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2013 Budget Seminar - Diary Date

2013 Budget Seminar - Diary Date

Budget Day has been announced as Wednesday 20th March 2013. We are pleased to confirm that our ever-popular annual Budget seminar will be held at the Ageas Bowl one week later on Wednesday 27th March 2013. Giles Mooney will again be presenting the seminar for us, but we’ve given him a few more days to prepare this time! Humour and tax don’t often go together, but Giles seemed to manage to keep everyone entertained, as well as informed last year, and we’re sure he’ll do the same this time. There will be some light refre...

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Audit Committee

Audit Committee

The Academies Financial Handbook details the requirement for all academies to establish either an audit committee or a committee which fulfils the functions of an audit committee. The EFA have clarified this can include, but does not have to be, the finance committee. The audit committee will oversee the responsible officer role, which the Handbook has provided for greater flexibility in the way in which the function may be delivered.

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Autumn Statement

Autumn Statement 2012

Chancellor George Osborne delivered his 2012 Autumn Statement in December, as the Office for Budget Responsibility said it expected the UK economy to contract by 0.1% in 2012. The Chancellor outlined a raft of measures designed to curtail public spending and kick-start growth. Some of the key announcements for businesses were: Corporation tax: the main rate of corporation tax will be reduced to 21% from April 2014. Capital allowances: from 1 January 2013, the Annual Investment Allowance (AIA) for plant and machinery will increase t...

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Disclosure of Staff Governors' remuneration

Disclosure of Staff Governors' remuneration

We have received several queries regarding the disclosure of staff governor remuneration in academy accounts. The issue stems from the Charities' Statement of Recommended Practice (SORP), which requires disclosure of trustee remuneration. During the period of conversion the terms trustees, members and directors will have become familiar, as well the continued use of governors. These are separate and distinct roles, although there will be a varying degrees of overlap from academy to academy. The EFA have issued guidance clarifying that th...

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End of year tax planning

End of year tax planning

There have been some significant changes announced in the March 2012 budget and December 2012 Autumn Statement. As ever, there are some which present opportunities for tax saving. Here are some of the key areas you may want to consider prior to the end of the tax year on 5 April 2013: Personal tax The 50% additional rate of income tax on incomes above £150,000 will reduce to 45% on 6 April 2013. For those who fall into this band, it may be beneficial to defer income from 2012/13 to 2013/14 where possible, as this will save...

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Last opportunity for 100% capital allowances on low CO2 cars

Last opportunity for 100% capital allowances on low CO2 cars

For the past few years a 100% first year allowance (FYA) could be claimed by businesses on capital expenditure on low CO2 emission cars. From 1 April 2013 the definition of a low CO2 emission car is changing, making it tougher to qualify for this relief. Generally, to qualify for the 100% FYA the expenditure must be: to purchase a low CO2 emission car; and, on a car that is unused and not second hand (although demonstration cars can also qualify). Until 31 March 2013 a ‘low CO2 emission car’ is one with CO2 emissions...

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