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| Thames Valley Chamber of Commerce Quarterly Economic Survey | |
The latest British Chambers of Commerce Quarterly Economic Survey, and the first after the Budget, is now live. The results of each survey form the Thames Valley report, which we are proud to sponsor. | |
Q3 Quarterly Economic Survey - what do the latest results mean for your business?
Senior Account Manager at the Chamber Tim Major sat down with Sue Staunton, Managing Partner and Head of Life Sciences here at James Cowper Kreston, Stuart Morrison, Research Manager at the British Chambers of Commerce and Bob Devine, Director of Charity Investment Services, to get their reflections on the Q3 results and views on the outcome for the Q4 survey. | | | |
How is your business responding to the recent Budget and other policy announcements such as the Making Work Pay Bill and National Living Wage? Make sure you have your say by taking part in the Q4 Quarterly Economic survey by clicking below. | |
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| Navigating the Upcoming Changes to FRS 102: What You Need to Know | |
The Financial Reporting Council (FRC) has announced significant amendments to FRS 102, set to take effect from 1 January 2026. These changes aim to align UK GAAP more closely with international accounting standards, bringing a fresh wave of updates that businesses need to prepare for. Here’s a detailed look at what’s coming and how it might impact your financial reporting. | | | |
Key Changes to FRS 102
The amendments to FRS 102 introduce several important updates, including a new model for revenue recognition and on-balance sheet lease accounting, highlighting: - Revenue recognition: The new model aligns with IFRS 15, introducing a five-step process for recognizing revenue from contracts with customers. This change will require businesses to review their revenue contracts and apply the new model, potentially impacting the timing of revenue recognition.
- Lease accounting: Based on IFRS 16, the new lease accounting model requires lessees to recognize leases on the balance sheet as a right-of-use asset and a lease liability. This change will affect EBITDA and key financial metrics, with exemptions available for short-term leases and leases of low-value assets.
- Other amendments: The updates also include modifications to fair value measurement, uncertain tax positions, and business combinations. A revised Section 2 aligns with the IASB’s Conceptual Framework, providing a more consistent approach to financial reporting.
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Impact of the Budget on Technology based businesses | |
Successive Governments have identified technology and innovation key to the UK’s economic growth and have implemented tax measures and incentives to encourage development and investment in technology-based businesses. So, has that focus continued under the new administration and has this been reflected in the Labour Government’s first budget? | | | |
The Government has repeatedly stressed the importance of technology and innovation. The recent Green Paper – “Invest 2035 – the UK’s modern industrial strategy” issued for consultation on 17 October identifies eight key sectors for focus. Included within these eight are:
Advanced manufacturing Clean energy Digital and technologies Life sciences
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| Abolishing the Non-Domicile Regime from 6 April 2025 – Post Autumn Budget Update | |
A number of changes were announced in the Autumn Budget 2024 affecting non-domiciled individuals, who are primarily those born overseas who may move to the UK for a period of time, but do not consider the UK to be their permanent home.
The headline changes are broadly in line with those announced in the Labour manifesto, which built on the Conservative Party’s announcements in the Spring Budget.
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The key summary can be viewed by clicking below. | |
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| Under 100 days to go until self assessment deadline | |
HMRC has warned taxpayers that the countdown to the self assessment deadline is now underway, with less than 100 days to go. Self assessment taxpayers must file and pay their self assessment tax return before the 31 January 2025 deadline. | | | |
The tax authority says more than 12 million people need to file a tax return for the 2023/24 tax year and pay any tax owed by the deadline. | |
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| Our Corporate Finance Team win at Thames Valley Deals Awards 2024 | |
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The Thames Valley Deals Awards is the leading event in the region’s corporate finance calendar, bringing together corporate finance advisers, lawyers, bankers, private equity investors, accountants, and funding specialists. To read the full article, please click below.
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| Preventing bad behaviour at the Christmas Party | |
JCHR, our payroll and HR outsourcing service is taking a timely look at staff parties this month, and this is particularly apt given that employers are now under an enhanced duty to prevent sexual harassment at work. | |
As staff parties are usually regarded as ‘at work’ by courts and tribunals, and as incidents of sexual harassment tend to be more likely to occur at staff parties, employers – more than ever - need to take sensible steps to prevent bad behaviour. Our employer's briefing contains pragmatic guidance for employers and can be read in more detail below. | | | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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