Consolidated accounts meaning

In this issue: Companies and corporation tax Individuals and income tax Stamp and transfer taxes Taxes management and litigation International Employment taxes LexTalk®Tax: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies and corporation tax UT upholds FTT decision on valuation and allocation of consideration in acquisition of care homes (Nellsar v HMRC) In Nellsar Ltd [2025] UKUT 164 (TCC), the Upper Tribunal rejected both appeals, affirming the FTT’s finding that Nellsar’s accounts did not comply with GAAP for corporation tax relief on goodwill amortisation. Nellsar purchased five care homes as going concerns and assigned substantial elements of the price to goodwill, valuing the properties using depreciated replacement cost (DRC). The FTT decided that, under UK GAAP, the correct basis was market value, adjusted for special assumptions, because operating care homes were sufficiently ‘similar in type and condition’ to the...

In a 24‑page memorandum lodged on 15 November 2024, Live Nation and Ticketmaster contended that plaintiffs Abraham Liefer and Tamara Stevens must pursue their consolidated antitrust case in arbitration, emphasising that they had repeatedly assented to the defendants’ terms of service whenever they performed actions on the companies’ websites or platforms. According to the motion, those actions encompassed logging into Ticketmaster accounts, accepting transfers of tickets issued by Ticketmaster, and each occasion on which they purchased tickets on the defendants’ sites. The arbitration application stated that the terms of service consistently contained a mandatory arbitration clause that extends to any claim or dispute connected to services offered by or through the defendants. The motion further asserted: ‘Defendants’ records confirm that plaintiffs agreed to the terms on many occasions, including when they accepted transfers of the tickets issued by Ticketmaster that they allege to have purchased on secondary ticket exchanges.’ In addition, whenever customers clicked the ‘Accept Tickets’ button and consented to the defendants’ terms, they were automatically directed to Ticketmaster’s...

In this issue: Free webinars Probate Court of Protection UK taxes for Private Client Tax avoidance, evasion and non-compliance HMRC Manuals updates Family businesses and ownership structures Pensions, insurance and tax efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Useful information Free webinars Free webinars on costs in contentious estates and Will validity issues We’re delighted to highlight recent sessions from Lexis Nexis Webinars. To view and browse the full on‑demand catalogue in Lexis Nexis University, use the credentials below; the webinar will be ready to ‘launch’ within the Private Client area. The links remain active until 13 June. Costs in contentious estates—pitfalls and practical tips. Back to basics—will validity issues. Username: privateclientwebinar@lexisnexis.co.uk. Password: 123456....

The corporate interest restriction (CIR) framework is extensive and intricate. This Practice Note concentrates on the elections a group can choose to make within its interest restriction return. Readers are also directed to: Practice Note: Corporate interest restriction—quick guide for a brief, high-level overview of the CIR and the background to its introduction Practice Note: Corporate interest restriction—glossary of key terms for the meanings of key terms and concepts used throughout the CIR legislation Practice Note: Corporate interest restriction—the main rules for a closer look at the principal operative provisions of the CIR Practice Note: Corporate interest restriction—administration for the more administrative aspects of the CIR, including the interest restriction return The CIR rules permit groups to make specific elections that change the computation of group-interest and other amounts that feed into the group ratio method. Group-interest (rather than tax-interest) is an accounts-based measure of interest and the central component in the calculations of NGIE, ANGIE and QNGIE. Each of the...

Where a company produces annual accounts for a financial year, an audit is required unless an audit exemption applies. Qualifying subsidiary exemption from the requirement to audit accounts A subsidiary that meets specific criteria may claim an exemption from auditing its individual accounts for a given financial year. The necessary conditions are: it is a subsidiary undertaking its parent undertaking is constituted under the law of any part of the United Kingdom every member consents to the exemption for the financial year concerned its parent undertaking provides a guarantee for that financial year under section 479C of the Companies Act 2006, namely a statement guaranteeing all of the subsidiary’s outstanding liabilities at the end of the financial year until they are settled in full, which is enforceable against the parent by any person to whom the subsidiary is liable in respect of those liabilities it is included in the consolidated accounts prepared by the parent for that financial year, or to...

ARCHIVED: This Practice Note is archived and no longer maintained NEC3 2013 edition NEC3 comprises a family of construction agreements centred on pro-active project management, highlighting the importance of clear and effective communication and co-operation between the parties (refer to Practice Note: NEC contracts—introduction). A refreshed suite was issued by NEC in April 2013, succeeding the earlier edition published in June 2005 and marking the first comprehensive update since then. The 2013 suite introduced several amendments to the 2005 form—some previously released as supplements to that edition and now folded and consolidated into the 2013 texts—principally to reflect the 2011 amendments to the HGCRA 1996, to provide for project bank accounts in line with government fair payment guidance, and to revise the compensation event mechanisms, amongst other updates and refinements. In addition, NEC released seven new 'how to' guides within the April 2013 materials to assist with completing works information, service information and scope, and with preparing the communication forms for the Engineering and Construction Contract (ECC), Term...

Precedents This curated collection brings together worked examples for the following precedents listed: Annual budget—law firms Monthly budget—law firms Budget variance analysis—law firms Cashflow forecast—law firms Cashflow variance analysis—law firms Balance sheet forecast—law firms Collectively, these are commonly known as management accounts. Please note and be aware that our consolidated management accounts are produced in Excel, and therefore they cannot be downloaded into Word...

A: Introduction Date of monitoring review Person carrying out the review B: Consolidated data Periods: last [insert period] and last 12 months Suspected Accounts Rules breaches reported to the COFA Total breaches (serious and non‑serious) Serious breaches Reported to the SRA; if not same as “serious”, explain C: Data by compliance breach category Client money: non‑permitted use Client money: paid into office account Client money: wrongly withheld from client account Client account: incorrect withdrawal Client money: delay paying in Client money: not paid to client promptly/at all Client account: incorrect receipt Client account: other breach Interest policy breach Accounting records: office account Accounting records: client account Cheque/Bacs: incorrect signatory Bill of costs: miscalculation Accountant’s report Office account breach Other D: Conclusions from monitoring review Breach register current? Yes/No; if...

A: General information Date the monitoring review occurred Individual who completed the monitoring review B: Consolidated data Criteria covering the past 12 months Number of suspected Accounts Rules compliance breaches reported internally to the COFA Number of confirmed Accounts Rules compliance breaches (serious and non‑serious) Number of serious Accounts Rules compliance breaches Number of Accounts Rules compliance breaches reported to the SRA If this differs from the ‘Number of serious compliance breaches’, explain why C: Data by compliance breach category Category of compliance breach during the last 12 months A: Client funds applied for a non‑permitted purpose B: Client funds paid into the office account C: Client funds wrongly withheld from the client account D: Incorrect withdrawal from the client account E: Delay in paying in client funds F: Client funds not paid to the client G: Incorrect monies paid into the...