Technical and Insight
How pension drawdown is taxed
Since April 2015 there has been greater choice about how to withdraw funds from defined contribution pension schemes.

Since April 2015 there has been greater choice about how to withdraw funds from defined contribution pension schemes. 

Flexi-access drawdown
People over 55 years of age can now start to withdraw money from a pension scheme. The first 25% of any withdrawal is tax free and the remaining 75% of that withdrawal is moved to an ‘income drawdown’ fund. If withdrawals are made from this ‘income drawdown’ fund then these are treated as income and are taxable at the individual’s marginal rate of tax. 

The 25% tax free withdrawal is limited to 25% of the individual’s lifetime allowance, which becomes relevant for individuals whose various pension pots exceed the ‘lifetime allowance’. The lifetime allowance was £1,250,000 for the tax years ending 5 April 2015 and 5 April 2016. This has been reduced to £1,000,000 from 6 April 2016. 

People often start to withdraw funds from their pension scheme(s) shortly after ceasing to work as they find they need the money. However, if they do not need the money they have various options: 

  1. Not withdrawing any funds
  2. Withdrawing some or all of the 25% tax free amounts then waiting before making withdrawals from the ‘income drawdown’ fund
  3. Withdrawing some or all of the 25% tax free amounts together with making some withdrawals from the ‘income drawdown’ fund
  4. The funds can be used to purchase annuities, either one annuity or a number of annuities. Monies paid from these annuities will be treated as income and are taxable at the individual’s marginal rate of tax.

The ability of individuals to withdraw funds from their pension schemes is not dependent on them being employed, self-employed or retired. That is unless the pension scheme has some restriction, for example defined benefit schemes will generally not be as flexible and the pension scheme rules may stipulate that pension withdrawals can only be made after the individual ceases to be employed by the employer who is linked to that pension scheme. In general for defined contribution schemes, individuals can start withdrawing funds as soon as they are 55 years old, whether or not they remain in employment or self-employment. 

Tax relief on contributions
An individual may make unlimited contributions and tax relief is available on contributions of up to the full amount of his relevant earnings or, provided the scheme operates tax relief at source, on contributions of up to £3,600 even if relevant earnings are lower than that. 

Although contributions can be paid after an individual has reached the age of 75, they are not relievable pension contributions and do not qualify for tax relief. 

The annual allowance
However, there is an ‘annual allowance’ which means that if annual pension contributions exceed the annual allowance, then the excess is subject to tax at the individual’s marginal rate of tax. Contributions to defined contribution schemes are taken into account together with increases in pension rights under defined benefit schemes. 

The annual allowance for the previous few years has been as follows: 

          2014/15 onwards                       £40,000
          2011/12 to 2013/14 inclusive     £50,000.

Unused annual allowance can be carried forward for up to three years. 

The annual allowance applies across all of the schemes an individual belongs to; it is not a ‘per scheme’ limit and includes all of the contributions made into the schemes including from the employer and anyone else such as a relative. 

If the annual allowance is exceeded in a year then tax relief will not be obtained on any contributions paid that exceed the limit and the individual will incur an annual allowance charge. 

The annual allowance charge will be added to the rest of the taxable income for the tax year in question. If the annual allowance charge is more than £2,000 the individual can ask the pension scheme to pay the charge from that individual’s pension pot. 

Reduction in annual allowance for high earners from 6 April 2016
The annual allowance will be tapered for individuals with an ‘adjusted income’ of over £150,000. ‘Adjusted income’ is arrived at by adding back pension contributions to income. This is to prevent the avoidance of the restriction by sacrificing salary in exchange for employer contributions. 

The taper operates by reducing an individual’s annual allowance by £1 for every £2 by which adjusted income exceeds £150,000, up to a maximum reduction of £30,000. The carry-forward of unused annual allowance will continue to be available, but the amount available for carry-forward will be the unused tapered annual allowance. 

Salary                     £110,000
Benefits in kind                   £40,000
Taxable rental income          £70,000
Adjusted income               £220,000
Taper (£220,000 less £150,000) x ½ = £35,000 but limited to £30,000
Reduced annual allowance £40,000 less £30,000 = £10,000

Employee is in employment pension scheme to which employer contributes 9% of salary and employee contributes 6%.

Total pension contributions are 15% x £110,000 = £ 16,500
This is £6,500 above the reduced annual limit of £10,000
Tax charge would be £6,500 at 45% to give a tax liability of £2,925

Changes to annual allowance

If the individual has taken flexible benefits which include income, such as an ‘uncrystallised funds pension lump sum’ (UFPLS) or flexible drawdown with income – and that individual wants to continue paying contributions to a defined contribution pension scheme – then a reduced annual allowance of £10,000 will apply towards that individual’s defined contribution benefits.

The reduced allowance will apply if the individual has withdrawn more than the 25% tax free pension commencement lump sum (PCLS). The reduced amount is known as the ‘money purchase annual allowance’ (MPAA), and includes both the individual’s own contributions and any other contributions paid on their behalf, such as employer or a third party. Unused annual allowances from the previous three years cannot be used to warrant a higher contribution of £10,000 towards that individual's defined contribution benefits.

The money purchase annual allowance will only start to apply from the day after flexible benefits have been taken and so any previous savings are not affected.

If an individual’s allowance drops to £10,000 for one pension scheme that individual should tell other pension schemes they are in within 13 weeks.

Individuals who are over the age of 75 who have started to take flexible benefits which include income are also affected by this £10,000 limit and if they make pension contributions tax relief will not be available on those contributions.

Pension Input Period (PIP)
The annual allowance applies to the total pension contributions made to an individual’s schemes and/or benefits built up over a period called the pension input period that ends during the tax year. A pension input period normally lasts for one year, but doesn’t necessarily cover the same dates as a tax year. The pension input period is specific to each pension arrangement so an individual with a number of pension schemes may have different PIPs for each. The pension provider or scheme administrator should be able to provide the amount of contributions or value of accrued benefits during the pension input period. 

Benefits in kind loans to directors and employees
What happens when benefits in kind loans are not exempt from reporting.

What happens when benefits in kind loans are not exempt from reporting. 

If the loans are not exempt from reporting they should have been included on the P11d of the employee. 

The normal method of calculation is to take the average for the year: 

  1. Take the average of the loan outstanding at 6 April at beginning of the year and 5 April at the end of the year (or at the dates the loan was made or discharged, or if the employee died).
  2. Multiply that figure by the number of whole months (a month begins on the sixth day of each calendar month) during which the loan was outstanding in that year and divide by twelve.
  3. Multiply the result by the official rate of interest in force, or if the rate changed, the average rate (on a daily basis), for the period during which the loan was outstanding during the year.
  4. Deduct the interest paid, if any, by the employee/director to the company to give the amount chargeable to tax.

