Latest Accounting News from the UK's Leading Accounting …
1 day ago · Accounting software. 2nd Oct 2024. by. Tom Herbert. Tech pulse. 1st Oct 2024. by. Tom Herbert. 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.
Any Answers | AccountingWEB
Your question may have already been asked, check Any answers first.
FRS 102: Property, plant and equipment - AccountingWEB
Feb 20, 2018 · Property, plant and equipment are dealt with in Section 17 Property, Plant and Equipment in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Section 17 allows a reporting entity to measure property, plant and equipment (PPE) under the cost model or the revaluation model, as was the case under previous UK GAAP.
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 ...
HMRC clarifies tax on reimbursement of electric car charging
Oct 13, 2023 · by. Amy Good-Chin. Electric cars are becoming ever more popular, particularly as a company car where the tax benefits are attractive. However, there has been confusion and disagreement among advisers on whether HMRC guidance on businesses reimbursing their employees for the cost of charging a vehicle at home was correct. 13th Oct 2023.
Reverse-charge VAT rule is flipping confusing - AccountingWEB
Nov 30, 2023 · Reverse charge is a catch-all phrase that acts as either an anti-avoidance measure or a simplification. Its purpose is to flip normal VAT rules on their head and shift the liability for VAT onto the customer, with the seller not accounting for VAT. This flipping of the rules is perhaps why some struggle with reverse charge, and it comes in many ...
FRS 102: Finance and operating leases - AccountingWEB
Mar 13, 2017 · Paragraph 20.9 of FRS 102 requires a lessee to recognise a finance lease in the balance sheet at an amount equivalent to the fair value of the leased asset or, if lower, the present value of the minimum lease payments determined at the start of the lease. Directly attributable costs (such as legal fees) associated with arranging the lease are ...
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 – main rate of 25%. between £50,000 and £250,000 – main rate of 25% less marginal relief. These limits are much lower than they were in 2014/15 (when they were ...
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 ...
How to advise clients on basis period reform | AccountingWEB
Nov 28, 2023 · In the tax year 2023/24, the “transitional year” for basis period reform, many businesses will have additional taxable profits to report. The taxable profits for 2023/24 are split into two parts: the transitional part: taxable profit between the end of the AP in 2023/24 and 5 April 2024. So for a business with a 31 December AP end that means: