Business and Other Briefings

OFT: The Competition Commission (CC) and the Office of Fair Trading (OFT) have jointly published a quick guide to help businesses understand what to expect from the competition authorities when they investigate a merger.  The publication complements the detailed joint Merger Assessment Guidelines, which were published by the CC & OFT in September 2010.
Press release
 
FSA: The Financial Services Authority (FSA) has recently confirmed rules to improve the quality & consistency of auditors’ client assets reports.  The policy statement sets out 10 new requirements for firms and their external auditors.
Press release
 
KPMG: KPMG reports a ‘surge of enquiries’ on iXBRL, the soon to be compulsory online tax filing language. Whilst currently seen as a compliance headache, the real benefits of online filing are yet to be seen, says KPMG. As of last Friday, 1 April 2011, it will be compulsory for all businesses to file their corporation tax returns online in “iXBRL” format.  But despite this having been trailed for the past 2 years, many businesses are still not ready.
Press release ~ HMRC: Switching from paper to online Company Tax Returns and electronic payment
 
HMRCRevenue & Customs Brief 19/11
This Brief confirms HMRC's view of the VAT treatment of supplies of hot food made in the course of catering.
PDNS: Mandatory Active Cyber Defence for Public Sector Networks. Latest Guide