The alternative method may be imposed by HMRC or may be elected by the employee. This alternative method uses the daily value of the loan and the official rate of interest for those dates. 

The official rate of interest is 3.25% for 2014/15. 

Exemptions exist for: 

  • lower-paid employees who are not subject to this charge. These are employees (not directors) who earn less than £8,500 a year
  • a full-time working director with no material interest in the company who earns less than £8,500 a year
  • a director of a charity or non-profit making concern who earns less than £8,500 a year
  • a loan which at no time in the tax year exceeded £10,000 for the year ended 5 April 2015
  • a loan on ‘ordinary commercial terms’.
Self assessment – real-life scenarios
With the self-assessment deadline approaching, we present three tax driven examples based on real-life scenarios.

With the self-assessment deadline fast approaching, we present three tax driven examples based on real-life scenarios. 

1. Treatment of child benefit in a household earning above £50k in self-assessment 

An individual earning less than £50,000 has been receiving child tax credit. The individual is registered for self-assessment. Her partner’s earnings exceeded £50k in 2014-15. He is on payroll and is not registered for self-assessment. He is not the father of the child. The individuals are not married but live together.

Families where one parent is earning more than £50,000 a year are no longer be able to claim the total amount of child benefit. The limit applies to total household earnings of two partners, irrespectively of whether they are married or not.

‘Partner’ means someone you’re not permanently separated from who you’re married to, in a civil partnership with or living with as if you were. It does not matter if the child living in the household is the biological child of either of the individuals caring for it.

To work out if your income is over the threshold, you’ll need to work out your ‘adjusted net income’. 

Your adjusted net income is your total taxable income before any personal allowances and less deductions such as Gift Aid. 

The higher earner in the household will need to register for self-assessment and fill in a tax return, declaring the amount of child benefit received in the tax year. A tax charge will arise on the child benefit received if the income in the tax year exceeded 50,099. HMRC’s child benefit calculator can be used to calculate the charge, which needs to be paid to HMRC. 

Once income per household reaches 60,000 the total amount of child benefit will have to be repaid. 

It is possible to stop receiving child benefit to avoid returning money to HMRC later. However, filling in a child benefit form even in case where no child benefit is actually received due to exceeded income thresholds, will allow the individual to receive National Insurance credits which count towards the state pension. 

2. EIS scheme – treatment of losses in self-assessment

An individual invested £500k in an EIS scheme in tax year 2013-14 and claimed a tax reduction in his income tax liability for that year of £150k (30% of invested amount). In 2014-15 the individual incurred a loss when the company went bust. How is the resulting capital loss treated for tax purposes?

The amount of the loss allowable but restricted in this case, due to the sale within 3 years of the purchase is as follows:

Capital loss                               500,000
Less income tax relief given  150,000
Allowable loss                          350,000

The loss can be relieved in the same way as any capital loss:

  1. Against capital gain in the same year; or
  2. Carried forward to be offset against future capital gains;

An additional way to relieve the allowable loss is granted by s131 ITA 2007 as follows:

  1. Against total income in the current year (s131 ITA 2007); or
  2. Carried back against total income in the preceding year (s131 ITA 2007)

S.131 ITA 2007 is also available on SEIS and SITR capital losses, with a cap applying only to SEIS losses, whereby restricting the amount of the capital loss that can be offset against income is restricted to the higher of £50k and 25% of adjusted total income. 

S.131 ITA 2007 capital loss relief is the only time a capital loss can be relieved against total income.

3. Foreign dividend income – double taxation relief used in self assessment

An individual receives £40,000 of employment income and 60,000 of foreign dividend income, net of foreign tax of 6,000 deducted at source. How are those dividends treated in the tax return and what is the total tax after DTR?

Foreign dividends received by UK resident individuals are treated as normal dividend income.

If no tax has been deducted at source, foreign dividends are brought into the tax computation in the normal way and taxed subject to the same tax rules as UK dividends.

If foreign tax has been withheld, double taxation relief is available. DTR is usually available either via exemption defined in a treaty, or in the form of a credit against the UK income tax.

In the second instance, overseas dividends are included in the UK tax computation gross of overseas tax suffered. DTR on a source by source basis is available, being the lower of overseas tax suffered and UK tax on overseas income.

In order to establish UK tax on overseas income the following method is used:

  1. Calculate the UK income tax liability on all sources of income
  2. Calculate the UK income tax liability on only UK income (exclude dividends)
  3. Calculate the difference between point 1 and 2, to identify the amount of UK tax on foreign income
  4. Compare the UK tax on foreign income and the foreign tax actually suffered. The lower of the two is the DTR which will reduce the total UK tax liability.

A calculation of the DTR credit is shown below

  1. Total income tax on all sources of income:













2014/15 Tax calculation:





Employment income












Total tax




  1. Income tax on UK sources of income:














Employment income




  1. Difference :       UK tax on total income   27,030

UK tax on UK income        6,000
Balance                           21,030 


  1. The lower of the above difference of 21,030 and the overseas tax suffered of 6,000 is 6,000. This amount is the DTR which will reduce the UK tax liability


Total tax liability above   27,030
Less DTR                         (6,000)
Income tax payable                  21,030

The above assumes no other taxes have been deducted at source.

If the above income was expressed and received in a foreign currency, it would be necessary to convert it to sterling at the date when the income is received.

Accrued income scheme
De-mystifying the accrued income scheme.

De-mystifying the accrued income scheme. 

The accrued income scheme was originally introduced to counteract a practice known as bondwashing – converting income into capital gains by disposing of securities when the price obtained reflects a significant element of accrued interest. 

‘Securities’ include any loan stock or similar security of any government or public or local authority, or any company, or other body, whether or not secured or carrying a right to interest of a fixed amount or at a fixed rate per cent and whether or not in bearer form.  

Accrued income (or allowances) is entered in boxes one to three of the additional information pages of the self-assessment return. 

When securities are transferred, interest is effectively apportioned between the old and new owners so that the former is charged to income tax on the interest accrued up to the date of transfer while the latter is similarly charged on the interest accruing from that date.   

HMRC helpsheet 343 example 

8% Treasury Stock 2015 pays interest on 7 June and 7 December. So someone buying £10,000 nominal value of this gilt on 7 May knows that they will receive £400 interest on 7 June. (The nominal value of the gilt is the face value – the amount on which the interest is calculated.)  

The amount of accrued interest to be added to the basic price goes up by the same amount every day. The total time between the last interest payment on 7 December and the next one on 7 June is 182 days. On 7 May, 152 days have gone by since the last interest payment was made. So the amount of accrued interest is £400 × 153∕182 = £334. 

Where the security is transferred after the ex-date but before the payment date, the old holder will receive part of the interest to which the new owner is actually entitled and so the reverse of the above is applied.  

