TP Madgett (TP) & RM Baldwin (t/a Howden Court Hotel) v C & E Commissioners

This case tested whether a trade was within the Tour Operators Margin Scheme (TOMS).

Taylor v Good

Property with land acquired and subsequently sold with development value; Trading income vs. CGT.

Temperley v Visibell Ltd

Rollover relief; land acquired; proposed building of factory abandoned; roll-over relief claimed.

Sargent v Barnes

Travelling costs and the wholly and exclusively rule

Schofield v R & H Hall Ltd

This case tests whether an expense can be classed as plant.

Samuel Jones & Co (Devondale) Ltd v CIR

This case tests whether an expense is revenue or capital.

Rutledge v CIR

The case tests whether an activity constitutes a trade

Harrold v Inland Revenue Commissioners

Executor’s of the estate claimed APR on the property but the IR sought to include the value of the property in the estate for IHT purposes.

Rowland v HMRC

Whether reliance on a third party (an accountant) can be regarded as reasonable excuse for penalty/surcharge purposes.

Salt v Chamberlain

The case tests whether an activity constitutes a trade.

HM Revenue & Customs v The Principal & Fellows of Newnham College in the University of Cambridge

This case tests the meaning occupation in regard to land.

Herbert Smith v Honour

Provision for future rents on vacated premises; whether tax deductible.

HMRC v Khawaja

Level and quality of proof required by HMRC when levying penalties

Hampton v Fortes Autogrill Ltd

This case tests whether an expense can be classed as plant.

Hall v Lorimar

Freelance vision mixer; whether employed or self-employed.

Benson v Yard Arm Club Ltd

This case tests whether an expense can be classed as plant.

Batey v Whitfield

Principle private residence relief; sale of an ancillary property, separate from the main dwelling house.

Garnett v Jones (re Arctic Systems Ltd)

Whether issue of share to wife was a settlement and, consequently, the dividends taxable on the husband.

Gallagher v Jones

The wholly and exclusively rule

Gordon & Blair v CIR

Change in activity; whether constituted a new trade for the purposes of carrying forward trading losses.

Furniss v Dawson

Artificial series of steps inserted purely for the avoidance of tax; consolidated the Ramsay principle established in the case of W.T. Ramsay v CIR

Fleming (t/a Bodycraft), Condé Nast Publications Ltd v HMRC

This case looks at the issues of the three year time limit and input tax.

Gilbert (T/A United Foods) v HMRC

Entrepreneurs' Relief; whether there was a sale of "part of a business".

GD Cairns (VDE Webb's Personal Representative) v HMRC

Inadequate valuation of property on IHT return; HMRC issued a penalty summons for negligence; validity of summons.

Allum & Allum v Marsh

Company purchase of own shares on retirement of directors; whether made for benefit of trade

Barclays Bank Trust Co Ltd v CIR

Business property relief; large cash balance held by company and restriction of relief.

Attwood v Anduff Car Wash Ltd

Plant and machinery; business use test vs. premises test

Atkinson and Anor v HMRC

Whether absence from a property due to ill health negated a claim for agricultural property relief.

Service charge accounts

Draft guidance has been issued on the conduct of engagements to report on service charge statements of account.

Scottish and Newcastle case

This case tests whether an expense can be classed as plant.

FRS 100

FRS 100 Application of Financial Reporting Requirements sets out how the new regime will work.

FRS 101

The new FRS 101 (FRED 47) will allow financial statements to be prepared for subsidiaries and parent companies using recognition and measurement as set out in EU-adopted IFRS, but with reduced disclosures.

FRS 102

The long-awaited FRS 102 has been issued, completing the FRS 100, 101 and 102 suite. FRS 102 applies to the financial statements of entities that are not applying EU-adopted IFRS, FRS 101 or the FRSSE. It is effective from 1 January 2015, but may be adopted early for accounting periods ending on or after 31 December 2012.

Ready Mixed Concrete (South East) Ltd v Minister of Pensions and National Insurance

Whether an owner-driver who provided his services to one company for its deliveries was employed or self-employed.

Robertson v CIR, Sp C [2002] SSCD 182

IHT Valuation for a property too low; return subsequently corrected and additional IHT paid; HMRC issued penalties.

R (on the application of Prudential plc) v Special Commissioner (and related applications)

Tax investigations, whether legal and professional privilege could be claimed in respect of certain documentation requested by HMRC during the course of an inquiry.

Rolls-Royce Motors Ltd v Bamford, Ch D 1976, 51 TC 319; [1976] STC 162

Whether trading losses brought forward may be transferred to a subsidiary on transfer buy way of hive-down.

Purves v Harrison

Retirement relief; whether a disposal constituted the sale of whole or part of a business.

International accounting standards

a look at the international accounting standards

Credit Union resources (Ireland)

Credit Union guidance on regulatory material, bad debt and the Credit Union Handbook

Global economic conditions survey report: Q4, 2012

The global economic conditions survey, carried out jointly by ACCA and IMA since late 2011, is the largest regular economic survey of accountants in the world, both in terms of the number of respondents and the scope of economic variables it monitors.

EFRAG: Towards a disclosure framework for the notes

Comments from ACCA to the European Financial Reporting Advisory Group (EFRAG), 21 December 2012

PCAOB concept release on auditor independence and audit firm rotation

Comments from ACCA to the Public Company Accounting Oversight Board (PCAOB), 2011

Proposal to establish an accounting standards advisory forum

Comments from ACCA to the IFRS Foundation, 15 December 2012

IAESB: Professional development for engagement partners responsible for audits of financial statements (revised)

Comments from ACCA to the International Accounting Education Standards Board, December 2012

IESBA: Responding to suspected illegal acts

Comments from ACCA to the International Accounting Education Standards Board, December 2012

Use of e-invoicing by SMEs

This report reviews the extent and the drivers of e-invoicing adoption among UK SMEs. Its concludes that UK SMEs have the potential to send hundreds of billions of pounds’ worth of e-invoices, which could improve their access to some forms of external finance. Nonetheless, adoption generally depends on the initiative of customers rather than SMEs themselves. This report was commissioned by the UK Department for Business for the UK National E-invoicing Forum. It was prepared by ACCA using evidence from the BDRC Continental SME Finance Monitor.

Finance leaders survey report: December 2012

ACCA and IMA, December 2012. This report presents the results of a survey of finance leaders jointly commissioned by ACCA and IMA. It outlines views on six key issues: 1. current priorities in the finance function; 2. the effectiveness of the finance function; 3. finance function challenges; 4. the importance of different skills; 5. identification of key stakeholders; 6. how finance leaders apportion their time. This is the first of a series of surveys that ACCA and IMA will conduct every six months to track how these finance issues are evolving.

Is corporate Asia ready for the green economy?

This report explores the concept of a ‘green economy’, and its relevance in Asia. It explores the roles that policymakers, investors, corporates and accountants need to play to facilitate the transition to a green economy.

FRC: Proposed amendment to financial reporting exposure

Comments from ACCA to the Financial Reporting Council (FRC), 30 November 2012