Essentials - February 2007

Essentials is a short newsletter designed to keep you up to date with headline accounting, tax and legal developments. The newsletter contains useful web links through which you can access more detailed information and various tools and publications which we hope you find useful. The February edition features the following issues:

Accounting

• Preliminary guidance issued for the accounting implications of the WEEE legislation
  
• Periodic financial reporting - New rules for listed companies
  
• Major shareholding notifications - New rules for Listed, AIM and PLUS companies
  
• UITF proposes amendment to FRS 3 for FRS 26 users
  
• Year end reminders UK GAAP and IFRS
  
• Amendment to FRS 17, 'Retirement benefits'
  
• IFRIC 12, 'Service concession arrangements'
  

Indirect tax

• Business promotions – a single or multiple supply
  
• Accession of Bulgaria and Romania to the EU
  

Direct tax

• Franked investment income GLO: European Court of Justice finds partly for HMRC on principal question
  
• Key proposals from Varney report to impact VAT?
  
• European Court of Justice's Denkavit ruling has EU-wide implications for withholding taxes
  
• Ensuring compliance with the tax avoidance disclosure regime – technical note and draft tax clause
  
• Reviews of land use planning and planning gain supplement show uncertainties in direction of land taxation
  

Employer and Shareholder

• Do you know what your scheme input year is?
  
• The cost of share plans
  
• Pension Protection Fund increases 2007/08 levy
  

Legal

• What next for EU Employment Law?
  

Focus on

• Where next for offshoring?