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The Impact Of New Legislation On UK Financial Statements

With effect on financial statements commencing the 1st January 2016 onwards, statutory instrument 2015/980 is changing the format of UK accounts.

Let’s look at the main changes for small companies:

  • Small company accounting sizes have raised substantially. This also applies to audit exemption levels.
  • Small Company accounts disclosure requirements are simplified significantly.
  • Abbreviated accounts are abolished although small companies will be able to prepare ‘abridged’ accounts for shareholders and for filing at Companies House. There is no change to the exemptions previously existing for filing accounts in Companies House.

The new size limits for small companies are as follows:

  • Turnover less than £10.2m
  • Gross balance sheet total less than £5.1m
  • Less than 50 employees

Details of some of the disclosure requirements removed Read more

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    Posted on June 20, 2017 by Cooney Carey


    Irish Transfer Pricing Rules

    Ireland has to a large extent, a light touch transfer pricing regime.

    Irish legislation governing transfer pricing is to be found in Sections 835A to 835H Taxes Consolidated Act 1997.

    Under Irish legislation the following is excluded from transfer pricing regulation:

    1. Small and medium enterprises with staff of less than 250 and either has turnover under €50 Million or assets under €43 Million,
    2. Grand fathering arrangements put in place before 1 July 2010 and not changed since
    3. Arrangements between non-associated persons
    4. Non-trading activities

    The Irish Revenue do not propose to Read more

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      Posted on June 14, 2017 by Cooney Carey


      Changes To Companies Registration Office Filings

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      Effective from 1st June 2017, Companies Registration Office (CRO) are changing the method by which they will accept submissions of certain documents submitted to the public record. From that date, mandatory electronic filing will apply to the following submissions to be made to the CRO:-

      Form B1 – Annual return including financial statements and electronic payment

      Form B2 – Change of registered office

      Form B10 – Change of director and/or secretary, or in their particulars

      Form B73 – Nomination of new annual return date

      From 1st June 2017, CRO will not accept versions of the above documentation that are submitted in non-electronic format.

      Should you have any queries in relation to the above, please do not hesitate to contact Mary Flanagan of Cooney Carey Consulting for assistance.

      What Questions Do You Have?

      We are happy to help. Please post your comment below or call Mary Flanagan on 01 677 9000. Alternatively, send us an email: info@cooneycarey.ie

      To keep in touch, connect with our friendly team on LinkedIn.

      If this article helped you, please share it with other businesses.

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        Posted on May 10, 2017 by Cooney Carey


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