HMRC’s agent code request sparks confusion | AccountingWEB
Oct 11, 2024 · Previously, agents had until 8 November to provide details. However, HMRC’s original request was beset by confusion after the email led some agents - including many readers on Any Answers - questioning whether it was a genuine email.
Autumn Budget 2024: Essential tax rates and thresholds
Oct 30, 2024 · Rebecca Cave compiles a guide to the main tax rates and allowances updated in the Autumn Budget, showing the main changes that were announced on 30 October 2024
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 …
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.
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 operating lease.
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 ...
Reverse-charge VAT rule is flipping confusing - AccountingWEB
Nov 30, 2023 · 2. Reverse charge relating to services – purchases from suppliers. When a UK business is receiving a service from overseas, if VAT-registered, the business takes the net figure on the invoice and treats it as both a sale and a purchase, the net figure going into Boxes 6 and 7.
Different types of company shares: A quick guide
Oct 14, 2022 · Company shares are not a one-size-fits-all thing and will come under several different share classes. As long as due process is followed, and subject to any restrictions in its articles of association, new share classes can be created by companies at any time.
Related parties under FRS 102 - AccountingWEB
Jun 29, 2021 · Small companies need not disclose directors’ remuneration and other benefits following an amendment to company law by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980).. However, small companies may need to provide this disclosure in certain situations – for example, if the remuneration structure is not carried out under ‘normal market ...
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 £ ...