The main restriction on the work that can be undertaken by members of AAT is the audit threshold. Anyone can prepare the accounts. However, if the company requires an audit then that must be signed off by a registered auditor. Charities can either be audited or undertake a form of audit called an independent examination. Whether an audit is required depends on the company or charity’s turnover or gross income.
Contact details and helplines
- AAT Helplines (only available to AAT Professional members)
- HM Revenue & Customs (contact details)
- Companies House (contact details)
- Charity Commission for England and Wales (contact details)
- Scottish Charity Regulator (OSCR) (contact details)
Useful documents and links
If you provided the accounts that you have prepared to be sent, in support of a mortgage application or loan, to a bank or building society then you may find this covering letter useful.
- Digital Services Tax (DST)
- Digital Services Tax - Business Y
- Cyber Security checklist
- Guidance on applying for an exemption from MTD for VAT (April 2019)
Accounting Standards (IFRS Standards)
The accounting standards that a member or student would use to prepare the financial statements of an entity may depend upon:
- the legal requirements of the country (state, jurisdictions)
- the type of entity (business, charity, government organisation, etc)
- the legal status of the entity (sole trader, partnership, private limited company, public limited company, etc)
the size of the entity.
If the International Financial Reporting Standards (IFRS) or the IFRS for SMEs Standard can be used then here are some of the relevant links:
- List of IFRS Standards
- The IFRS for SMEs Standard
- List of all the latest unaccompanied IFRS Standards and IFRIC Interpretations by language
The IFRS Foundation has a standard-setting body called the International Accounting Standards Board (IASB) that sets the IFRS Standards.
Please note that some countries (eg the UK) use endorsed or modified versions of the IFRS Standards and IFRS for SMEs Standard.
Accounting Standards (UK and Ireland)
The Audit, Reporting and Governance Authority (ARGA) will be replacing the Financial Reporting Council (FRC) which currently sets UK and Ireland accounting standards.
View a full list of FRS standards.
- FRS 100 Application of Financial Reporting Requirements
- FRS 101 Reduced Disclosure Framework
- FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
- FRS 103 Insurance Contracts
- FRS 104 Interim Financial Reporting
- FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime
Statements of Recommended Practice (SORPs) - UK
View a full list of SORPs
Effective for periods commencing on or after 1 January 2019.
Tax (HMRC guidance)
- Income Tax
- Tax Credits
- Corporation Tax
- Capital Gains Tax
- Inheritance Tax
- Stamp Taxes
- Construction Industry Scheme
- Tax Tables
Here is a comprehensive list of tax agent toolkits that cover the following subjects:
- Capital Gains Tax toolkits
- Companies toolkits
- Employer toolkits
- Toolkits for individuals
- Property rental toolkit
- VAT toolkits
- Trusts and estates toolkits
HMRC – Webinars, updates, bulletins and newsletters
- HMRC Webinars – aimed at tax agents. You can ask the host questions during a webinar using the on-screen text box.
- Agent Updates
- HMRC Employer Bulletins
- HMRC Trusts and Estates newsletters
- Employment Related Securities bulletins
This article covers the changes to the Off-payroll working rules applying from 6 April 2020.
Disguised remuneration schemes and the loan charge
Disguised remuneration schemes are tax avoidance arrangements that seek to avoid Income Tax and National Insurance contributions by paying scheme users their income in the form of loans. The intention is for the loans never to be repaid, so they are no different to normal income and are taxable.
To tackle these schemes the loan charge was announced at Budget 2016. The loan charge applies if the individual received a disguised remuneration loan or credit on or after 6 April 1999 and it's still outstanding on 5 April 2019, unless the individual or their employer have previously accounted for any tax due on the loan.
On 11 September 2019, the Chancellor announced an independent review of the loan charge. HMRC recognises that some individuals may want to wait for the government’s response to the review before finalising their settlement.
- HMRC guidance: Report and account for your disguised remuneration loan charge
- HMRC issue briefing: Disguised remuneration charge on loans
- The Treasury and HMRC announcement of the disguised remuneration: independent loan charge review
- Companies House GOV.UK homepage
- Companies House guidance for limited companies, partnerships and other company types
- Companies House: get information about a company (this facility is essential for credit control)
- People with significant control requirements for companies and limited liability partnerships: the person with significant control (PSC) requirement was introduced on 6 April 2016 as part of the Small Business, Enterprise, and Employment Act 2015. A PSC is someone who owns or controls the company (this includes Societates Europaeae [plural for Societas Europaea], limited liability partnerships and eligible Scottish partnerships).