Tax Update for Audit and Accounts Teams

Objectives

In this session, we will run through taxation developments as relevant to auditors, whether that be in auditing the current or deferred tax charge or in having valuable conversations with clients.

Key topics

LEGISLATIVE ROUNDUP – SPRING 2025

• Autumn Budget 2024
• Finance Act 2025
• Spring Statement

CORPORATION TAX AND CORPORATE MATTERS

• Rates
• Associated Companies
• Get the numbers right on the Corporation Tax Return!

CORPORATION TAX – OTHER ASPECTS

• Loans to participators
• Corporate Tax Roadmap 2024
• International aspects – including transfer pricing
• Annual Tax on Enveloped Dwellings (ATED)
• Corporate Interest Restriction – A Reminder
• Senior Accounting Officer requirement – A reminder

RESEARCH AND DEVELOPMENT (R&D) RELIEFS

• Key 2023 Developments - Recap
• 2024 changes - Recap
• HMRC’s approach to R&D tax reliefs
• Voluntary Disclosure Facility
• R&D consultation on advance clearance procedure

CAPITAL ALLOWANCES

• The Annual Investment Allowance (AIA)
• “Full-expensing” - a First Year Allowance (FYA)
• Electric vehicles
• Car versus van
• Impact on previous concessions for double-cab pick-ups (DCPUs)

OTHER BUSINESS TAX DEVELOPMENTS

FRS 102 – Changes to Lease Accounting – Tax Considerations

EMPLOYMENT TAX

• National Insurance Contributions (NICs)
• National Minimum Wage (NMW)
• Increasing costs
• Benefits in kind
• Official rate of interest
• Payrolling benefits

VAT

• Thresholds
• Exempt supplies allowed for the 'Great Yorkshire Show'

CAPITAL GAINS

• CGT rates and annual exemption
• Transitional provisions – CGT anti-forestalling

INCOME TAX

• Rates and allowances
• Pension tax relief

PLANNING WITH OMBS

• Profit extraction

Who should attend

All those working in audit or accounts that don’t otherwise attend tax update courses.