Brian Pereira

Looking for clarity on accounting standards? Today the FRC issued two new factsheets to support entities applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’: ➡️ FRS Factsheet 12 ‘Presentation of the financial statements’ ➡️ FRS Factsheet 13 ‘The Going Concern Basis of Accounting for Small Companies and Micro-entities’ Read the FRS factsheets now: https://ow.ly/GnyC50WTGOi #FRS102 #UKGAAP #AccountingStandards

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Last week, I saw a news headline - 𝘽𝙤𝙡𝙩 𝙇𝙤𝙨𝙚𝙨 𝙏𝙤 𝙁𝙄𝙍𝙎 𝘼𝙩 𝙃𝙞𝙜𝙝 𝘾𝙤𝙪𝙧𝙩 𝘼𝙣𝙙 𝙃𝙚𝙖𝙙𝙨 𝙏𝙤 𝘾𝙤𝙪𝙧𝙩 𝙊𝙛 𝘼𝙥𝙥𝙚𝙖𝙡 🎯 This is an overview of how the legal battle between Bolt and the Federal Inland Revenue Service (FIRS) over VAT obligations began and how it has progressed: 👉 𝘽𝙖𝙘𝙠𝙜𝙧𝙤𝙪𝙣𝙙 & 𝙃𝙤𝙬 𝙄𝙩 𝘼𝙡𝙡 𝙎𝙩𝙖𝙧𝙩𝙚𝙙 🔺       Initial Dispute at the Tax Appeal Tribunal (TAT) o  Bolt, a non-resident company operating ride-hailing and food delivery services in Nigeria, was designated by FIRS as a VAT collection agent. This meant Bolt was tasked with collecting VAT from independent drivers and food vendors on its platform and remitting it directly to FIRS. o  Bolt argued this was unlawful insisting it is merely a technology intermediary, not a provider of transport or food services, and drivers/vendors are independent operators not subject to Bolt’s VAT obligations. It claimed FIRS had overstepped its powers under Section 10 of the VAT Act. o  Despite these arguments, on 26 May 2023, the Tax Appeal Tribunal ruled against Bolt, finding that FIRS had lawfully exercised its discretion under Section 10(3) and (6) of the VAT Act to appoint Bolt as the VAT agent. The Tribunal dismissed Bolt’s appeal. 👉       Appeal to the Federal High Court o  Bolt then escalated the matter to the Federal High Court in Lagos, aiming to overturn the Tribunal's ruling. o  However, Justice Akintayo Aluko ruled in July 2025 that FIRS had acted within its authority, affirming the Tribunal’s decision and confirming that Bolt would remain responsible for VAT collection. Bolt was ordered to pay ₦1 million in legal costs to FIRS. 👉 𝙉𝙚𝙭𝙩 𝙈𝙤𝙫𝙚: 𝘼𝙥𝙥𝙚𝙖𝙡 𝙩𝙤 𝙩𝙝𝙚 𝘾𝙤𝙪𝙧𝙩 𝙤𝙛 𝘼𝙥𝙥𝙚𝙖𝙡 o  Persisting in its challenge, Bolt has now filed an appeal at the Lagos Court of Appeal to contest the High Court’s judgment. ……………… The ongoing tax dispute between Bolt and the FIRS boils down to one fundamental question: Who should bear the responsibility of collecting VAT, the independent drivers/vendors on Bolt’s platform, or Bolt itself as the platform operator? 📌       Bolt’s Position: Bolt insists it is a technology company, not a service provider. Its drivers and food vendors are independent operators who earn directly from customers. Forcing Bolt to collect VAT on their behalf blurs this distinction, increases compliance burdens, costs time, money and makes Bolt appear as if it is the actual supplier of the services. 📌       FIRS’s Position: FIRS argues it is far more efficient to appoint Bolt as the collection agent. Instead of chasing thousands of small, scattered drivers and vendors, VAT can be collected centrally through Bolt, ensuring better compliance and easier administration. In essence, Bolt wants to remain a neutral intermediary, while FIRS wants Bolt to function as a tax gatekeeper. The case is significant because it sets a precedent for how digital platforms are treated under Nigerian tax law.

