FD info

UK Resident Property Companies

This briefing note covers UK tax issues for the UK resident corporate property investor to consider.

Click here to download a PDF of the UK Resident Property Companies.

Corporate non-UK Resident Property Investors

This briefing note covers UK tax issues for the non-UK corporate property investor to consider.

Click here to download a PDF of Corporate non-UK Resident Property Investors.

iXBRL filing company tax returns & accounts

This factsheet describes options for meeting iXBRL filing requirements for company tax computations and accounts, that the come into effect from 1 April 2011.

Click here to download a pdf of the iXBRL filing company tax returns & accounts factsheet.

Amendments to LLP SORP

Since the introduction of FRS 25 ‘Financial Instruments: Presentation’, LLPs have been required to analyse members’ interests between liabilities and equity.

IFRC 13 Customer Loyalty Programmes

FRIC 13 addresses the accounting by entities that provide their customers with incentives to buy goods or services by providing ‘awards’ as part of the sales transaction.

Accounts deadlines

The Companies Act 2006 (CA06) introduced changes to the deadlines for filing of the accounts of companies and LLPs. These deadlines are relatively straightforward for private companies and LLPs.

Amendments to IFRS17 Improving Disclosures about Financial Instruments

Amendments to IFRS 7, issued in March 2009, amended paragraphs 27 and 39 and added paragraphs 27A and 27B. This changed the disclosure requirements for fair value and liquidity risk.

Deferred tax and known future changes in the rate of corporation tax

On 22 June 2010, the Emergency Budget was announced. It introduced a reduction in the rate of corporation tax from 28% to 27% from 1 April 2011, with further annual reductions of 1% each year culminating in a rate of 24% on 1 April 2014.

IFRIC 19 “Extinguishing financial liabilities with equity instruments”

IFRIC 19 “Extinguishing financial liabilities with equity instruments” clarifies the accounting treatment when an entity renegotiates the terms of its debt with the result that the liability is extinguished, in whole or in part, by the entity issuing its own equity instruments to the lender (referred to as a ‘debt for equity swap’).

Financial Reporting Review Panel (FRRP) annual activity report 2010

The FRRP reviewed 308 sets of annual accounts during the year ended 31 March 2010 –primarily December 2008 to September 2009 year ends. During that period the FRRP also issued three press notices and asked five companies to make reference to changes requested by the FRRP in their following year accounts. Two cases were considered serious enough for the Panel to write to the chairman of the auditors of the company in question.