All income and allowances under the accrued income scheme for a tax year are pooled to give an overall income profit or loss. If the figure is positive, the amount is taxable, generally with no credit due for any tax deducted.  If the figure is negative, the loss may be relieved as follows:  

  • against interest received from securities of the same kind in the same tax year
  • if there are unrelieved losses, these may be carried forward and set off against interest received from securities of the same kind.

It should be noted that if the transfer takes place in tax year X but the next interest payment date is not until year Y the accrued income event is treated as having taken place in tax year Y.  

The accrued income scheme does not apply where the nominal value of securities in question does not exceed £5,000 on any day in the tax year in which the interest period ends or in the preceding tax year.

The broker’s contract note or investment reports will normally clearly indicate the amounts of any accrued income/allowance. If the gain arising on the disposal of the securities is a chargeable gain, the proceeds need to be adjusted to reflect the accrued income/allowance.

Making tax digital – your views
Your feedback has helped influence on-going dialogue with government on this hot topic.

Your feedback has helped influence on-going dialogue with government on this hot topic. 

We would like to thank the many members who responded to our call to comments on making tax digital. The detail behind this remains scant, but has caused significant concern. 

Many of you feel that this is not ‘tax simplification for businesses’ and that there seems to be minimal detail on any true tax simplification measures to support businesses and reduce cost. 

You have also commented that there is little planned to simplify tax measures and reliefs and that the measures are a simple acceleration of tax payments by business to the government. So, rather than tax simplification for business, the result seems to be that businesses will have one tax reporting date replaced by four tax reporting dates. 

There is, however, benefit for business in being able to access a digital tax account and, presumably, manage all taxes and correct HMRC errors. 

ACCA – together with other bodies – has written to the Financial Secretary to the Treasury and has also received a reply. Further discussions are taking place. 

You can continue to send your views to with a subject line ‘Making tax digital’.

If you added your name to the petition Scrap plans forcing self-employed and small business to do four tax returns yearly calling for a Parliamentary debate, you may wish to follow the debate due to take place on Monday 25 January, entitled ‘This House has considered e-petition 115895 relating to tax reporting for small businesses and the self-employed.’

You may also want to highlight your views on the measure to your MP. Find your MP’s contact details


Self assessment tax returns – useful HMRC links
A list of relevant HMRC links for the self assessment period.

A list of relevant HMRC links. 

Dividend changes – quick reference
Dividends are taxed when they are paid. With the increase in the tax rate from April, for those receiving dividends, many boards may consider bring forward dividend payments. 

The following are the effective rates of tax: 

                                                  Effective rate on dividends received

                                                            Before 5 April 2016              on or after 6 April

Dividend allowance - £5,000                        n/a                                          0%
Basic rate                                                      0%                                          7.5%
Higher rate                                                    25%                                        32.5%
Additional rate                                              30.5%                                     38.1% 

HMRC guidance manuals – note from HMRC
It has come to our attention that some of our customers may been experiencing problems when accessing HMRC guidance manuals on GOV.UK. 

HMRC have recently transferred four of our guidance manuals from the HMRC website to GOV.UK – these are: 

Unfortunately some issues, which were not present during testing, have been identified.  This includes: 

  • missing hyperlinks
  • formatting of indented text
  • bullet lists and quotes  - particularly when there is a combination of two of these styles. 

Our first priority has been to resolve the missing hyperlinks, and we’ve successfully implemented a fix for this. Our next priority is to resolve the formatting problems, for which we have identified the cause and are in the process of developing and testing a solution.  

In light of this there may be a delay in other HMRC manuals going live on GOV.UK, but we hope to have a fix in place during January. 

For now, the previous version of affected manuals will also remain available on the old HMRC website.

Tax return white space
The ‘any other information’ box on SA100 can be surprisingly useful.

The ‘any other information’ box on SA100 can be surprisingly useful. 

The tax return white space is the innocuous looking ‘any other information’ space at box 19 of the main SA100 tax return. It is more important than it looks, as the case of Charlton and Others v HMRC illustrates.


In the case of Charlton and Others v HMRC the taxpayers entered into a tax avoidance scheme in 2006/07, which had been ruled invalid in a previous tax case. Comprehensive disclosure, drafted by counsel, was made in the white space box of the taxpayers’ self assessment returns.  

In July 2009, HMRC issued a discovery assessment under TMA 1970, s29. The taxpayer appealed, contending that the assessment had been issued outside the statutory time limit for raising an inquiry. 

The taxpayers’ appeal was allowed. The tribunal accepted that there had been a discovery assessment but on the evidence, the information provided with the taxpayers’ returns was sufficient to show that ‘no officer could have missed the point that an artificial tax avoidance scheme had been implemented’. Any officer reviewing the return should then have proceeded to seek guidance and an inquiry should have begun before the closure of the inquiry window on 31 January 2009. Discovery should not be used to make up for administrative inadequacy on the part of HMRC. 

Subsequent tax cases have thrown some uncertainty over the matter; notably, that of Robert Smith v HMRC. In this case, the circumstances were fairly similar. However, in this case, the HMRC officer dealing with the case had gone on sick leave for a period which straddled the enquiry window. The decision in this case went in favour of HMRC and the First Tier Tribunal ruled that HMRC was entitled to make a discovery assessment, even though a full disclosure had been made. This decision has, however, been appealed and the case will be heard before the Upper Tax Tribunal shortly. 

Although the two cases above relate specifically to tax avoidance schemes, the white space can be used to include additional information relating to any aspect of the self assessment tax return. The white space should, in particular, be used whenever there is some doubt regarding a particular aspect of the return and an element of judgement has been applied. This may apply where the legislation is not particularly clear in a certain area. Provided that the situation has been explained sufficiently in the white space notes, this will make it considerably more difficult, if not impossible, for HMRC to issue a discovery assessment once the normal enquiry window has expired.

Farmers’ averaging profits
Guidance and examples illustrating how farmers may obtain tax relief by averaging the profits of consecutive years.

Guidance and examples for how farmers may obtain tax relief by averaging the profits of consecutive years. 

The rules relating to the averaging of profits relating to farmers and creative artists are in Income Tax (Trading and Other Income) Act 2005 (ITOIA 2005), Part 2 Chapter 16 s.221 to s.225. 

Farmers and market gardeners in the UK may obtain relief by averaging the profits of consecutive years. These rules were originally introduced because it was felt that farmers were suffering from a high effective rate of income taxation, mainly because of fluctuations in profits caused by the weather and increasing influence of world market prices.   

Averaging may help farmers who pay tax at the basic rate one year and higher rate the next, or farmers who are liable to tax in one year but are not liable in the next year. 

Farming is defined in Income Tax Act 2007 s 996 as being the occupation of land wholly or mainly for the purposes of husbandry but excluding any market gardening. 

