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NEWSTAX: CHANGES TO PAYEOPERATION PROPOSEDRecent sensational headlines in the presson the PAYE system have concentratedon just a small part of an attempt by HMRevenue & Customs to explore possible waysforward in its operation. The department’srecent discussion document, Improving theOperation of Pay as You Earn, was publishedon 27 July – long before the document waspicked up by the national press, writes AdrianMansbridge.There is a great deal of the 29-pagedocument that makes sense. The ‘offending’area of the document is in Chapter 5 underthe heading ‘centralised deductions’. At para5.6 it suggests that the employer could senda gross payment of an employee’s salarythrough an electronic payment system to acentral calculator where deductions duewould be made and retained by HMRC, withthe balance proceeding to the employee’sbank account. It is, however, difficult toimagine a situation where all of anemployee’s money is sent to HMRC orthrough an HMRC-inspired piece oftechnology where it is split between theemployee and HMRC.What is more feasible is for gross taxablepay to be sent electronically by the employerto HMRC, who then gets the figures backfrom HMRC showing the net to be paid tothe employee and the amount due to HMRC.This electronic data could be made availableto the employee in lieu of a payslip (althoughthe discussion paper envisages the possibilityof doing away with payslips).It is a struggle to see a situation where themoney itself goes anywhere other than whereit should or is entrusted to a governmentbureaucracy for allocation. That, surely, is astep too far?TAXATION COMMITTEEThe LSCA’s Taxation Committee is seekingnew members. The committee responds toconsultation and other papers on taxationmatters issued by HM Revenue & Customs,HM Treasury and other bodies. It providesthe opportunity for lively debate and selectscertain topics for broader discussion andpublication. Members in industry andcommerce are particularly welcome.Contact Gay Jordan on 01844 291490 orgayjordan@kiboko.freeserve.co.uk2011 LSCAANNUALDINNERAdrian Mansbridge is chairman of the LSCA Taxation Committee. Read the full article atwww.icaew.com/londonaccountantFINANCIAL REPORTING: RADICAL CHANGESTO LEASE ACCOUNTING ON HORIZONWill aircraft appear on the balance sheet?The International Accounting Standards Board has issued an exposure draft that wouldradically alter the accounting for leases. The exposure draft, Leases, proposes to replacethe current standard, which distinguishes between operating and finance leases, with a newaccounting model under which all leases would be recognised on the balance sheet.While investors may welcome the proposals, companies may not. The proposals could leadto substantial increases in reported assets and liabilities for many companies that use operatingleases.Read full article by Edward Haygarth, chairman of the LSCA’s Technical Committee, atwww.icaew.com/londonaccountantBooking is now open for the LSCA AnnualDinner on Friday 18 February 2011 at TheBrewery. This is an opportunity to entertainclients, colleagues and friends.LSCA president Samantha Russell will hostthe event, and our key speaker will be BarryHearn, ICAEW member and a well-knownsports promoter and entrepreneur – primarilysnooker, darts and boxing. Barry is alsochairman and controlling shareholder ofLeyton Orient FC. He will be featured in theJanuary/February issue of London Accountant.After dinner, doors will open to anadjoining room where those who wish to takepart can enjoy music and dancing.More details are available at www.icaew.com/LSCAdinner. Contact Annaliese Shiret on 0207920 3515 or annaliese.shiret@icaew.com4november/december 2010 londonaccountant
Clarified ISAsWays to keep your headabove waterClarifi ed ISAs are effective for December 2010 audits andbeyond - are you prepared for the changes ahead?You may already have some areas covered but if you have concerns about training your team, yourroutine or specialist audits, or receiving a clean bill of health from your governing body, we can helpyou avoid that sinking feeling!Open courses - Our ‘Clarifi ed ISAs - Practical Implementation’ course is running throughout November and December.In house courses - Any of our courses can be held at your offi ces or chosen venue.Webinars - Our increasingly popular one hour webinar programme includes clarifi ed ISA related topics.Audit and Specialist Assignment Manuals - The clarifi ed ISA version of our Audit Manualhas been available since September. The manual is complemented by a nationwide series oftraining courses for new and existing users, which are also available in house and in digital format.Paperless Audit - The Mercia audit methodology is also available through both CasewareAudit and CCH Audit Automation.Audit Quality Reviews - We offer a range of reviews that will help you establish and monitorquality control procedures.Telephone Support - If you simply need practical advice you can call us on 0116 258 1200.Find out more at www.mercia-group.co.uk/clarifiedisas
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Page 15 and 16: PROFILE‘It’s astonishing what a
Page 17 and 18: STYLETIE ME UP,TIE ME DOWNBETH HOLM
Page 19 and 20: ENTERPRISE‘Supply chain opportuni
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Page 25 and 26: HISTORYContrary to popular belief,
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Page 31 and 32: REVIEWSCD REVIEW by Richard JosephE
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