Accounting News - July 2014

10 year old Charity SORP is finally updated

After a considerable consultation period the Statement of Recommended Practice (SORP) for Charities 2005 has been replaced, with TWO new Charity SORPS!  These will need to be applied to accounting periods beginning on or after 1st January 2015.

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Consultations turn spotlight on benefits in kind

The government has launched consultations on key changes to employee benefits and expenses.

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Digital businesses offered ‘one stop VAT shop’ for EU sales

Businesses supplying digital services – broadcasting, telecoms and e-services such as smartphone games and other apps – across the European Union will be able to use a one-stop VAT service from January. 

Zero hours contracts set for reform

Employees on zero hours contracts will be free to find work with more than one employer after the government moved to ban exclusivity clauses.

National minimum wage review under way

The government has set out its remit for the annual review of the national minimum wage (NMW) by the independent Low Pay Commission (LPC).

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SMEs lack auto-enrolment awareness, say advisers

Only one in 100 independent financial advisers (IFAs) believe small businesses are well prepared for auto-enrolment into workplace pensions, a new study has revealed.

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Help at hand on PAYE late filing penalties

HM Revenue & Customs (HMRC) has published new guidance for employers to help prepare for PAYE late filing penalties from October 2014.

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Businesses urged to tap into potential of older workers

British businesses must realise the potential of older employees and help people to carry on working, Pensions Minister Steve Webb has said.

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