Companies, including corporate partners, may not claim farmers' averaging nor may any other body which is chargeable to corporation tax. Averaging cannot be made in respect of a tax year in which a trade commences or is permanently discontinued. 

Claims for the relief must be made within 22 months of the end of the second year of assessment concerned. This means that claims for 2012/13 and 2013/14 must be made by 31 January 2016. 

The relief takes the form of averaging the profits of two consecutive years of assessment – if the lower of the two profit figures does not exceed 70% of the higher profit figure – or if one of the years has a loss (or nil profits). There is also a marginal relief which can be claimed when the difference between the profits of two years is not quite enough to qualify for full averaging. 

Assessments are computed by averaging the adjusted trading profits and treating the average figure as the trading profit for each of the two years. Once a claim for averaging relief has been made in respect of any two years, then the averaged figure for the later year must be used in making the claim for averaging with the year next following, and so on. It is profits net of capital allowances (but before loss relief) which are averaged. 

Averaging does not apply in calculating profits using the cash basis for small businesses. 

View a worked example of normal averaging 

1. Example –normal averaging
Mr Farmer has been farming for many years.
Mr Farmer's adjusted taxable profits are as follows:

Year ended






(£22,000) loss





The original assessment would be as follows:

















































Loss relief


ITA 2007






















No averaging since £17,000 is 97% of £17,500







Less remaining loss



£4,400 (£22,000 - £17,500)
















Unaveraged original








31.12.2014 (2014/2015)















The £22,000 loss is available under s.64 of Income Tax Act 2007 (ITA 2007) against income in 2011-12 with the balance carrying forward against farming profits in 2012/13. 

Marginal relief
A form of marginal relief is given where the lower profits exceed 70% but do not exceed 75% of the higher profits. In these circumstances relief is given by reducing the higher profit and increasing the lower profit by an amount equal to three times the difference between them minus three quarters of the higher profit. Adjustment = 3x (0.75xH)-L. Where H is the higher profit and L is the lower profit. 

Example – marginal relief
In two consecutive years Mr Farmer made profits of £40,000 and £29,200. The claim for full average relief is not possible as the lower profit exceeds 70% of the higher profit figure. However, Mr Farmer is entitled to marginal relief as the lower profit is less than 75% of the higher profit. The adjustment will be: 

3x (0.75x40, 000-29,200) =2,400 

The revised assessment will therefore be:
Year 1 £40,000-£2,400=£37,600
Year 2 £29,200+£2,400=£31,600

Giving effect of a farmer’s average profit
Averaging claims are made in the return of the later year by including an averaging claim tax adjustment (positive or negative) in that return. Relief is given by adjusting the tax due for the later of the pair of the years affected and it is not necessary to amend the return for the earlier years. 

2013/14                                                                                                2014/15

Original assessed £40,000

Original assessed £22,000

Tax and NIC due £9,014

Tax and NIC due £3,482

Average profit £31,000

Average profit £31,000

Tax and NIC due on average profit £6,404

Tax and NIC due on average profit £4,292

Difference of tax and NIC included in 2014/15

Revised tax £1,682 (£4,292-£2,610)

Net tax and NIC due £9,014 (no change)

Net tax and NIC £1,682

Net tax and NIC for both years if no average profit claim is made £12,496

Net tax and NIC for both years with average profit claim £10,696

From April 2016
New farmers’ averaging requirements will appear in the Finance Bill 2016. The essential features will be: 

  • no requirement for a volatility test
  • no requirement for an annual claim
  • irrevocable opt in election for five years
  • transitional averaging for newer businesses.

Assuming it is unchanged, this means an averaging claim for 2016/17 will result in averaging 2012/13 to 2016/17 being calculated through five years.

Jointly owned property and form 17
Guidance on how and when to use form 17 with regards to jointly owned property.

Guidance on how and when to use form 17 with regards to jointly owned property. 

Owning a property in joint names can be used as a tax planning tool as each joint owner can use the annual capital gains tax allowance when the property is sold. Purchasing a property in joint names usually takes the form of either ‘joint tenant’ or ‘tenants in common’.  

Joint tenants
As joint tenants (sometimes called ‘beneficial joint tenants’) all owners have equal rights to the whole property and on death the property automatically goes to the surviving tenant. The joint tenants can’t pass on their ownership of the property in their will and cannot sell or re-mortgage the property without the other owner’s agreement. 

Tenants in common
As tenants in common the joint owners register the existence of separate shares of ownership and on death the property does not automatically transfer into the ownership of the surviving tenants. The tenant in a ‘tenancy in common’ can sell or re-mortgage the property without the other owner's agreement. 

Where there is no partnership, the share of any profit or loss arising from jointly owned property will normally be the same as the share owned in the property being let. But the owners can agree a different division of profits and losses and so occasionally the share of the profits or losses will be different from the share in the property. The share for tax purposes must be the same as the share actually agreed. 

Income Tax Act 2007 s 836 provides that husbands and wives or civil partners living together are generally treated as entitled in equal shares to income from jointly held property. However, this rule will not apply in any of the following instances:

  • the income is from furnished holiday lettings
  • there is actually a partnership in which case the income is divided according to the terms of the partnership agreement
  • both husband and wife, or both civil partners, have signed a declaration stating their beneficial interests in both the property and the income arising from it. 

A declaration is only valid if their interests in the income and in the property itself correspond. The declaration is made via Form 17. If one spouse/civil partner does not want to make the declaration, the income would be taxed on a 50:50 split even if one spouse /civil partner holds say 80% of capital and income and the other holds 20%. 

A form 17 declaration can only be made by spouses/civil partners and not by any other individuals; married couples who are separated cannot make a form 17 declaration, the income attributable to them is based on the basis of their entitlement.  

A form 17 declaration can only be made if the individuals are beneficially entitled to the income in unequal shares. Once a form 17 is in place the income will be split based on the declaration made until:

  • the couple separate or divorce
  • the beneficial interest of the spouse/civil partner changes (if one party transfers any beneficial interest to the other party or to a third party). 

If there is even a minor change in the beneficial interest the declaration on form 17 stops and the standard 50:50 rules applies again unless the couple make a fresh declaration.  

A declaration cannot be made where a husband and wife or civil partners own property as beneficial joint tenants. In these circumstances the couple do not own the property in shares at all, but are entitled jointly to the whole of both the property and the income. This is distinct from the situation where the husband and wife or civil partners own property as beneficial tenants in common where they are each entitled to specific shares in the property and the income arising.  

Form 17 must be filled in online and declarations need to reach HMRC within 60 days of the date it was signed. HMRC may request further evidence on the beneficial interest that the party have declared.

Capital gains tax – non-resident individuals
Guidance on calculating taxable gain or loss.

