Latest Accounting News from the UK's Leading Accounting …
2 days ago · This week’s round-up includes news that compliance suite TaxCalc has received a significant investment from private equity firm STG partners. AccountingWEB.co.uk is the largest independent online community for accounting and finance professionals, providing all the latest accounting news, opinion and insights and enabling online engagement.
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 all timing differences that have ...
VAT domestic reverse charge: Your questions answered
Dec 8, 2021 · The full HMRC technical guide to the VAT domestic reverse charge is worth bookmarking, but in summary the key points are:. The rules broadly apply to transactions between VAT registered businesses within the construction industry scheme (CIS) where the customer is not the ‘end user’ (the end user being someone who will not be making an onward supply of construction services).
Different types of company shares: A quick guide
Oct 14, 2022 · Redeemable shares. Redeemable shares allow companies the option to purchase them back in the future. Less commonly, shareholders can also sell them back to the company in certain circumstances. The redemption price is normally as the price at which the share was issued. Companies can only redeem shares out of the proceeds of a new share issue ...
Any Answers | AccountingWEB
I am starting an Accounting /Tax /BI practice. I am starting an Accounting / Tax Service / BI business but need to find a Continuity Partner. Asked by. nickelodean. 09th Nov 2024 12:30. Practice. 0. 3. 407.
Related parties under FRS 102 - AccountingWEB
Jun 29, 2021 · The definition of a related party is set out in FRS 102, para 33.2 and is split into related parties that are natural persons and related parties that are entities as follows: A related party is a person or entity that is related to the entity that is preparing its financial statements (the reporting entity). is a member of the key management ...
Moneysoft - AccountingWEB
Payroll Manager is a comprehensive, easy to use, HMRC recognised for 2019-20 RTI compliant payroll software package used by thousands of SME’s, agents, accountants and CIS Contractors across the UK. In the first 6 months of the tax year 2018-19, more than 1.5 million RTI submissions were successfully filed through our software.Features to support …
Property valuations under FRS 102 - AccountingWEB
Jun 17, 2019 · Owner-occupied property is accounted for under FRS 102, Section 17. Section 17 allows an entity to use the revaluation model for assets, but where the entity does apply the revaluation model to an asset it must revalue all assets within that asset class. The entity cannot just revalue those assets in the class which have increased in value ...
Three simplifications to self assessment | AccountingWEB
Dec 5, 2023 · Threshold bumped for 2023/24. The first announcement came in June 2023 when the tax authority bumped the threshold above which individuals with employment income only should file for self assessment (SA) from £100,000 to £150,000. This is effective for the current tax year 2023/24, with any taxpayers currently in self assessment whose earnings on their 2022/23 tax return are between £ ...
NIC changes: What you need to know | AccountingWEB
Mar 24, 2022 · The rates of primary class 1 NIC paid by employees are increasing on 6 April 2022 from 12% to 13.25% and from 2% to 3.25% for the upper rate. The lower earnings limit (LEL) has not been changed from the proposed level for 2022/23, which will be: £123 per week, £533 per month, £6,396 per year. On earnings between the LEL and the primary ...