Almost three million businesses, spanning different sectors, have been affected by the introduction of the MTD (Making Tax Digital) initiative of the UK government. With a view to become the most digitally advanced tax administrations in the world, it involves using accounting software and the digital medium to file for tax returns

If your organisation is recognised as a charity for UK tax purposes, this doesn’t mean that you never pay tax. There are red flags that HRMC looks for that could trigger a tax return. Although charities may be given a number of tax exemptions and reliefs on income and gains, and on profits for some activities, there are some circumstances where charities are still required to submit a corporation tax return.

One of the most intellectual persons the world has ever had, Albert Einstein said, “The hardest thing in the world to understand is the income tax.” Tax payments have almost been like rocket science to most taxpayers.

Ministry of Corporate Affairs (MCA) brought Ind AS 115 as part of the Companies Amendments Rules 2018. Ind AS 115 replaces Ind AS 11and 18 which are related to revenue and construction contracts.

In March 2018, the European Commission released a proposal to amend the AIFM directive in order to provide further clarity as to what constitutes pre-marketing. The proposal, if accepted, should be adopted in May 2019, and should then be implemented into national legislative frameworks by May 2021.

Recently, InsuranceERM released an article arguing that most Solvency II reporting mistakes happen in solvency ratios. The findings were based on an analysis conducted by Insurance Risk Data, which found that in 68% of cases where errors in quantitative reporting templates were discovered, the errors were surrounding solvency and minimum capital ratios.