July 2007 Lecture Analysis

A summary of this month's seminars is detailed below for your information.


Personal Tax

P421 Arctic in the House of Lords (10.02 minutes)
Mike Truman provides us with a report on the Arctic Systems case that was recently heard in the House of Lords, the outcome of which should be announced in the near future.

P422 Foreign homes through a company (8.19 minutes)
Robert Jamieson considers the potential benefit in kind charges that could arise where an individual buys a property through a company and explains the impact of the Governments recent announcement in this area.

P423 Succession planning for OMBs (20.45 minutes)
Chris Jones takes a look at the issues to be considered when deciding on how to pass the family business to the next generation whether during life or following death.

P424 Using wills and trusts (8.41 minutes)
Francesca Lagerberg provides a very useful session that considers some of the tax planning options that may be appropriate for clients who are looking to mitigate their potential inheritance tax exposure that relates to the family home.

P425 HMRC powers review (10.59 minutes)
Francesca Lagerberg updates us on the state of play regarding the Tax Management Rewrite Programme and explains what we can expect from the Compliance Check Review Programme which is taking over from the Interventions Programme. In the last section of her talk she runs through the new penalties regime.

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Business Tax

B421 Sideways swipe at farming (15.26 minutes)
Julie Butler talks through her conspiracy theory about how farms are being attacked by the taxman resulting in the potential loss of sideways loss relief and various other reliefs.

B422 Should 40% traders start their business outside a corporate? (14.10 minutes)
Dean Wootten considers the position if you were approached by a start up business with projected profits in the region of £100,000. Should they start as a sole trader, partnership, LLP or corporate?

B423 New HMRC guidance on “wholly and exclusive” pension contributions (10.18 minutes)
Dean Wootten takes a look at HMRC’s guidance on how much the owner of an OMB may successfully pay into his pension fund for it to satisfy the wholly and exclusively rule regarding remuneration packages.

B424 s.447 ITEPA 2003 (10.42 minutes)
Robert Jamieson looks in some detail at the sweeping up provision contained within s447 ITEPA 2003 relating to employment related securities and considers whether this is likely to cause small owner managed companies a problem when choosing to withdraw dividends rather than market rate salaries.

B425 The three year cap (33.47 minutes)
Mike Thexton takes a look at the three year cap relating to repayment claims where VAT has been overpaid in the past whether due to taxpayer or HMRC error.

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Audit and Accounting

A202 Companies Act 2006 - Implementation (12.21 minutes)
John Selwood updates us with the latest progress relating to the Companies Act 2006 as it is implemented over a number of implementation dates.

A203 FRS 20 share based payments (11.44 minutes)
John Selwood revisits FRS 20 on share based payments. He looks at the different types of scheme that may be relevant and considers how to measure the share based payment for recognition in the accounts.

A204 FRS 15 Tangible fixed assets (14.24 minutes)
John Selwood runs through FRS 15 on tangible fixed assets which came into force back in March 2000. John focuses his attention on the treatment of freehold property and depreciation.

A205 Charities Act 2006 – progress (9.08 minutes)
John Selwood provides an update on the progress of the Charities Act 2006. He focuses his attention on audit exemption and audit reviews.

A206 Practice Note 12 – Money Laundering Update (16.47 minutes)
John Selwood looks at the recent changes to Practice Note 12 on money laundering as well as the examples that are contained within the Practice Note.

A207 ISA 570 (UK and Ireland) Going Concern (18.01 minutes)
John Selwood reviews the contents of ISA 570 from two different perspectives. Firstly, what are auditors required to do under the standard and secondly, where the going concern principle is threatened for an audit, what are the reporting implications for auditors.

A208 Audit FAQs (17.33 minutes)
John Selwood takes a look at the most common questions that he gets asked when he is presenting courses including questions relating to audit exemption, claw back of commission earned by IFAs and accounts preparation for audit clients.

A209 Summary of developments (9.05 minutes)
John Selwood provides a useful summary of both auditing and accounting events relating to the quarter through to the end of June 2007 that do not feature in sessions of their own.

A210 IFRSs for SMEs (11.22 minutes)
John Selwood takes a further look at the International Financial Reporting Standards for small and medium sized entities and provides an insight into how SME accounting could be in a few year’s time.


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