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ATOL

New accountancy rules for ATOL companies

ATOL registered travel companies are subject to rigorous auditing and accounts reporting, to fulfil their statutory obligations.

However, from 1 April 2016 onwards, only a registered and designated ‘ATOL Reporting Accountant’ (ARA) working with a registered firm, will be able to sign ATOL accountants’ reports.

Although the travel industry may feel that this is yet more red tape for them to deal with, the new rules protect both ATOL companies and their customers. The new qualification means that ATOL companies can appoint an ARA accountant, safe in the knowledge that the individual really does understand what the CAA expects by way of information.

Here at Fawcetts we are able to offer ARA accounting services to ATOL companies.

James Hayes, is a registered ARA and fully meets the latest requirements set by ATOL and the CAA.

We would be happy to discuss your audit and ATOL accounting requirements. To discuss your needs and how we can help you, please contact us.

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Latest News

Public pilot of Making Tax Digital for VAT opens

HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT.

The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the last two years.

Some other groups will need to wait to join, including those:

  • trading with the EU;
  • based overseas;
  • submitting VAT returns annually;
  • making payments on account;
  • using the VAT Flat Rate Scheme; or
  • who have never submitted a VAT return in the past will need to wait to join.

HMRC has also announced that a small number of the most complex businesses will have a six-month deferral to October 2019 before they need to comply with the requirements of MTD for VAT.

MTD for VAT will require businesses with turnovers of £85,000 or more to keep digital records and make quarterly digital submissions to HMRC using ‘designated software packages’ from next April.

Link: MTD for VAT shifts to public pilot

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