Setting high professional standards for public services around the world
This paper sets out ACCA’s policy positions on a range of themes for public services for members, employers and a wide range of external stakeholders with an interest in public services.
Broadly speaking, benefits in kind are calculated at their ‘cash-equivalent value’ which is defined as the ‘expense incurred in or in connection with provision of the benefit’, inclusive of VAT.
Broadly speaking, benefits in kind are calculated at their ‘cash-equivalent value’ which is defined as the ‘expense incurred in or in connection with provision of the benefit’, inclusive of VAT.
When an employee is provided with fuel for private purposes, an additional benefit arises. Fuel benefit is arrived at by multiplying a fixed base figure, £20,200 for 2012/13, by the same percentage rate used to calculate the car benefit.
Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.
Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.
When an employee is provided with fuel for private purposes, an additional benefit arises. Fuel benefit is arrived at by multiplying a fixed base figure, £20,200 for 2012/13, by the same percentage rate used to calculate the car benefit.
Tax legislation specifies that expenses payments reimbursed to an employee, eg travel expenses, courses, client entertaining, represent taxable earnings and need to be reported on the form P11D.
Exemption from preparing and filing accounts for qualifying subsidiaries
A look at the potential impact of the announcement that dormant subsidiaries could be exempted from the requirement to prepare and file accounts at Companies House
IAASB staff has made available a Questions & Answers (Q&A) publication that focuses on how to apply ISQC 1 proportionately, taking into account the size of a firm. It highlights in the Q&A that smaller firms should find the publication helpful in achieving an effective and efficient implementation of ISQC 1.
HMRC provides a list of shares or securities formerly quoted on the London Stock Exchange, which have been officially declared of negligible value for the purposes of a claim under S24(2) Taxation of Chargeable Gains Act 1992 by the Shares and Assets Valuation Office.
This case concerns the place supply of a timeshare operated by Macdonald Resorts in Spain. HM Revenue & Customs won at Tribunal contesting that the place of supply was the UK and therefore at the standard rate of VAT.
Artificial series of steps inserted purely for the avoidance of tax. This is a key case and, together with the case of Furniss v Dawson is a mainstay of HMRC in tackling artificial tax avoidance schemes on the basis of substance over form.
