

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Huge implications for businesses with property leases as well as those with complex revenue streams. If you are thinking about the impact and want some help do drop me a message.

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Some significant changes are coming with the amendments to FRS102 - in particular for multisite operators and lease accounting with both accounting and commercial implications

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