On 16th May, the IASB published guidance regarding the effects of climate related matters on financial statements prepared in accordance with the IFRS for SMEs financial statements. Full guidance can be found here. The guidance contains examples of areas where...
Latest News
Government to simplify non-financial reporting rules
The government is currently consulting on various options to simplify non-financial reporting rules indicating consideration of the appropriateness of the current company thresholds. The Department for Business and Trade (DBT) and Financial Reporting Council (FRC) are...
What is creating the skills shortage?
There have been UK skills shortages for some time, particularly across the manufacturing and engineering sectors. However, since the pandemic, these skills shortages have spread into other sectors, including hospitality and professional services. In this article, we...
HMRC confirms MTD penalties from 1 November 2022
Accountancy firms have been informed by HMRC that the “soft landing” penalty waiver for Making Tax Digital for VAT will be removed from 1 November 2022. All businesses that file their VAT returns monthly or quarterly must now sign up to Making Tax Digital (MTD) and...
Spring Statement 2022
Spring Statement 2022 Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the...
Spring Statement: R&D Tax Relief Update
Reform of R&D tax relief In Spring 2021, the government announced a review of R&D reliefs with the objective of ensuring the UK remains a competitive location for cutting edge research and that the tax reliefs provided to businesses continue to be fit for...
Plastic Packaging Tax
HMRC are to introduce a Plastic Packaging Tax from 1 April 2022. The aim is to incentivise businesses to use more recyclables in the manufacture of plastic packaging. In turn, this will stimulate increased levels of recycling and collection of plastic waste, diverting...
Changes to VAT penalty regime delayed until 2023
The government has announced that the new penalty regime for VAT, which was due to be introduced from 1 April 2022, will now be delayed until January 2023. The delay is to provide HMRC with extra time to ensure their IT systems are ready and well tested. The new...
UK manufacturers positive about 2022 despite challenges
A recent industry survey has shown that many UK manufacturers are optimistic that productivity and business conditions will improve in 2022. Despite the fact that many UK manufacturers will be facing many challenges such as: Retaining staff Inflation Rising input...
IASB publishes guidance on the effects of climate-related matters on financial statements for SMEs
On 16th May, the IASB published guidance regarding the effects of climate related matters on financial statements prepared in accordance with the IFRS for SMEs financial statements. Full guidance can be found here. The guidance contains examples of areas where...
Government to simplify non-financial reporting rules
The government is currently consulting on various options to simplify non-financial reporting rules indicating consideration of the appropriateness of the current company thresholds. The Department for Business and Trade (DBT) and Financial Reporting Council (FRC) are...
What is creating the skills shortage?
There have been UK skills shortages for some time, particularly across the manufacturing and engineering sectors. However, since the pandemic, these skills shortages have spread into other sectors, including hospitality and professional services. In this article, we...