Small company definition

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EU Accounting Directive—summary of main provisions

EU Accounting Directive—summary of main provisions STOP PRESS: This Practice Note is currently under review in light of major changes to non-financial reporting rules proposed by the Commission pursuant to the omnibus simplification package of 26 February 2025 This Practice Note provides an overview of the main provisions of the EU Accounting Directive (2013/34/EU). Background The EU Accounting Directive, Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (the Accounting Directive) set out a new regime for the form and content of annual financial statements, and had the fundamental objective of modernising and streamlining reporting requirements for the smallest entities (the ‘think small first’ approach). The Accounting Directive was subsequently amended by the Non-Financial Reporting Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 as...

Foreign branch exemption—foreign permanent establishments amount

Foreign branch exemption—foreign permanent establishments amount As explained in Practice Note: Foreign branch exemption—structure of the foreign branch exemption, the concept of the foreign permanent establishments amount (FPEA) is the key determining factor in how much profit is exempted from UK tax by the foreign branch exemption. This is because, where an election is in effect, any profit or loss taken into account in arriving at the FPEA must be left out of account (by making appropriate ‘exemption adjustments’) in calculating the company's taxable total profits. Exceptions There are two significant exceptions to the rules, discussed in turn below. Dealing in or developing UK land First, in order to counteract certain structures utilising foreign permanent establishments (PE), UK profits and losses of a company's trade of dealing in or developing UK land are not to be left out of account for the purposes of calculating a company’s profits subject to corporation tax —ie the foreign branch exemption does not apply to such UK profits and losses from a...

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Cease and desist letter—IP infringement

Cease and desist letter—IP infringement [Alleged infringer’s name and address] [Date] Dear [insert name] [Insert title of the letter here, which should refer to the IP rights relied on, eg ‘UK trade mark registration number XYZ’’] [I am OR We are] writing on behalf of [name and address of the right holder]. [Name of the right holder] is [insert background information about the right holder— eg details of their business/products/services/works/inventions/designs]. [It is OR We are] the owner of [insert details of IP rights relied on] (the ‘IP rights’). It has come to [[name of the right holder]’s OR our] attention that you are [insert details of infringing activity]. Please see copies of [set out evidence of infringing actions] enclosed with this letter. [For the avoidance of doubt, [[name of right holder] does OR we do] not consent to your actions and [is OR are] concerned that they amount to an infringement of the IP Rights on the basis that [insert brief details of the basis of the...

Ireland—First board minutes—private company limited by shares

Ireland—First board minutes—private company limited by shares This is a precedent set of minutes of the first board meeting of the directors of a bespoke private company limited by shares. This Precedent should be amended to fit the circumstances of each individual case. COMPANY NUMBER: [insert number] [insert company name] LIMITED Minutes of a meeting of the board of directors (the Meeting) of [insert full name of company] (the Company) Some company boards may opt to hold their meeting on an electronic or virtual platform, or to hold a hybrid meeting where some participants gather in one or more physical locations, and others attend virtually. Companies may therefore wish to consider the most appropriate wording here. Attendance at the meeting As noted in relation to location, board meetings may take place in a physical and/or virtual context. The company’s constitution should be examined, and if necessary amended, to ensure that meeting formalities are constitutional. Pursuant to section 161(6) of the Companies Act 2014 (Ireland) (CA 2014 (IRL)), unless...

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SFO bribery case could test unanswered legal principles

Law360, London: Allegations by the Serious Fraud Office (SFO) that an insurance broker failed to prevent bribery will tread new ground, a sign that the agency is willing to probe largely unanswered legal principles to test the extent of its powers, lawyers say.