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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A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016.
However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014.
The request was made by a partner in a ‘magic circle’ law firm, who was himself issued with a late penalty notice, despite having submitted his tax return in December, ahead of the 31 January deadline.
Despite having filed on time, when HMRC overturned the penalty in March this year, it nevertheless issued a letter, stating “if you file on time we won’t charge penalties”.
While HMRC revealed the number of late penalty notices that were cancelled over the three-year period, it did not disclose how many of these were the consequence of errors on the part of the Revenue, as opposed to the taxpayer having a reasonable excuse for late filing.
A spokesperson for HMRC said: “We don’t want penalties, we just want tax returns. Taxpayers with a reasonable excuse for filing late or who have been taken out of SA do not have to pay penalties. Taxpayers who file on time are not issued with penalties.”