Now that Making Tax Digital (MTD) for VAT is in effect, it’s easier to reflect on HMRC’s digitalisation initiative with clarity.
Where before certain parts of the legislation initially appeared unclear, today we’re able to identify the exact responsibilities of both clients and accountants. Whether that’s knowing how to move your accounts online or selecting bridging software to ensure compliance, all parties now have the resources to stay on the right side of the taxman come tax return deadlines.
Farming with a moderate scale represents the trend of modern agriculture and should be carried forward according to law, Premier Li Keqiang said during a trip to China's major grain-producing Shandong province on 24 July.
Norman Chan Tak-lam, the chief executive of the Monetary Authority, has rejected calls from lawmakers to use part of Hong Kong's HK$3 trillion Exchange Fund to pay for infrastructure projects or social welfare. Mr Chan stated the fund needs every penny to cope with unexpected financial crises.
The Financial Reporting Council’s (FRC) Financial Reporting Lab has published a report on ‘Accounting policies and integration of related financial information’, which provides valuable insight for companies on what investors want from accounting policy disclosures and where they should appear in financial statements.
The International Accounting Standards Board (IASB) today completed the final element of its comprehensive response to the financial crisis by issuing IFRS 9 Financial Instruments. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and a substantially-reformed approach to hedge accounting. The new Standard will come into effect on 1 January 2018 with early application permitted.
HM Revenue and Customs (HMRC) is today giving around 16,000 tax avoidance scheme users the opportunity to pay the tax they owe or risk facing bigger tax bills and heavy legal costs.