News

Annual Investment Allowance

Tenfold increase in Annual Investment Allowance

The shock announcement of the Autumn Statement was the tenfold increase in the amount of the Annual Investment Allowance (AIA). The AIA provides a 100% deduction for the cost of plant and machinery purchased by a business up to an annual limit which has been £25,000 for expenditure incurred from April 2012. The Chancellor announced that this limit will rise to £250,000 for a period of two years for expenditure incurred from 1 January 2013. Where a business has an accounting period that straddles the date of change the allowances...

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Cash Accounting

The Financial Management and Governance Self-assessment (FMGS)

The EFA have removed the requirement to complete the Financial Management and Governance Evaluation (FMGE) and replaced it with FMGS, which is much simpler and shorter. Academies opening after 1 March 2012, and not completing accounts for the period ended 31 August 2012, will need to complete FMGS. The deadline for submitting a completed FMGS is usually four months from opening.

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Brain Tumour Research

Christmas Charity Fundraising

Staff at Chartered Accountants, Rothmans Havant, have raised £117.20 for charity by donating the money they would have used to buy each other Christmas cards, and by running a Christmas quiz. The money will go to Brain Tumour Research and Tree of Hope (Oakleys’ Walking Fund).

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Academies

Academies Financial Handbook – less is more

The eagerly awaited revision to the Academies Financial Handbook has finally been published, replacing the document that has been with us since 2006. In his foreword, the Secretary of State for Education claims the handbook sets out a financial system that is less bureaucratic and more efficient. Indeed, early indications are promising with only 28 pages to replace the 212 of the previous version. However, any hopes that the virtues of simplification and plain English have come to the education sector are soon dashed. The ha...

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Christmas hamper

We give away the things we’d like to be given this Christmas!

A fun twist on the Christmas charity fundraising event at Chartered Accountants, Rothmans Winchester, saw staff invited to put into a hamper the one treat they could not do without for Christmas. Raffle tickets were then sold to staff and visiting clients, with one lucky raffle-holder winning the entire hamper full of goodies. So what would be in your hamper of must-haves for Christmas? Ours included premium coffee, Prosecco, luxury mince pies, a pack of cards, after-dinner mints, Lebkuchen tree decorations and even some festive socks! The...

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2012 Autumn Statement

2012 Autumn Statement

As expected, the Office for Budget Responsibility (OBR) downgraded its forecast for growth for the year 2012. The OBR believes that the UK economy will shrink by 0.1 per cent in 2012, compared with its Budget 2012 forecast of 0.8 per cent growth. Against this challenging backdrop, the Chancellor’s 2012 Autumn Statement outlined a range of measures aimed at making the savings needed to protect the economy and invest in programmes for growth. Significant announcements included the details of a new £1 billion state-backed Business...

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