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HMRC has uncovered a system error affecting certain 2024/25 Self Assessment tax returns, which may incorrectly show Class 2 National Insurance contributions (NICs) as payable - even when they are not due.   Read more: https://lnkd.in/ebKBKsxk

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New on the Insights Hub: ➡️ Accountants face new money laundering threats ➡️ Auditing groups: risk-based scoping made simple ➡️ HMRC offers agents support with MTD for income tax ➡️ Executing a sustainability assurance engagement The Insights Hub is free for ICAEW members to access. #icaewDaily #weeklyroundup #insights

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Deals drive momentum at accountancy firm “It’s a privilege to work with ambitious businesses across the region – helping them build a robust financial picture of their success.” Accountancy firm Harold Sharp Limited is looking to expand following a string of successful client acquisitions and business exits. The Sale-headquartered has supported 12 clients through acquisition deals worth over £17 million in the past two years, including two international buyouts involving long-standing Manchester-based clients Gerritsen Group UK / Speedrite and Detail Design Engineering Limited (Now Nordomatic UK). Read more here: https://lnkd.in/eH3jpZd2 Charlotte Hinchcliffe Fred Norman Amie Wilson

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🎙️ Tax Partner at Grant Thornton, Peter Vale, gives his thoughts on the latest Exchequer Returns which were released last Thursday. "All eyes were on the corporation tax number in today’s Exchequer figures. After a wobble in May when weak corporation tax figures were recorded, the bounce back in the June figures will provide some reassurance to the Government. Solid figures in June usually signal positive receipts for the critical month of November, which should help maintain the current surplus and give some surety in the Budget planning process. The June corporation tax figures are likely to have been boosted by a strong technology sector performance in particular. While the bounce in corporation tax is very welcome, it underscores the volatility in this tax head and our reliance on such a small cohort of MNCs. In other taxes, income tax receipts have dipped marginally versus forecast, but at this stage should not give cause for concern. June is a non month for VAT receipts but year to date returns are running 5.8% ahead of 2024, reflecting ongoing strong consumer spending. Capital taxes remain significantly ahead of 2024 figures, another indicator of the resilience of the Irish economy at a time of global uncertainty. Overall, strong corporation tax returns the highlight of another solid month for the Exchequer." #Tax #Exchequer #ExchequerReturns

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The Committee for Economic Development, the Guernsey Financial Services Commission (GFSC), Guernsey Finance and the GIBA - Guernsey International Business Association are jointly commissioning a Finance Sector Policy Framework to identify the opportunities for Guernsey’s finance sector to grow, diversify and become more competitive over the next 5-10 years. Representatives of all four parties have overseen a competitive tender process involving on-island, and off-island, experts with a demonstrable track record in working with international finance centres and governments across the world. The preferred bidder has been confirmed as Oliver Wyman. The firm will begin work this month, with the project concluding during Q1 of 2026. Read more at https://lnkd.in/eMSmgcvd

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Tired of seeing a new audit team every year? 🤔 You’re not alone. Katie Warrington (CP’s National Head of Audit) and Ben Eason (CP’s Head of New Business Relationships) have spoken to more than 300 mid-market finance leaders in recent times. One of their most common pain points? 💉 A lack of continuity in audit teams. New faces every year means repeated questions and wasted time ⏱️ But it also means a shortage of historical insight, a greater burden on your team, and fragmented reporting that makes year-on-year progress hard to track. In this, the first of five Mid-Market Audit Pain Point clips, you can find out what Katie and Ben learnt from their conversations and how CP addresses those challenges for our mid-market clients 👇📽️ #Audit #MidMarketBusiness #AuditQuality #CooperParry

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