FRS 102: The new lease accounting treatments | AccountingWEB
Aug 13, 2024 · On-balance sheet lease accounting. The FRC has aligned FRS 102, Section 20 Leases to IFRS® 16 Leases, albeit with additional simplifications and practical expedients to allow the new treatments to be proportionate to private entities.. Under the new recognition and measurement principles, a lessee will no longer distinguish between a finance lease and an …
Reverse-charge VAT rule is flipping confusing - AccountingWEB
Nov 30, 2023 · Learn about the different applications of reverse charge VAT rule in the UK, such as services to business customers, services from overseas suppliers, flat-rate scheme and domestic reverse charge for construction services. Find out how to record, declare and report reverse charge transactions on your VAT return.
Autumn Budget 2024: Essential tax rates and thresholds
Oct 30, 2024 · Find out the latest tax rates and allowances updated in the Autumn Budget 2024, covering income tax, dividend tax, pension tax, corporation tax, CGT, NIC and more. Compare the changes for 2025/26 and 2024/25 tax years.
Solving the basis period reform puzzle | AccountingWEB
Jun 21, 2024 · report the results of the accounting period up to box 64/65, bring in any basis period reform adjustments in the second part of the return. Whilst this might sound relatively simple, exactly how it works in practice will depend on what accounts the business draws up.
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Deferred tax: Get the details right - AccountingWEB
Dec 7, 2021 · FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland deals with deferred tax in Section 29 Income Tax.For micro-entities choosing to prepare financial statements under FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime, deferred tax is irrelevant.. FRS 102 requires deferred tax to be recognised on …
Employer’s NIC hike brings wide-ranging impacts
Oct 30, 2024 · The Budget announced an increase in employer’s national insurance contributions from 13.8% to 15% from 6 April 2025. This will affect businesses, workers in umbrella companies and personal service contractors, and may lead to a move towards the off-payroll market.
Related parties under FRS 102 - AccountingWEB
Jun 29, 2021 · Learn how to identify and disclose related parties and transactions in financial statements under FRS 102, the UK accounting standard for small and medium-sized entities. See examples, definitions and exemptions for different types of related parties and transactions.
Time to focus on the associated company rules - AccountingWEB
Mar 10, 2023 · From 1 April 2023, we will no longer have the simplicity of a single corporation tax rate, but instead be back to the position last seen in 2015 of juggling two rates and marginal relief.
Striking off a company: Get the details right | AccountingWEB
May 14, 2019 · Learn how to close a company using the striking off process, which requires solvency, agreement and a £10 fee. Find out the tax consequences for directors, shareholders and HMRC, and how to avoid the Bona Vacantia doctrine.