Guidance on calculating taxable gain or loss. 

From 6 April 2015, a non-resident individual needs to inform HMRC if they have sold or disposed of UK residential property. The return is due within 30 days of conveyance and must be done electronically. The disposal should be reported even if there is no tax to pay or the taxpayer is registered for self-assessment. 

Basis of charge
The charge applies to gains from 6 April 2015 made on disposal of UK residential property in a period when the disposer is not UK resident. It applies to individuals, partners in partnerships, trustees of trusts and close companies (controlled by five or fewer persons). 

Residential property is defined as: 

  • an interest in UK residential property or properties in the process of being constructed or adapted for use as a dwelling or
  • a right to acquire a UK residential property ‘off plan’ or
  • main home if it is very large or let out and used for business or had long periods of absence.

Excluded as dwellings are: 

  • care or nursing homes, hospitals or hospices, military accommodation, prisons or purpose built student accommodation with at least 15 bedrooms
  • dwellings that are unsuitable for use as such for a period of 90 consecutive days as a result of accidental damage or other damage outside the control of the owner can be disregarded for the period for which they were unsuitable (up to 90 days) provided this came to an end before the date of disposal. Damage arising from works to alter the building that would have made it unsuitable for use as a dwelling for 30 days or more is excluded.

The relevant ownership period is the period from the later of the date of purchase and 6 April 2015 up to the day before the disposal. 

The calculation of the gain can be done in one of three ways:

  • Rebasing – using the market value at 5 April 2015. This is the default position, so for disposals of UK residential properties owned before 6 April 2015 the standard approach for calculating the gain is to compare the net sale proceeds with the market value of the property as at 5 April 2015

    • Time apportionment of the gain since 5 April 2015. This is done by working out the gain over the whole period (date property was acquired to date it was disposed of) and then working out the gain since 5 April 2015 as a proportion, using the straight line method of apportionment.
  • Working out the gain over the whole period – an election to be taxed on the gain or loss over the entire period of ownership of the asset (rather than the time apportioned element). This computation method may only be worth considering if the property is sold at a loss.

The elections are irrevocable, and must be made either on the relevant tax return or on the return relating to a disposal. 

HMRC states in its guidance on valuations that: 

‘It’s your responsibility to get an accurate valuation of the property. HMRC doesn’t have a preference for how this should be done. You may want to use a professional valuer or get more than one valuation. If you’re using the rebasing computation method it wasn’t necessary to get a valuation in April 2015. You can wait until you make the disposal but it would be helpful to record what condition the property was in and any unusual features as this will help make a fair valuation.

You can ask HMRC to check your valuation by using form CG34. This check takes at least 2 months and can only be requested after disposal. You’ll need to report the disposal within 30 days of the property being conveyed and make payment of the tax due.’ 

Where the property has not been suitable as a dwelling for the entire period after 6 April 2015, the relevant gain is time apportioned in days. 

Capital gains tax rate
Tax is payable by individuals at 18% and 28% depending on their UK taxable income, but the CGT annual exempt amount will also be available. Trusts and personal representatives of deceased persons will be liable at 28% with the trust annual exempt amount being available, or the full AE for personal representatives in the year of death or subsequent two years. 

The tax calculated is based on the assumption that no further disposals will take place in the tax year. A reasonable estimate is required of the individual's taxable income to arrive at the appropriate tax charge; provided the estimate is reasonable, no penalty will arise. 

PPR claims – non-residents
Private Residence Relief (PPR) will be available provided that the owner lived in the property as his only or main home at some time before 5 April 2015. If the property qualifies as PPR then last 18 months, letting relief, absence and job-related accommodation reliefs would also apply. Because of the ‘last 18 months’ relief, no tax is due if the property is sold before 6 October 2016. Note that as the disposer is non-resident, the property only came into charge to CGT on 6 April 2015 and so periods of absence before that date will be irrelevant. 

If the property is sold on or after 6 October 2016, to qualify for relief for each tax year after 5 April 2015 the owner and their spouse must have spent at least 90 days in the UK home during that tax year and must have nominated the home as their only or main home.

Losses on residential property owned by non-residents can only be set against gains on the same type of property. Unused losses are carried forward to use against UK residential property disposals in a later tax year. 

If an individual changes their residency status from non-resident to UK resident, they will be able to use unused losses on UK residential property as general losses against other chargeable gains. 

If a UK resident becomes non-resident, they will be able to use unused UK residential property losses against UK residential property gains that they make in future. Losses incurred by an individual in the year of death can be carried back up to three years (as for normal capital losses) but are restricted to be set off against non-resident capital gains. 

Further guidance from HMRC

Rental expenses
Overview of some of the common tax issues on rental expenditure.

Overview of some of the common tax issues on rental expenditure. 

The general rule when calculating rental business profits is that expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a capital nature.  

Expenditure incurred before a property is first let out
The tax deductibility of expenditure incurred before a property is first let out depends on whether it is capital or revenue in nature. Repairs to reinstate a worn asset will usually qualify as revenue expenditure, but where a property is purchased and is not in a fit state for use in the business until the repairs have been undertaken, that expenditure is likely to be capital. Guidance on whether the cost of repairing an asset acquired in poor repair is capital or revenue can be found in the contrasting cases of The Law Shipping Co Ltd v CIR and Odeon Associated Theatres Ltd v Jones

Although both companies purchased assets in poor condition, there were key differences between the two cases. In Law Shipping, the company acquired a ship in poor condition that they would have to have repaired before they could use it. This was capital expenditure and as a result not allowable in calculating the trading profit. In Odeon, the company was able to operate the cinemas for a number of years before they carried out the repairs and also the price paid was not reduced to reflect the state of repair. The expenditure was found to be allowable revenue expense. 

Expenditure for water rates, council tax etc paid by the landlord before tenants moved in is treated as pre-letting expenditure and as a result allowable. 

Wear and tear allowance
If the property is let furnished, the landlord is able to claim a wear and tear allowance. This is 10% of the 'net' rent and covers plant and machinery that a landlord would normally provide in a furnished accommodation, such as furniture, fridges, carpets and curtains. 'Net' rent is the total rent for the year, less any expenses paid by the landlord that would normally be borne by the tenant, for example utility bills. 

The wear and tear allowance relates to the additional furniture and fittings that make it a furnished letting. It does not apply to the fixtures that are an integral part of the buildings. 

Fixtures integral to the building are those that are not normally removed by either tenant or owner if the property is vacated or sold. Examples include:

  • Baths
  • Washbasins
  • Toilets
  • immersion heaters.

Wholly and exclusively - cost of travel to visit the property
Revenue expenses are allowable deduction against rental income only if they are incurred wholly and exclusively for the purpose of letting. Where expenditure has a dual private and business purpose, unless the business element can be clearly distinguished then the whole of the expenditure will be disallowed for tax purposes. 

