Oil and Gas Reporting Survey

Published by: Oil & Gas December 2010  UK

With the turbulence experienced in the financial markets over the last year, it felt fitting to take a look at the impact its had on the financial reporting of UK listed companies in the Oil and Gas sector. With all cycles in the economy we can follow a direct link with volatility in oil and gas prices and so it has not been surprising to see that 2008 year end reporting has been dominated by disclosures on going concern, impairment and re-financing.

Oil and Gas Reporting Survey

Published by: Oil & Gas December 2010  UK

With the turbulence experienced in the financial markets over the last year, it felt fitting to take a look at the impact its had on the financial reporting of UK listed companies in the Oil and Gas sector. With all cycles in the economy we can follow a direct link with volatility in oil and gas prices and so it has not been surprising to see that 2008 year end reporting has been dominated by disclosures on going concern, impairment and re-financing.

Global M&A: Outlook for Chemicals

Published by: Chemicals November 2010  UK

The chemicals industry is in a period of flux. From the market peak in Q3 2008,chemical prices and company valuations have tumbled. Now that company valuations appear to be reaching a turning point, our analysis of the data and industry insights leads us to believe that increased merger and acquisition (M&A) activity driven by companies in the growth regions of the Middle East and Asia could change the shape of the international chemicals industry.

Weekly Tax Matters 6 September 2010

Published by: Weekly Tax Matters September 2010  UK

A weekly newsletter which covers the latest issues in taxation and government announcements relating to tax matters.

Euro Tax Flash

Published by: Corporate Tax September 2010  UK

European Commission – Tax Consultation. Taxation of cross-border interest and royalty payments in the EU.

Indirect Tax Update 34/10

Published by: Indirect Tax September 2010  UK

Meetings of Working Party on Tax Questions (Indirect Tax) The Working Party on Tax Questions (Indirect Tax) will resume discussions on a number of European legislative proposals in September. These include the recast Regulation on implementing measures for Directive 2006/112, the extension of the minimum standard rate to 2015, the treatment of travel services and the proposal to extend the deadline for the claims under the new EU VAT refund procedure.

Insurance Accounting and Regulatroy Update

Published by: Financial Services August 2010  UK

We are pleased to make available the slides presented at our annual Client Insurance Accounting and Regulatory Update seminar. These slides provide high level discussions on Insurance Contracts Exposure draft, other IFRS accounting developments and Solvency II QIS 5

Pensions Repayment Monitor

Published by: Pensions August 2010  UK

This is the fifth Pensions Repayment Monitor by KPMG in the UK. Over the last four years our survey has continued to show that many FTSE 100 companies would be able to repay their pension scheme deficits from discretionary cash flow (see methodology on page 7) within three years if they chose to, with a significant number able to do so in a single year.

Mineral companies IPO - Think beyond the process

Published by: Oil & Gas August 2010  UK

Do you have all the bases covered for a successful IPO? Our research shows that many companies can underestimate the demands that the IPO process places on their existing resources and may often fail to anticipate the longer-term behavioural and structural changes required as the company transitions from a private to a public one.

Indirect Tax Update 33/10

Published by: Indirect Tax August 2010  UK

Updated Fleming Theme Guidance – July 2010 Last week HMRC released their updated supplementary internal notes on certain types of claims used by HMRC officers alongside main Fleming guidance. The document is now 95 pages long and covers a wide range of claim areas. We have provided a useful summary of the changes.

Weekly Tax Matters 20 August 2010

Published by: Weekly Tax Matters August 2010  UK

A weekly newsletter which covers the latest issues in taxation and government announcements relating to tax matters.

Indirect Tax Update 32/10

Published by: Indirect Tax August 2010  UK

UKFTT 339 Masterlease A partial victory for the appellant in another case about the value of cars supplied under HP agreements and then repossessed. The Tribunal came up with a pragmatic de minimis approach to identifying whether the repossessed vehicles had been sold on in the same state or not but found for HMRC in stating that, where the cars had not been sold on in the same state, HMRC was entitled to reduce Masterlease’s claim for overpaid output tax on the first sale, by the underdeclared output tax due on the second sale. UKFTT 345 CPG Logistics Limited This was a case about the meaning of ‘outstanding amount’ in the context of bad debt relief claims. The appellant was successful – the Tribunal considered the wider picture of all the agreements between the parties and what the compromise payments made were meant to cover.

Euro Tax Flash

Published by: Corporate Tax August 2010  UK

Netherlands – Dutch District Court decision supports net taxation argument

KPMG’s Private Client Update, August 2010 - Entrepreneurs’ Relief

Published by: Personal Tax August 2010  UK

This briefing sheet sets out a broad summary of Entrepreneurs’ Relief, and reviews the key conditions including which disposals qualify for relief, the amount of relief, company reorganisations and sales of shares for assets other than cash, and relief for certain sales before 6 April 2008. It is not intended to cover all aspects of the relief as meeting the necessary conditions to qualify for Entrepreneurs’ Relief is not straightforward.

UK Banks: Performance Benchmarking Survey Half Year 2010

Published by: Financial Services August 2010  UK

This survey analyses the 2010 interim results of the following banks: Barclays, HSBC, Lloyds Banking Group, RBS and Standard Chartered. It provides you with analytical insight into the banks’ reported results within the context of an ever-changing political, regulatory and economic climate.

Financial Reporting Matters - 9 August 2010

Published by: Audit August 2010  UK

UK pensions and change from RPI to CPI; improving board effectiveness and corporate governance; insurance contracts ED; revenue from contracts with customers publications

Private Client Update, August 2010 - Non-Doms and the Nominated Income Conundrum

Published by: Personal Tax August 2010  UK

Identifying if you are a Non-Dom or do you have Non-Dom clients who will be paying the £30,000 charge, what is nominated income and what are nominated capital gains, what it means to you and what are the next steps

Private Client Update, August 2010 - Bank account segregation for non-doms

Published by: Personal Tax August 2010  UK

Account segregation can allow non-UK domiciled individuals (Non-Doms), to whom the remittance basis applies, to choose which monies they remit to the UK which could enable them to reduce their liability to UK tax. This article looks at why bank account segregation so important, what happens to those who do not segregate bank accounts, the implications of a mixed fund and how to avoid them in practice, and what should be done?

Weekly Tax Briefing 6 August 2010

Published by: Weekly Tax Matters August 2010  UK

A weekly newsletter which covers the latest issues in taxation and government announcements relating to tax matters.

Indirect Tax Update 30/10

Published by: Indirect Tax August 2010  UK

This week's headlines are: Judgment – Astra Zeneca UK (C-40/09) The ECJ has released its Judgment in the Astra Zeneca UK (AZ) case agreeing with the AG that the payment of part of a salary in retail vouchers constitutes a transaction that is subject to VAT. Council Regulation on implementing the Directive including new place of supply rules – updated version publicly available An updated version of the proposed Regulation implementing measures of the VAT Directive has been made publicly available. Rank – Referrals from the Court of Appeal and Upper Tier Tribunal lodged with the ECJ Referrals in the ongoing Rank litigation have been registered at the ECJ by the Upper Tier Tribunal and Court of Appeal. John Wilkins (Motor Engineers) Limited & Ors – Court of Appeal - taxpayer win on time limits point The Court of Appeal has released its Judgment in John Wilkins & Ors, otherwise known as the Compound Interest Project (CIP). The Court found in favour of the taxpayers that the claims were made in time which will allowing the Court to go on to consider the arguments on the substantive issue of Compound Interest.