VAT for Law Firms – Disbursements

Law firms face a variety of challenges from a VAT perspective, one of which is the question of whether to account for VAT on disbursements charged to clients.  This is a common problem area, as there are many different types of recharges which are commonly described as disbursements, but only some can be treated as

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VAT changes for the construction industry

The Government announced some time ago its intention to introduce a VAT domestic reverse charge for building and construction services with effect from 1 October 2019. This is in response to organised criminal attacks on the VAT system in the construction sector. Although the legislation is still draft it appears that October is still the

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New IR 35 rules

Companies and large businesses using the services of freelancers who operate through a Personal Service Company have a big decision to make over the coming months. From April 2020 medium and large companies, as defined by the terms of the Companies Acts, will have to operate the detestable “IR35” rules, (more correctly the “intermediaries’ legislation”),

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The Criminal Finance Act 2017

The Criminal Finance Act 2017 (CFA17) received Royal Assent in April 2017 and began to come into force on the 30 September the same year, with a rolling programme of measures designed to strengthen the ability of law enforcement agencies to tackle fraud, tax evasion and the movement of criminal cash and assets. The story

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IFRS 16 – Round 3

After implementing IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts in 2018, you may be mopping your brow with relief! Don’t celebrate too soon though, as there’s still IFRS 16 Leases to go, and for many entities this will entail the most work, both on transition, and on an ongoing basis. IFRS 16

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IFRS 15 – Time is running out

IFRS 15, the new revenue standard, generally becomes effective for entities reporting at 31 December 2018 or later. Organised entities started their transition projects in 2014 when the standard was first issued; setting up project teams, educating sales forces and legal teams, reviewing contracts to establish to what extent they can be standardised, and requesting

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IFRS 16 – Leases

Under IFRS 16 which takes effect in 2019, a lease which gives the lessee the right to use the asset is treated broadly in the same way as in the current finance lease accounting (IAS 17). The leased asset is capitalised on the balance sheet and a lease liability is raised. One of the difficulties

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Are you ready for the GDPR?

The new General Data Protection Regulation (GDPR) came into effect on 25 May 2018. A lack of knowledge will not be deemed an acceptable excuse for not having safeguards in place.  With recent research suggesting that over 90% of firms are unprepared for the new data protection rules, here we seek to outline the requirements

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What you can learn about Inheritance Tax

Inheritance tax (IHT) is sometimes called the avoidable tax because legitimate and acceptable forward tax planning can minimise liabilities. Many people are unaware for example, that lifetime gifts of capital within the seven year period before death may still be taxable at death, along with the value of their assets at death, so early lifetime

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