While reasonable costs for inspection visits are usually allowable, if the trip is mainly for private purposes and it is not possible to separate this private element from the business portion, then none of the cost is deductible. 

Legal fees
Solicitors' fees incurred to evict tenants or to recover rental income are treated as incurred wholly and exclusively for the purpose of the rental business and as a result are allowable. Management fees/agents’ fees will be fully tax deductible. If the landlord chooses to advertise his property privately, this cost is also allowable. 

Cost of replacing fixtures integral to the building
The cost of replacing like with like is an allowable revenue expense, However, if the replacement represents an improvement of the original asset, the cost is not allowable. The expense will remain allowable if the improvement results from changes in technology over time.

So, if a new kitchen is fitted that performs the same job as the original kitchen, the cost is allowable. However, if it the kitchen has been upgraded and/or designed to increase functionality (such as increase storage space) the cost is not allowed. 

The cost of a new boiler is usually allowable (even if it is more efficient than the previous boiler due to the improvement of technology over time). However, if the boiler is used to service the increased space area of a house that has been extended none of the cost is allowed as the expenditure is treated as capital. 

Landlord's Energy Savings Allowance (LESA)
Ordinarily the cost of installing new insulation would be considered an improvement and therefore treated as a capital cost. However, under the Landlord’s Energy Saving Allowance, the cost of certain energy-saving items in let residential property is an allowable deduction against the rent received, provided the expenditure is incurred before 6 April 2015. Energy-saving items include: loft insulation, cavity wall insulation, solid wall insulation, draught proofing, hot water system insulation, floor insulation. This is subject to a maximum of £1,500 per dwelling. 

Expenditure may need to be apportioned, for example, where a landlord installs energy-saving items in a building that only partly comprises let residential property, or a building containing more than one dwelling. In these circumstances, a just and reasonable apportionment of the expenditure must be made between all the properties which benefit from the energy-saving item. 

Redecoration costs
Ordinarily, the cost of redecorating would be an allowable revenue expense. However, if the work is undertaken as part of an improvement, the entire cost is treated as being capital, including the redecoration. 

Finance cost
Finance interest payable on loans (including incidental cost of financing) used to buy land or property which is used in the rental business, or on loans to fund repairs, improvements or alterations, is deductible in computing the profits or losses of the rental business regardless of the security given for borrowed funds. 

If a property is let for short periods in a tax year, or only part of it is let throughout a tax year (or both), the interest charged on a qualifying loan on that property has to be split between the rental business use and the private or non-business use. The split is done in whatever way produces a fair and reasonable business deduction, taking account of both the proportion of business use and the length of business use. The interest does not have to be split if the landlord is genuinely trying to let the property but it is empty because they have not been able to find a tenant. In this case, the interest will meet the 'wholly and exclusively' test. 

Accountancy fees
The cost for preparing rental accounts is an allowable expense; however, the cost of completing the landlord tax return is not allowed as it is a private expense. 

There are changes for 2016
In the Finance Act 2016 clauses highlight that wear and tear allowance will be reformed. Finance Bill 2016 repeals the wear and tear allowance and makes a new provision for a deduction for the replacement of furnishings. 

The deduction will be available in calculating the profits of a property business which includes a dwelling-house. The deduction is available for expenditure on furniture, furnishings, appliances (including white goods) and kitchenware, where the expenditure is on a replacement item provided for use in the dwelling. The deduction given will be for the cost of a like-for-like, or nearest modern equivalent, replacement asset, plus any costs incurred in disposing of, or less any proceeds received for, the asset being replaced. 

The deduction will be available for expenditure incurred on or after 1 April 2016 for corporation tax payers and 6 April 2016 for income tax payers. This deduction will not be available for furnished holiday lettings because capital allowances will continue to be available for them. 

Limiting liability to clients – checklist of points
Like many other providers of goods or services, firms often limit their potential liability to their clients by including limitations or exclusions of liability in their engagement letters.

Like many other providers of goods or services, firms often limit their potential liability to their clients by including limitations or exclusions of liability in their engagement letters.   

This is good risk management practice – as long as it is done carefully and effectively.  Not everyone is aware of the extent to which they are able to restrict or exclude liability – and the danger is, get it wrong, and you may have any unreasonable contractual protections struck down leaving you with unrestricted liability. 

The new Consumer Rights Act has also introduced new restrictions on consumer contracts (as opposed to those with sophisticated commercial/corporate clients).  Ensure your terms of engagement meet the requirements of this latest legislation.

Consider these important points and check whether your client engagements are working properly for you.

Fair and reasonable
A limitation or exclusion clause may be unenforceable if it is not fair and reasonable. What is fair and reasonable will depend on all the circumstances. The Consumer Rights Act (s57) requires that you do not limit your liability below the value of your fees for a particular matter. This is a good benchmark to use as a minimum standard for all client engagements.

Excluding liability
Firms cannot seek to exclude liability entirely to the client. A more common approach is to limit a firm’s liability in the engagement letter, to a fixed amount (often described as a ‘cap’ on liability). A cap set at a higher level is more likely to be enforceable and to protect the firm than a very low cap, and should be proportionate to the nature of the transaction and potential client loss (in some cases, the loss may well be capable of being higher than the fees you charge). 

Negotiating limitations or exclusions of liability 
When negotiating limitations or exclusions, firms need to balance the importance of limiting liability against the risk of any limitation or exclusion being held to be unfair or unreasonable. In particular, firms should avoid taking unfair advantage of clients who might be unsophisticated or not commercially aware. In deciding what negotiating position to adopt, firms should take into account the nature of the client, the engagement and the overall commercial risk analysis. 

Caps on liability
A cap on liability that has been discussed and negotiated is likely to be regarded as more reasonable than a non-negotiated cap. Where a cap on liability is accepted without discussion, it is not necessary for firms to try to compel negotiation by clients, but where possible, the client should be given sufficient time to consider the matter and/or take legal advice, if desired. It should be made clear whether the cap is an aggregate limit on liability, or applies separately to each breach or each claim. It may be appropriate for the cap to reflect the wording of any aggregation provision in the firm's professional indemnity insurance.  

Documenting negotiations
It is good practice to document any negotiations concerning liability limitation and to keep a record of them on the relevant file. In particular, it is worthwhile recording any concessions made by the firm, for example, any upward adjustment to a limitation amount initially proposed. 

The engagement letter
Any limitation of liability agreed with the client should be set out clearly in the engagement letter. Where a firm’s engagement letter comprises the firm’s standard terms, together with a covering letter, it would be sensible to draw attention to the cap on liability by referring to it in the covering letter. 

