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Preparing for FRS102 - the new UK GAAP  NEW

The Essentials of UK VAT
The Essential Guide to UK VAT and International Trade
The Essential Guide to UK VAT and International Services
Coping with VAT Visits and Investigations
The Essentials of UK VAT on Land, Property & Construction NEW
Maximising Foreign VAT Reclaims
The Role of a Company Secretary in the 21st Century
The Essential Duties of a Company Director
The Essentials of Employment Law
Effective Remuneration and Reward Systems NEW
Auto Enrolment - A Practical Guide NEW
Maximise Tax Savings from R&D Credit Relief and Patent Box NEW
The Essential Guide to Protecting Your Intellectual Property NEW
Export Procedures and Controls NEW
Import Procedures and Controls

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Things to look out for in 2014

2014 predictions: employment law in 2014, companies house reforms, vat changes, frs 102The next 12 months is going to see many significant changes in key policy areas that will be of particular interest to UK Training's customers and have a direct impact on all UK organisations.

For those responsible for preparing accounts, 2014 is when you should be preparing for the transition from UK GAAP to FRS 102. There are impending changes to UK VAT and to Company Law, as well as further very important changes to Employment Law that will affect all employers throughout the UK.

FRS 102

FRS 102 is being heralded as the biggest change in financial reporting for a generation and the implementation date of 1st January 2015 is fast approaching. As we move through 2014 it is crucial that organisations are preparing for FRS 102 by identifying the changes that need to be made to their balance sheet at the transition date. The transition date is the year-end that falls on or after 31st December 2013. You will also need to assess the commercial impact that FRS 102 has on such things as loan agreements, distributable profits and profit related pay.


Unsurprisingly, VAT will see significant changes in the coming 12 months – most notably with changes to the B2C treatment of telecommunications and broadcasting services and the introduction of the Mini One Stop Shop (MOSS) in 2015.  If you deal with any of these services, we strongly recommend that you start preparing for the changes in 2014 – this will help you avoid being caught out when they are implemented. Businesses should be able to register for MOSS from October 2014.

There are a few other key dates in the VAT calendar to keep in mind. The fuel scale charges are likely to change in the budget and will be applied to VAT accounting periods that begin on or after 1st May 2014. Remember that the HMRC advisory fuel rates will also alter in March, June, September and December. 

If you are involved in overseas trade then it is worth noting that the French rates of VAT changed at the start of 2014 – the standard rate went from 19.6% to 20%. There are also major VAT changes happening in Poland.


The Government is proposing to remove duplication, simplify filing requirements and reduce burdens on companies when filing information with Companies House. The key proposal is the abolition of the annual return. Under the proposed plans companies could instead digitally confirm each year that the information held by Companies House is correct or update it as and when it changes.

There is also a commitment from the Prime Minister to create a 'Central Register of Company Beneficial Membership' at Companies House. This will record details of individuals who have a beneficial interest in at least 25% of voting rights or who control the way that companies are run. The Register will be publicly available and is intended to increase transparency and openness.


Changes to the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) come into force on 31st January. These include a new provision allowing the new employer to consult pre-transfer with representatives of transferring employees for the purposes of complying with the collective redundancy rules. There will also be a little more flexibility regarding the variation of contractual terms after one year and the relocation of the workforce.

From 6th April there will be a requirement for potential Employment Tribunal claimants to lodge details of their proposed claim with Acas in the first instance. Acas will offer the parties the opportunity to engage in conciliation with a conciliation officer. This can take up to six weeks and the limitation periods for bringing a claim will be extended as a result.

Also from April 2014, Employment Tribunals will have new powers to impose a financial penalty of up to £5,000 against employers that are in breach of employment rights where the breach has one or more aggravating features. Further powers come into effect in October that will allow Tribunals to order an organisation to carry out Equal Pay Audits where there has been a breach of the equal pay provisions of the Equality Act 2010.

The right to request flexible working, which currently applies to employees who have children or who are carers, will be extended to all employees from 6th April. Employers will have a legal duty to deal with the request in a reasonable manner.

HMRC’s statutory rates of pay for maternity, paternity, adoption and sickness will all increase as usual on 6th April. The statutory rates for the National Minimum Wage will  increase on 1st October. The Chancellor has already indicated that the main rate will rise to £7.00 per hour.

No doubt there will be further proposals and developments throughout the year. UK Training's VAT, Company Law, Employment Law and Finance seminars are continually updated to reflect the latest changes so keep checking the website and ensure that your organisation is meeting all its legal obligations.


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