SMEs

2013

• Simpler income tax system for the simplest small businesses II
• [15/02/2013] HMRC has published draft legislation which includes the transitional rules for the cash basis and simplified expenses rules for small businesses.
• Simpler income tax system for the simplest small businesses
• [15/02/2013] From the 2013/14 tax year, self employed individuals or partnerships carrying on the smallest trading businesses will be able to choose to be taxed on the basis of cash receipts less cash payments.

2012

• Model LLP Accounts
• [14/05/2011] ACCA has produced a set of model LLP accounts for members. Find further details here.

2009

• The Financial Reporting Standards for Smaller Entities (FRSSE): Going Concern and Financial Reporting
• [10/03/09] - The Financial Reporting Council (FRC) has issued guidance to update directors of small companies on assessing going concern. This guide looks at the use of a short note that can be used to explain how the current economic conditions impact on the company. It is aimed at users who prepare accounts under the FRSSE.
• Guide to...consolidated accounts
• [15/03/09] - ACCA UK has produced two 'Guides To...Consolidated Accounts' for ACCA members and their clients.
• Model FRSSE 2008 Accounts
• [01/01/09] - ACCA has developed a number of tools to assist practitioners who advise small company directors.
• FRSSE 2008
• [15/09/09] - The updated FRSSE may be used by small entities for accounting periods beginning on or after 6 April 2008.
• Disclosures in Company Accounts
• [12/10/09] - Disclosures in Company Accounts Referring to Companies Act 1985/2006 and either FRSSE (effective January 2007) or FRSSE (effective April 2008)

2008

• Small and Medium Sized Company Limits Increased
• [03/04/08] - The limits for small and medium sized companies and audit exemption have increased.
• Small Companies' Exemption from Audit under the Companies Act 2006
• [03/04/08] - Guidance on the conditions surrounding small companies' exemption from audit under the Companies Act 2006, including worked examples.
• POB
• [01/01/08] - On 23 March 2006 the Professional Oversight Board (POB) called for 'increased clarity over how professional accountants support small and medium-sized companies and users of their accounts and agrees measures aimed at improving the quality of financial accounts prepared with the assistance of professional accountants'
• Practice Note 26 - Guidance on Smaller Entity Audit Documentation
• [01/01/08] - Understanding Practice Note 26 - Guidance on Smaller Entity Audit Documentation.