Formulating the limitation of liability clause 
Firms should take their own legal advice on the formulation of any clause in the engagement letter that purports to limit liability. The following points of principle may assist firms: 

  • a limitation or exclusion clause should be drafted to capture clearly any basis upon which a claim might be made, including breach of contract and negligence 
  • if a formula is to be used for determining a limitation of liability, the basis for calculation should be made clear
  • avoid using a formula that may appear to be inherently arbitrary because, for example, it does not take account of the nature of the client or the engagement 
  • avoid seeking to exclude or limit liability for loss that cannot legally be excluded or limited, such as liability arising from a firm’s fraud
  • set out terms containing limitations or exclusions in separate parts of the engagement letter, so that any provisions that are subsequently considered to be unreasonable may be removed without affecting the enforceability or sense of the wording that remains
  • avoid using a wording that is broader than the law will allow.  For example, the clause could specify that an exclusion or limitation will apply to the fullest extent that the law will permit, and/or state that liability for a firm’s fraud is not excluded or limited.

Exclude liability for certain types of loss
It may be appropriate to seek to exclude liability for certain types of loss altogether. Common examples are: 

  • restriction or exclusion of certain types of liability that are also excluded under the firm's professional indemnity policy, provided this is not inconsistent with the duties for which the firm is being engaged
  • exclusion of liability for indirect or consequential loss and/or loss of profits. Some firms may feel that the possibility of indirect or consequential loss presents a risk that cannot be managed because it might be of an unforeseeable catastrophic nature. An exclusion of liability for such loss can be controversial and clear language is needed in defining such losses
  • exclusion of liability arising from use of defective or deficient information provided by the client. Note that such an exclusion will be unlikely to be deemed fair or reasonable where the scope of work requires the accuracy or completeness of the information to be checked by the firm
  • exclusion of joint and several liabilities. These clauses are also referred to as ‘proportionate liability’, ‘net liability’ or ‘net contribution’ clauses. The objective of such a clause is to limit the firm’s liability to its proportionate share of the blame for loss incurred by the client, so that the firm is not liable for the loss and damage caused by others, such as other professional advisers or employees of the client, even where those others are unable to pay or are not a party to the dispute
  • exclusion of advice or services provided by third party advisers or specialists. The purpose of such a clause is to make it clear that your firm is not responsible for advice provided by others especially where you may have introduced your clients for specialist or a specific piece of advice.

For more information
ACCA has a suite of template engagement letters (which is due to be updated shortly). 

To discuss your own client engagement processes or another risk related matter in more detail, contact Lockton’s dedicated ACCA team

Private residence relief
How and when private residence relief can be claimed.

How and when private residence relief can be claimed. 

Private residence relief applies for capital gains tax purposes if the dwelling house or part of the dwelling house has been the individual’s only or main residence during some period of ownership. 

If an individual owns more than one property, they may make an election. It is essential that the individual has actually lived in the property at some point and HMRC will often ask for proof of this in the event of an inquiry. 

If during the period of ownership the dwelling house or part of the dwelling house has been used exclusively for some other purpose then the relief is reduced. If the property has been the individual’s principal private residence at some point, the last 36 months of ownership will be treated as if it was the individual’s only or main residence even if in fact it was not so used, for tax years up to and including 2013/14. This final period exemption reduced from 36 months to 18 months from 6 April 2014. 

Let property relief
A further relief may be available where private residence relief is restricted because some or all of the dwelling has been let as residential accommodation (TCGA 1992 s223(4)). It must be noted, however, that let property relief only applies if the property has been the principal private residence of the individual at some point. 


Reasonable excuse – tax returns
Removing tax return-related penalties if there is a reasonable excuse for not submitting the return on time.

You can remove tax return-related penalties if there is a reasonable excuse for not submitting the return on time. 

You can remove tax return-related penalties if there is a reasonable excuse for not submitting the return on time. HMRC does not require supporting evidence to be submitted with any claim but may later ask for evidence. A reasonable excuse is normally something unexpected or outside the taxpayer’s control that prevented them from meeting a tax obligation. 

HMRC provides the following reasonable excuse examples within the guidance it issues: 

  • ‘your partner or another close relative died shortly before the tax return or payment deadline
  • you had an unexpected stay in hospital that prevented you from dealing with your tax affairs
  • you had a serious or life-threatening illness
  • your computer or software failed just before or while you were preparing your online return
  • service issues with HM Revenue and Customs (HMRC) online services
  • a fire, flood or theft prevented you from completing your tax return
  • postal delays that you couldn’t have predicted.’

You should use form SA370 Self Assessment: Appeal against penalties for late filing and late payment when making an appeal. 

Severe weather
HMRC is also providing dedicated support for those affected by the recent severe weather. You can call 0800 904 7900 to speak to advisers on payment options.

Statutory residence test
UK residence and domicile status is important in order to determine an individual’s liability to UK taxes.

UK residence and domicile status is important in order to determine an individual’s liability to UK taxes. 

As a general rule taxpayers who are resident in the UK in a tax year are subject to UK tax on their worldwide income, while non-resident  individuals are subject to UK tax only on their UK income arising in that year. 

Until 6 April 2013, the UK did not have statutory rules to determine an individual’s residence status. 

Statutory residence test (SRT), introduced in Finance Act 2013, came into effect for tax years 2013/14 onwards. 

STR has three parts: 

  1. The automatic overseas test
  2. The automatic residence test
  3. The sufficient ties test.

An individual will be a non-UK resident if they meet any of the automatic overseas test. If none of the automatic overseas test is met, an individual will be resident in the UK if they meet any of the automatic UK tests or they meet the sufficient ties test. 

Split year treatment 
Strictly speaking, a person is tax resident or non-resident for a complete tax year.  

However, if during a year a taxpayer either starts to live or work abroad or comes from abroad to live or work in the UK then the tax year will be split into two parts if specific criteria are met.  

The legislation seeks to codify the residency status for a person leaving the UK and the residency status for a person arriving in the UK.

Marriage allowance transfer
Change will allow the transfer of £1060 under certain conditions.

Change will allow the transfer of £1060 under certain conditions. 

This change
applies from 6 April and allows for the transfer of £1,060 of a personal allowance to a spouse or partner where the transferor’s income is less than £10,600 and the recipient doesn’t pay tax at the higher or additional rate. 

Tax return reminder – fees and subscriptions
What fees and subscriptions are allowable for an employee for tax purposes?

What fees and subscriptions are allowable for an employee for tax purposes? 

A fee or sub is allowable if: 

  • it appears in this list and is a statutory fee or contribution where employees pay this out of their earnings from an employment and are required to pay this as a statutory condition of their employment; or
  • it is an annual subscription to a body where employees pay this out of their earnings from an employment and the activities of the body are directly relevant to the employment; or 
  • where the activities of a body are directly relevant to an employment where the performance of the duties of that employment is either:
    • directly affected by the knowledge concerned
    • involves the exercise of the profession concerned.

