Current account management meaning

In this issue: VAT Anti-avoidance Employment taxes Taxes management and litigation Finance Daily and weekly news alerts Dates for your diary Trackers New and updated content Useful information VAT Court of Appeal—facilitators of VAT fraud can be deregistered even if they make legitimate taxable supplies (Impact Contracting Solutions Limited v HMRC) In Impact Contracting Solutions Ltd [2025] EWCA Civ 623, the Court of Appeal affirmed the Upper Tribunal’s finding that HMRC is entitled to cancel a person’s VAT registration for reasons tied to tax fraud, even where that person also makes bona fide taxable supplies, so long as deregistration is a proportionate response on the facts. See News Analysis: Court of Appeal—facilitators of VAT fraud can be deregistered even if they make legitimate taxable supplies (Impact Contracting Solutions Limited v HMRC). VAT Regulations amended The Value Added Tax (Amendment) Regulations 2025, SI 2025/578, amend the Value Added Tax Regulations 1995, SI...

On 30 October 2024, alongside the Autumn Budget, HMRC launched a consultation on proposals to modernise and reform the UK’s tax administration system. The consultation seeks views on potential changes to HMRC’s powers, intended to make it simpler and quicker for taxpayers to put matters right, while helping HMRC collect tax more effectively and efficiently. What is the background to this consultation? There has been a concentrated effort in recent years to shrink the ‘tax gap’—the difference between what is owed to HMRC and what is actually paid. Through this Budget, the current government have signalled continued commitment to that goal. The latest figures indicate that careless errors—particularly by individuals and small businesses—account for most of the shortfall. Individually small, these mistakes collectively amount to very large sums. A series of consultations in recent years has examined reform of the UK’s tax administration, aiming to make it more straightforward for taxpayers and allow HMRC to focus resources where they are most effective. This consultation sits in that...

In this issue: Children's social care Planning Social housing Local government finance Social care Public procurement Education Healthcare Governance LexTalk®Local Government: a Lexis®Nexis community Daily and weekly news alerts New and updated content New Q&As Children's social care When is a fact-finding hearing needed to inform risk assessment? (G (A Child: Scope of Fact-Finding)) In G (A Child: Scope of Fact-Finding), the Court of Appeal considered whether refusing to order a fact-finding hearing about allegations that a mother caused the fatal injuries to an older child seven years earlier was erroneous, where the purpose was to inform the risk assessment and overall welfare evaluation in proceedings about her new baby. The majority concluded it was not, and that the assessment of risk could take into account a broad spectrum of potential outcomes even without specific findings as to the circumstances of the older child’s death. That outcome, however, was plainly...

This Practice Note sets out guidance on managing financial risk. It aligns with the SRA Standards and Regulations 2019 and outlines commonly used financial risk tools. The duty to monitor financial stability and business viability You must: proactively monitor your financial stability and business viability—and, once you become aware that you will cease to operate, carry out an orderly wind-down of your activities identify, track and manage all material risks to your business, including those that may arise from connected practices The SRA does not prescribe how this should be achieved. In practice, the level of resource devoted to financial risk management will differ between firms and depend on factors such as firm size and current financial resilience. For example, a practice that relies heavily on bank borrowings may allocate substantial resources to establish financial risk systems and review them at regular intervals. Others, with comparatively stable finances, may reasonably commit less time to such systems. Reporting to the SRA...

ARCHIVED: This Practice Note has been archived and is not maintained NOTE: On 5 September 2023, CIETAC announced amendments (the Revisions) to its 2015 arbitration rules, driven by the need for greater flexibility and efficiency in a digital era and by developments in international arbitration practice, following a revision programme begun in April 2021. Spanning more than 30 articles, the Revisions cover digital case management, multi-tiered arbitration agreements, jurisdictional matters, multi-contract arbitrations, procedural issues and other complex topics. The Revisions will take effect on 1 January 2024 and will apply to all CIETAC arbitrations commenced from that date. CIETAC’s current arbitration rules have been in force since 1 January 2015 (the CIETAC Rules 2015). This Practice Note is UNDER REVIEW—it presently reflects CIETAC’s structure and functions as described in the CIETAC Rules 2015. It addresses arbitration under the CIETAC Arbitration Rules 2015 (CIETAC Rules), which generally govern arbitrations accepted by CIETAC on or after 1 January 2015 (CIETAC, art 84). For guidance on arbitration under the CIETAC Rules 2012,...

For various reasons, a claimant or respondent may want or need to: amend the contents of their ET1 claim form, ET3 response form or a reply (to an employer’s counterclaim) after the original has been lodged with the tribunal; and/or add information to that already in the claim, response or reply (each commonly called a ‘pleading’) to elaborate on the pleading (often termed ‘further and better particulars’) In broad terms, when an employment tribunal decides whether to permit an amendment to a pleading, it should: identify, in writing, the amendment or amendments sought; and expressly balance the injustice and/or hardship of allowing or refusing the amendment(s), taking into account all relevant factors, including, as appropriate, those mentioned in the case of Selkent (as described in detail below) The current Employment Tribunal Procedure Rules 2024 (ET Rules 2024), SI 2024/1155 (and preceding ET Rules) departed from earlier versions of the rules, in that they make no express...

EXCEPTION LEASE REPORT Premises: [ insert description ]Tenant: [ insert name ] This exception lease report has been produced in connection with your intended acquisition of [ insert name of property ]. Its aim is to set out the principal letting details and any significant matters or points of concern. It is not designed to operate as a management tool. We have supplied you with a complete account of the terms of the lease of [ insert premises ], presently vested in [ insert name of current tenant ] (the ‘ Standard Lease ’). Except as identified within this report, the provisions of this lease are, in all material respects, identical to those of the Standard Lease. Executive summary of material issues We draw your attention to the following: [ Insert material issue/area of concern ] [ Insert material issue/area of concern ] 1 Particulars 1.1 Date [ Insert date of lease ] [ as varied by [...

A: General information Date of annual review Person(s) carrying out the annual review B: Review and findings Are your financial management policies and procedures current and suitable for their purpose? ☐ Yes ☐ No—if No, record an action in section C below to revise your policies and procedures. Do your actual monthly and annual results align with your forecasts, particularly regarding: profit and loss? cash flow? balance sheet? (Only accept a reasonable margin of variance) ☐ Yes ☐ No If No, is a re-forecast of your financial performance required? ☐ Yes—ensure an action is set at section C below to deal with this ☐ No Are you confident that your monitoring arrangements function as intended for the following: the value of work undertaken on clients’ files (i.e. work in progress) relative to any payments on account of costs? the level of credit you extend to clients? aged debtors? time recording?...