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AAF 01/20 replaces AAF 01/06 in 2020!

AAF 01/20 The keenly awaited update for AAF 01/06 became available in January 2020 with Control Objectives for administrators, investment managers and other data recording industry. Technical release AAF 01/20 replaces AAF 01/06 reporting for periods beginning on or after 1 July 2020. Early adoption is encouraged. The revised Control Objectives can be found in […]

Updating Your Knowledge on Assurance Reporting

One of the easiest ways of picking up more knowledge on assurance reporting and AAF controls is to read through the Introduction section of the 2019 consultation document for Technical Release AAF 01/06 (AAF 01/06), Assurance Reports on internal controls of service organisations made available to third parties. AAF 01/06 is a widely recognised assurance […]

AAF 01/06 Information Technology Reporting

Information technology uses and the controls over a business’s use of it to keep client data safe have developed beyond recognition in over a decade. Therefore, it is a welcome development to find in October 2019 that there was a completed consultation on the update to Technical Release AAF 01/06, Assurance Reports on internal controls […]

Government funding to help you prepare for customs changes

The Government has made £16m available to help businesses train staff in making customs declarations. It will also be available to support businesses who support others who trade goods to invest in IT. This funding will ensure that trade with the EU continues as smoothly as possible after the Brexit deadline. Businesses based in, or […]

Important business trends for 2020

The big business trends of 2020 are set to revolve around technology, mental health and the environment. As we head further into 2020, businesses will have to adapt in a world that places more emphasis on sustainable business practices. Firms that take care of their employees’ physical and mental health will attract more people. Technology […]

Keep details of your Director’s Loan Account, and keep it in credit

A detailed breakdown of a Director’s Loan Account (DLA), including dates, is now required. This comes after a judge agreed with HRMC in a recent tax tribunal case.   The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11d benefit on the director and also a tax […]

Apply for more time for MTD digital links

Making Tax Digital Your accounting systems must have digital links in place for VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses). This should be for the transfer or exchange of data between software programs, products or applications used as functional compatible software. Applications should be submitted as […]

Inheritance Tax (IHT) to be Simplified

The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may necessitate […]

Assure UK Welcomes Workers Pension Trusts Successful Authorisation

Leading audit and assurance provider, Assure UK worked with Workers Pension Trust on the Systems and Processes and Fit and Proper Person Checks to successfully obtain Master Trust Authorisation on 27 August 2019 by The Pensions Regulator (TPR). Workers Pension Trust brings the number of authorised schemes in the market to 20 and is the […]

Are You a Medium to Large Business? IR35 Could Impact You

After many years of dithering and sabre rattling HMRC finally started to enforce the off-payroll working rules (commonly known as IR35) for the public sector in 2017. Now those same rules are about to be applied to medium sized and large businesses from April 2020. IR35 was introduced in 1999 initially to curb the proliferation […]

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