United Kingdom
Industry issues
VAT Alert
A very important VAT development on takeaway food happened on Thursday 24 March 2011 with the release by the EU's most senior tax Court of a judgement which could have significant benefits for a number of restaurant, pub, cafe and "fast food" outlets in the UK.
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ECJ opens door to zero-rating of hot take away food (and drinks)
The Future of UK GAAP - Implications for the retail, leisure and hospitality sectors
A new framework for accounting could lead to big changes in the financial reporting for retail, leisure and hospitality companies. The UK's Accounting Standards Board (ASB) have recently issued proposals to do away with UK GAAP in its current form for non-listed companies and groups and introduce a cut down version of International Financial Reporting Standards for use in the UK, known as the FRSME.
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Pension auto enrolment
Not heard about Personal Accounts yet? If not then you need to get up to speed! The Government is introducing a new State occupational pension scheme, into which every employee in the UK, aged between 22 and 75 and earning more than £5,035 (in 2007 terms), will be automatically enrolled (unless the employer offers a ‘qualifying’ pension scheme).
Accounting for leases - A new lease of life you could do without?
A proposal by the IASB to bring operating leases on balance sheet could bring about wide ranging changes for retailers. As ever with new accounting pronouncements, there are some devilish bits of detail.
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