GAAP – biggest change in 30 years

A guide to the new accounting standards

Accountants aren’t known for being in the business of change. While the external environment around them and the numbers coming in may change, an accountant brings stability and reliability to a business by using established practices to ensure complete compliance.

But now the rules governing accounting standards are undergoing the biggest change in 30 years. And, while accountants have been bracing themselves for a potentially seismic change for a while now, many businesses could be forgiven for being unaware that anything was changing at all.

So what is changing and how should businesses begin to get ready for the transition?

HMRC should settle all outstanding avoidance scheme disputes to bolster UK tax credibility, says expert

OPINION: HM Revenue and Customs (HMRC) should adopt an overall resolution strategy to settle every one of the 65,000 UK tax avoidance schemes that are still open. Only by doing that will HMRC help the tax system to retain vital credibility, stability and predictability. 05 Nov 2014

HMRC steps up scrutiny of largest businesses

  The tax returns of two thirds of the 800 largest businesses operating in the UK are under “enquiry”, HMRC announced after yesterday’sstakeholder conference. Jennie Grainger, director general of enforcement and compliance, told the conference that this did not mean that large businesses were “on the make” and that the large business tax gap included elements like legal interpretation as well as avoidance.

Congratulations to Hydrate for Health

Congratulations to our client Hydrate for Health who has agreed a deal that will see its product delivered to the homes of hundreds of new customers. Clifton-based Hydrate for Health has announced a partnership with Select Home Delivery Service for a UK-wide trial of its product the hydrant for patients with spinal injuries being cared for at home. Read more here –

Certified Accountants in Bristol Warrant Potential Business Growth

The Federation of Small Businesses (FSB) says that in 2013, most private sector businesses in the UK were SMEs (accounting for about 99.9 percent) and employed 59.3 percent of the workforce (about 14.4 million people). In addition, they generated 48.1 percent of the turnover produced by the entire private sector. The immense numbers that small and medium enterprises bring to the public only highlight their importance to the country’s economic growth.

Delegating Tasks to Bristol Bookkeeping Pros Expedites Business Growth

Businesses─ regardless of venture or industry─ require long hours of work combined with dedication, perseverance, determination, and iron will to create profit and generate growth. The gravity of financial responsibilities, though, is slightly concerning for small and medium enterprise (SME) owners, as supported by a study published in a Yahoo! UK and Ireland Finance article last May 6, 2014:

Better Bookkeeping in Bristol Needed as Business Rates Face Reform

It used to be that consumers had to trudge all the way to brick-and-mortar stores to obtain the goods they needed. These days, however, a growing number of retailers run both physical outlets and online storefronts. Unfortunately, the retail taxation system hasn’t changed as much, which explains why many businesses are still being taxed according to the value of their physical property. According to a BBC article: