Peter Hughes is an independent chartered accountant practising in York. He specialises in financial reporting and VAT and has presented many courses on various aspects of these subjects for the last ten years. He has spoken frequently on IFRS and the new UK accounting framework, and on all aspects of VAT including international trade, property and partial exemption. His clients include several accountancy practices and businesses ranging from owner-managed companies to international groups. Peter trained at Malthouse & Company in Liverpool before spending some time in property management and then setting up his own practice in 2004.

Tax in Company Accounts

The principle of a deferred taxation charge or credit is that, when added to the corporation tax charge for the year, it should equal the profit before tax multiplied by the corporation tax rate. Deferred tax liabilities are the amounts of taxes payable in future periods in respect of temporary differences; a temporary difference arises

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IFRS Update 2018

This year and next year are busy ones in the field of International Financial Reporting Standards (IFRS). Companies with financial year ends beginning on or after 1 January 2018 will need to have regard to the requirements of IFRS 15 (Revenue). This may have a significant effect on the timing of recognition of revenue for

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Changes to IFRS Standards – Are you ready?

The International Accounting Standards Board has recently issued three significant new Standards, all of which will have major implications for many organisations: IFRS 15: Revenue from contracts with customers. This replaces IAS 18 from 2018 onwards; it introduces a five-step approach to the recognition of revenue, gives guidance on whether revenue should be recognised at

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THE FUTURE OF VAT FOLLOWING THE BREXIT VOTE

Assuming that the UK leaves the EU as a result of the referendum of 23 June 2016, there are likely to be some changes to the UK VAT system. All 28 member states must operate VAT in accordance with Directive 2006/112/EC, which sets out a broad framework governing rates of VAT, deduction of input tax,

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BUDGET 2016 UPDATE

This newsletter outlines the principal measures announced in the Budget on 16 March 2016. There has been plenty of commentary on the economic and political consequences, so I will concern myself solely with taxation. Personal tax The personal allowance in 2016/17 will be £11,000, up from £10,600. It will rise to £11,500 in 2017/18, instead

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