CPDStore

Join us on Monday, May 23, for a FREE 75 minute accredited CPD session. Des O’Neill will be joined by some of CPDStore’s top experts to cover real issues they have seen real accountants like you get stuck with over the past couple of months, including:

Rebecca Benneyworth – Finance Act 2022

Recently Rebecca Benneyworth spoke on a CPD Store webinar about the Finance Act 2022 and the key technical points that practitioners need to be aware of. The Finance Act gained Royal Assent on the 24^th of February 2022. In this clip Rebecca defines and discusses an intriguing topic concerning Discovery Assessments. This measure is designed to provide certainty that HMRC can use discovery assessments to assess certain tax charges where an individual has failed to notify HMRC that they are liable and has failed to complete a Self-Assessment tax return. 

If you are in self-assessment. A discovery assessment goes back 6 years in the case of careless admission and 20yrs in the case of dishonesty, i.e., deliberate misstatement. The technique is to get your disclosure clearly onto your return and if HMRC do not at the time open an enquiry then they are barred from going back because it was there in plain sight, but they didn’t react to it.
 

Watch as Rebecca delves further into the subject by analysing cases and various scenarios which can arise depending on the actions taken…


Edward Rands – FRS 102

Edward Rands can be considered an expert when it comes to technical and regulatory matters. This excerpt is taken from a webinar Edward did a few weeks ago regarding the update on the FRC’s review of FRS 102 and what the imposed changes are and the impact they may have.

FRS 102 is considered one of the main accounting standards in the UK and Ireland. The first standardised version was published in 2012, 10 years ago. There has been one major review since then which was the Triennial Review of 2017 which led to amendments which were effective for accounting periods commencing on or after the 1^{st of} January 2019. The FRC are to take a more relaxed approach and are considering reviews every five years instead of every three years. The objective of these reviews to make sure that the FRS 102 and related standards stay up to date and do lead to high quality and cost-effective financial reporting. The new versions of the standards will come into force no earlier than accounting periods commencing on January 1^st, 2025.

Watch as Edward covers all of the above and shares his insights on the matters. In the full webinar, Edward delves into more standards including the four below:

• FRS 100 – Application of Financial Reporting Requirements
• FRS 101 – Reduced Disclosure Framework
• FRS 103 – Insurance Contracts
• FRS 105 – Micro-Entities Regime
  
  

Richard Jackson - Data Protection & Cyber Security: 1 + 1 = 10 

The phrases “Data Protection” and “Cyber Security” can immediately strike fear into accountants and accountancy staff, yet the reality is that both represent very “human” subjects that (when combined) can create a hugely powerful defence strategy for your firm. In 2018, when the GDPR was on all our minds – very few of us were talking about cyber security. Fast forward 4 years and cyber security has been identified as THE key to the future of accountancy firms, as some found to their cost in January of this year. Through his expertise in Business Development & Project/Account Management with specialisms in Health & Social Care and Accountancy, Richard is dedicated to helping all organisations and the people who work within them, to understand and embrace the power they hold.

In this clip, Richard Jackson discusses Data Protection, Cyber Security and GDPR and why accounting practices of all sizes are being targeted by cyber criminals. “The 2018 focus on the GDPR tricked most accountancy firms into a state of assurance and confidence”. Richard advises that your strategy must be formed on the basis of a combined Data Protection and Cyber Security focus. 

Watch as Richard provides expert analysis on the current issues being experienced by accountancy firms in relation to data security and tips on what to do and what not to do to ensure your practice stays safe…

Carl Bayley – Property Tax

Carl Bayley is considered one of the best when it comes to simplifying the complex world of taxation. In this clip he examines and provides an update on some topical issues in taxation for the private rented sector such as: Capital Losses, Paying CGT on UK Residential Property Disposals, When to Report a Property Disposal when you are a non-UK resident and Principal Private Residence Relief.

A capital loss is the loss incurred when a capital asset that has decreased in value is sold for a lower price than the original purchase price. Carl explores the reasoning behind taking account of Capital Losses.  He advises that multiple checks must be taken such as losses brought forward from earlier tax years, losses arising earlier in same tax year, later sales of UK Residential Property in same tax year and losses on disposals later in tax year.

“Basically, if you are already registered for self-assessment and you have other income or gains to report then yes you can report a UK residential property disposal.”

A Principal Private Residence is a house or apartment which you own and occupy as your only, or main residence. In the previous couple of years there has been significant changes to the PPR Relief. Carl notes two key changes which have happened to Principal Private Residence Relief from the 6^th of April 2020:

1. Final Period Exemption reduced to 9 months (remains 36 months where owner disables/resident in care home)
2. Private Letting Relief only for Periods of Shared Occupancy.
3. Private Letting Relief is seen as an extension to the PPR Relief as stated under the TCGA, Taxation of Chargeable Gains Act 1992.