Latest Accounting News from the UK's Leading Accounting …
2 days ago · Making tax digital. Making Tax Digital (MTD) is a UK government initiative to digitise the tax system. April 2022 saw the extension of MTD for VAT and April 2026 will see the …
Basis period reform: Time to change accounting date?
Oct 18, 2024 · 23 months to 31 March 2024 = £150,000. If we draw up one long set of accounts, we have to apportion the profits for the 23-month period between the standard part and …
Home | AccountingWEB
2 days ago · Making tax digital. Making Tax Digital (MTD) is a UK government initiative to digitise the tax system. April 2022 saw the extension of MTD for VAT and April 2026 will see the …
FRS 102: The new lease accounting treatments
Aug 13, 2024 · The following lease payments have been recognised in profit or loss as the lease was previously accounted for as an operating lease under FRS 102 (January 2022). £. Year to …
Cash basis to replace accruals for self-employed
Nov 22, 2023 · The Chancellor has announced that cash basis is to replace accruals for the self-employed as standard accounting process for 2024/25 (first year of tax year accounting). 22nd …
Latest Content | AccountingWEB
Latest accountancy news and comment. AccountingWEB helps accounting and finance professionals achieve organisational and career success by providing them with industry …
Provisions and contingencies: Get the details right, part 1
Nov 2, 2021 · The provision for the year is calculated as follows: £. 75% x nil nil. 20% x £1 million 200,000. 5% x £4 million 200,000. Total provision 400,000. Assuming the provision brought …
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 …
Time to focus on the associated company rules - AccountingWEB
Mar 10, 2023 · From 1 April, the corporation tax rate a company pays in any accounting period will depend on its profits as follows: below £50,000 – small profits rate of 19%. above £250,000 – …
Employer NI rise could compound problems for businesses
6 days ago · Reeves said UK businesses can “absorb” the increases through reduced profits or cutting costs, rather than passing on lower wage rises to workers. Bradley Channer, CFO of …