A round up of other news this week.
On 16 May 2019, the Office of Tax Simplification published a report focusing on the day-to-day experience of businesses in dealing with tax, particularly smaller businesses that struggle the most. The recommendations put forward cover five themes: (i) providing simple step-by-step guidance about the key things a business needs to do in its early days to help things run smoothly; (ii) improving the operation of the PAYE system; (iii) the implementation of HMRC’s Agents Strategy; (iv) improving the mechanics of the Corporation Tax return process; and (v) ensuring that tax changes are built on an understanding of business processes. The review complements the OTS business lifecycle review, which addressed tax charges and reliefs applicable at key stages during the life of a business, focusing on external events such as the raising of capital or a change in ownership.
HMRC have now updated their guidance on ordinary share capital (OSC) (CTM 00514). This update includes clarification of HMRC’s view following the Stephen Warshaw FTT case.
The latest KPMG Pensions Accounting survey has been published looking at trends in best-estimate assumptions based on 212 clients with UK Defined Benefit (DB) pension schemes reporting under IFRS, UK GAAP or US GAAP as at 31 December 2018.
Companies listed on the AIM market are changing their executive pay structures to be more in line with the FTSE350.
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