Trading places
Article Abstract:
UK companies should make the necessary preparations for customs changes designed for the achievement of the EC Single Market. Three provisions that will create an impact on export-import businesses are identified. They arethe VAT numbers and returns, EC sales listings (ECSL), and supplementary statistical declarations (SSD). The latest VAT changes add two more boxes that will serve as clearing mechanisms for recording the amount of VAT on imports from other member states. Thus, for fully taxable firms, VAT will be recorded as both output and input tax, and so neutralizing the result. On the other hand, ECSL is required from firms with yearly sales of 140,000 pounds sterling.It indicates quarterly exports to other EC businesses and will be used for verification by fiscal authorities. Lastly, the SSD is a required monthly tradestatistic registering both imports and exports that exceed 135,000 pounds.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1993
User Contributions:
Comment about this article or add new information about this topic:
Ruling for exemptions
Article Abstract:
New regulations governing UK's small- and medium-sized businesses took effect on Nov 16, 1992. Among the regulatory changes was the redefinition of the Companies Act's size criteria for such companies. The term 'small company' now refers to enterprises with no more than 50 employees, turnover of 2.8 million pounds sterling and a balance sheet total of 1.4 million pounds. Firms considered medium sized are those with employees not exceeding 250, turnover of 11.2 million pounds and a balance sheet total of 5.6 million pounds. In addition to the changed size criteria, exemptions for full statutory accounts of small businesses have also been introduced. These exemptions concern notes to accounts, the balance sheet, the director's report, the auditor's report and abbreviated accounts.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
Help yourself
Article Abstract:
British corporations can reduce the occurrence of computer crime in their operations by seeking out the reasons for the crime and the possible consequences for the organization. A survey conducted by the UK's Audit Commission shows that the seeming ease through which computer fraud can be carried out has resulted in the loss of business data and has diminished public confidence. The risk of computer hacking, virus infections and theft of data can bring losses to an organization comparable to those from fraud. Management can provide better protection of its information systems and business data by addressing issues such as computer security measures and basic control systems, training in data protection, computer file accessibility and the audit's role in computer security.
Publication Name: The Accountant's Magazine
Subject: Business
ISSN: 0001-4761
Year: 1992
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Capital adequacy. Accounting for charities
- Abstracts: Freight forwarding and the accountant. The shipping forecast
- Abstracts: Coping with people problems in practice. Giving and receiving
- Abstracts: Canadian CA elected president of IAA. The CICA is on the move. University of Waterloo hosts auditing symposium
- Abstracts: Underground auditing. Apocalypse no!