ACCA is under the following listing: Certified Accountants, Chartered Association of | ACCA | Now called the Association of Chartered Certified Accountants.

Unqualifieds – we want your stories
If you have gained clients who were previously unhappy with the service provided by an unqualified accountant we want to hear from you.

If you have gained clients who were previously unhappy with the service provided by an unqualified accountant we want to hear from you. 

ACCA is undertaking work to demonstrate the value of using a qualified (ACCA) accountant. As part of this we would like to speak (confidentially if needs be) to any members who have rescued clients from unsatisfactory work provided by an unqualified accountant. 

Contact with brief details – or telephone 020 7059 5882 in the first instance – and we will be in touch to discuss further.

New HQ for ACCA
ACCA's London head office has relocated.

ACCA's London HQ has moved to The Adelphi, an iconic building which is near to The Strand and the Thames. The new location allows us to maximise our influence as a world class organisation.

The address is The Adelphi, 1-11 John Adam Street, London WC2N 6AU

Our main phone number will remain the same: 020 7059 5000.

Today (Friday 15 January) ACCA is experiencing problems with the telephone lines for our Technical Advisory Service; our staff are unable to hear some callers. If you experience such problems, please email your query to us instead.

CPD | High quality training for practitioners
Bookings now open for Saturday CPD Conferences, Budget Breakfast and East Kent Conferences.
ACCA UK Professional Courses provides a wide range of high quality training courses for practitioners. Browse our 2016 directory of courses now or search our website. The following events are open for booking now:

Saturday CPD Conferences  
Held at venues across the UK, three conferences are held during the year and allow you to stay up to date on the latest developments - without disrupting your working week.

Take advantage of our multiple-booking discounts * and book now for the following locations:

Conference One:
Sessions will cover: VAT update | Essential law update | NIC, PAYE, P11Ds and benefits refresher and planning | Specialist accounting

Conference Two:
Sessions will cover: Property taxes | Know your rights with HMRC | Finance Bill/Act 2016 | Inheritance tax and pensions

Conference Three:
Sessions will cover: Tax planning for the owner–managed business | Accounting standards update | Two sessions left open to deal with issues arising during 2016.

Each conference provides seven hours' CPD.
*Fees: 1 conference = £142 | 2 conferences = £130 | 3 conferences = £116

Budget Breakfast 2016 
Join us on Thursday 17 March for ACCA’s annual Budget Breakfast. The event begins with a buffet breakfast at 08.00 followed by a discussion of some of the key issues arising from the Budget and their impact. All those attending will receive an information pack containing Budget papers and press releases.

17 March 2016 (08.00–10.15)
ACCA HQ, Adelphi – London
Fee: £50
CPD Units: 2

East Kent Conferences 
Accounting Standards - Changes, Challenges and Choices 
22 April 2016 | Ashford International Hotel, Kent  

General Tax Update for Accountants 
10 June 2016 | Ashford International Hotel, Kent 

Commercial, Employment and Company Law Update 
16 September 2016 | Ashford International Hotel, Kent

Each conference provides seven hours' CPD. 
*Fees: 1 conference = £142 | 2 conferences = £130 | 3 conferences = £116

Webinars for practitioners
Working in partnership with 2020, ACCA’s practitioners can now benefit from a suite of new CPD webinars and a 50% discount.

The suite covers a wide range of topics covering essential tax; accounting and audit; practice assurance and money laundering; monthly tax updates; practice management and development; and updates on regulated Financial Conduct Authority businesses.

Lean finance webinars with David Parmenter
A series of webinars focused on lean finance.

Quick month-end reporting in three days or less – part one 
Recorded webinar
Does your month-end reporting take more than three days? Are the monthly management reports too large and with errors? David Parmenter, author and international presenter, has yet to find an organisation that cannot achieve ‘day three’ reporting when applying his methodology. 

Find out more and register for this webinar

Quick month-end reporting in three days or less – part two
Live webinar date: 26 January 2016
In this second part of a two part series David Parmenter will look at the more strategic changes you should make once you have reaped the benefit of the content in part one.  In this live/on-demand webinar you’ll look at more strategic practices, best reporting practices and the technology you’ll need to use.

Find out more and register for this webinar

Key performance indicators: An introduction to winning KPIs – part one
Live webinar date: 10 May 2016
In this live/on-demand webinar David Parmenter, author and international presenter, explores what KPI’s are, how to find them in your organization, and why finding your organization’s critical success factors (CSFs) is often the missing link. 

Find out more and register for the webinar

Key performance indicators: An introduction to winning KPI’s – part two
Live webinar date: 17 May 2016 
Following on from Key performance indicators part one, David Parmenter will cover what KPI’s are and how to find them in your organization in greater depth, as well as exploring critical success factors (CSF’s), how you find your organization’s CSF’s, the six stage process to implementing winning KPIs and the eight stages of selling and leading change. 

Find out more and register to attend this webinar

Lean planning and forecasting for the 21st century – three part webinar series
Live webinar dates: 16 February, 23 February and 8 March 2016 
Learn how lean organisations have been able to produce the annual plan quickly, in less than two weeks, and eventually replace it with a quarterly rolling planning process. Discover how rolling forecasting is the key to help make this happen. David Parmenter, international author and presenter, looks at the strategy behind your processes, sorting out your annual planning process and sorting out the forecasting process. 

Find out more and register to attend these webinars

New year. New start. New CPD’s annual licence offer.

Access over 100 online CPD courses - that's 400+ hours of learning - at your fingertips at a specially discounted rate of just 400GBP (a massive saving of £200!) when using promotional code ACCALICENCE at the checkout. This offer expires on 29 February 2016. 

Find out more about this offer

Find an accountant – online directory
ACCA's online directory of members has been revamped!

We know that ACCA qualified accountants have what it takes to lead business decisions and drive business success. 

Taking on board your feedback, we want to tell the rest of the business world that our members make a difference to business operations globally. The new online directory is one of our latest investments that will help us do just that. 

The new directory, Find an accountant, showcases all our members and certified accountancy firms. It allows employers and potential clients to search for ACCA members or accountancy firms certified to practise by ACCA or AAPA, anywhere around the world. 

Find an accountant’s intuitive design offers a user-friendly experience. Users of the directory can search for a member by location and name. They can also search for an accountancy firm by name, location, sector expertise, service provided and even certificate held. The online directory’s mobile friendly features mean users can run a search on any device, any time of the day.

Survey – anti money laundering
BIS is undertaking an anti money laundering cutting red tape review.

BIS is undertaking an anti money laundering cutting red tape review. 

It is keen to obtain information on the costs associated with the regime. If you have ten minutes to spare please let BIS know your views


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