The Euro looks healthy (not)

Private parking for moneypenny

Private parking for moneypenny

Dangerous! There is a winelands specialist wine restaurant spitting distance from the apartment!

@latz14 blue

Spirt of Isis, pictured above is sister boat and one of three other boats I raced back from the Azores to Portsmouth back in early 2010. She was involved in an accident over the weekend whist racing in Antigua. She’s in a bit of a state. Look at the bend in the wheel!

It's visually so much more immersive than powerpoint.

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Includes organisations previously exempt from turnover test 

All Revenue guidance relating to senior accounting officers (SAOs) has been superseded by the department’s new Senior Accounting Officer Guidance Manual.

Deloitte’s Mark Kennedy, a director in the company’s tax management consulting team, welcomed the taxman’s direction on the practical application of SAO legislation, which requires senior finance officers of large UK companies to certify personally that their controls over UK taxes are fit for purpose.

Mr Kennedy said the revised guidance was ‘positive news for both senior accounting officers and their companies, as it provides greater clarity around some of the more challenging aspects of the rules, including the circumstances in which penalties may or may not be levied.

‘Given that the initial light touch of HMRC’s application of the rules has now ended, senior accounting officers and their businesses need to ensure any year one issues have been resolved and effective controls are maintained to minimise the exposure to penalty,’ added Mr Kennedy.

He also noted that HMRC ‘intend to amend certain specific sections of the guidance to confirm their view that the failure of a senior accounting officer to submit a certificate can be disclosed to the company’.

The new Revenue view includes the matters of banks and insurance companies, which were previously exempt from the turnover test, within scope of the rules, as well as overseas activities of UK companies. And department has confirmed that rules will apply where insolvency procedures are underway.

Background

Schedule 46 FA09 sets out rules for certain large companies. Those companies must establish and maintain their tax accounting arrangements and their Senior Accounting Officer (SAO) is responsible for ensuring that they do.

This guidance tells the reader about

• the rules that put responsibilities on those companies and particularly their SAOs
• the actions that those companies and SAOs must take
• how HMRC will ensure that they comply with the rules, and
• the penalties chargeable if they fail to comply.

Schedule 46 FA09 neither replaces nor supersedes other penalty provisions; rather it is complementary to these provisions in the context of Large Business.

What taxes are covered?

The Senior Accounting Officer provisions of Schedule 46 FA09 apply to the accounting arrangements that allow the relevant liabilities to be calculated for:

• Corporation Tax including Quarterly Instalment Payments and any amount assessable as if it were CT
• Value Added Tax
• Pay As You Earn
• Insurance Premium Tax
• Stamp Duty Land Tax
• Stamp Duty Reserve Tax
• Petroleum Revenue Tax
• Customs Duties
• Excise Duties including Air passenger Duty
• Bank Levy.

Those accounting arrangements may have a degree commonality with the accounting arrangements for taxes that are not in the list above.

FA09/SCH46/PARA14 (3)

Who is an SAO?

A Senior Accounting Officer (SAO) of a company is the director or officer who has overall responsibility for the company’s financial accounting arrangements.

The role of the SAO cannot be filled by an agent – for example, the company’s external audit or accountancy advisers. The SAO provisions make this a key role and responsibility within the company or group. It cannot be out-sourced or assumed elsewhere.

A person may be the SAO of more than one company. A person may be the SAO for a number of companies within a group. Equally a person may be the SAO of a number of companies that are not within the same group.

Post workout reward. #amidoingthisright?