Within IFRS the term 'fair value' is widely used across a number of standards but until now there have been inconsistencies between those standards as to how fair value should be measured.

Where a business is sold that includes ‘trade- related property’, issues have often arisen on the allocation of proceeds amongst the assets acquired.

A recent VAT Tribunal decision has called into question HMRC’s policy on VAT recovery by charities and other not- for-profit organisations on costs associated with their investment activities.

The European Commission has published a report into tax and the digital economy. There are a number of interesting conclusions included in the report.

In April 2013 we were introduced to the term 'enveloped dwelling' to define a residential property owned by a company (or other non-natural person).

People who run a business as a limited liability company can be thousands of pounds worse off compared to those who operate as a partnership or limited liability partnership company, when they come to retire or sell up.

It was announced in the last Budget that the ATED threshold of properties valued at more than £2m is to be lowered over the next few years.

In our first two eshots we explained what Real Time Information (RTI) is, gave you the dates for HMRC’s rollout and explained how HMRC expects RTI to work.

The development of new revenue recognition and leasing standards was discussed in the previous edition of Financial reporting.

In practice, it was often difficult for taxpayers and HMRC to determine the extent to which a previous owner had claimed capital allowance relief on qualifying items in buildings.

The Office of Tax Simplification has been consulting on improvements to the taxation and reporting for both approved and non-approved share schemes.

Charity and other non-profit making organisations that operate patron or supporter schemes will be interested in the recent VAT decision of the First-Tier Tribunal in The Serpentine Trust Ltd.

Welcome to Tax update, which provides a round-up and explanation of the latest tax issues.

The Government has proposed a revision to the late filing penalty regimes, with additional fines for persistent offenders.

Richard Mannion, national tax director at Smith & Williamson says the latest pre-Budget report offers no tax give-aways and the threat of more squeezing to come.

HMRC has recently clarified its view that certain payments to an investor in a Collective Investment Scheme (CIS), insurance policy or other investment product made by a fund manager, fund platform, adviser, or any other person acting as an intermediary between the fund and the investor, are taxable receipts in the hands of the investor.

Andrew Tyrie's letter expresses the Committee's 'extreme concern' over evidence it heard from accountancy representatives and the Federation of Small Businesses (FSB)

A look at alternatives to traditional income – generating assets in a low interest rate world

Changes to UK GAAP will have a major impact on accounting rules for professional practices, says Nick Randall.

As the flood waters recede, it is important that those affected take advice on the tax implications of any damage that their property may have incurred.