How upcoming changes to auditing standards will impact your audit

Last year saw significant revisions to the UK’s auditing standards, addressing the audit of accounting estimates and going concern. The coming reporting season will see auditors grappling with further revisions to major auditing standards on risk assessment and fraud. In this article we outline these changes and their impact. The catalyst for these changes has […]

Making Tax Digital for income tax

The government’s Making Tax Digital (MTD) programme is intended to move the UK towards a fully digital tax system, which is planned to allow taxpayers to easily keep digital records and report their tax liabilities and payments in real time. It is the government’s intention that this will both reduce taxpayer errors and increase the […]

Making Tax Digital for corporation tax

The government’s Making Tax Digital (MTD) programme is intended to move the UK towards a fully digital tax system, which is planned to allow taxpayers to easily keep digital records and report their tax liabilities and payments in real time. It is the government’s belief that this will both reduce taxpayer errors and increase the […]

Draft UK legislation on transfer pricing documentation

Following a consultation process in March 2021, the government announced it would legislate to require the largest businesses (those within Country-by-Country Reporting (CbCR), eg where global group turnover exceeds €750 million) to maintain a master file and local file in the prescribed format set out in the OECD’s Transfer Pricing Guidelines (TPG). HM Revenue & […]

Saffery Champness advises IPE Ventures on acquisition of i4 Pay Partners

Saffery Champness provided buy-side financial due diligence services to IPE Ventures, a private equity fund which focuses on deploying buy-out and growth capital for companies operating in the recruitment and payroll sectors. The transaction was the buy-out of i4 Pay Partners, an umbrella payroll services provider working within the veterinary, education and public sectors. The […]

The hidden tax burden on charities

How many times have we heard: “Charities do not pay tax. Everyone knows that.” Of course, nothing could be further from the truth. Almost without exception, every charity in the UK suffers the cost of irrecoverable VAT. Yet, despite this, many charities who could (or should) be registered for VAT are not, thus forgoing any […]

Beware the tax implications of owning holiday accommodation as staycations remain popular

A new resumé on the tax implications of owning holiday accommodation in the UK has been published by Saffery Champness. This coincides with increasing reporting in the media that the popularity of staycations brought about by the Coronavirus pandemic looks set to continue, with nervousness around foreign holidays prompted by reported issues at airports, residual […]

The 2022 shooting season: challenges and tax consequences

As August rolls by, game shooting enthusiasts and enterprises across the UK will be looking ahead to the start of this year’s imminent partridge and pheasant seasons. However, this year is looking very different to previous years for shoots that rely on importing eggs or poults. In addition to the rising cost of inputs such […]

Rulings on music streaming royalties highlight growing discontent

Streaming royalties continue to be one of the hottest topics in music, with many artists, songwriters, catalogue holders and various other stakeholders campaigning for a genuinely fair and equitable rate. Hipgnosis (a UK based music IP investment and song management company) confirmed a landmark victory on 4 July 2022, as the US Copyright Royalty Board […]

Saffery Champness appoints Claire Bufton as Senior Finance Manager

Saffery Champness Registered Fiduciaries has announced the appointment of Claire Bufton as Senior Finance Manager in the firm’s Guernsey office. Claire, a Guernsey local, will supervise the client accounting team in the office, as well as assist the finance director in management of the firm’s ongoing internal financial reporting and co-ordination of the Guernsey based […]

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