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
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 ...
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.
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.
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FRS 102 and FRS 105: New revenue recognition rules
Sep 24, 2024 · Conclusion. The new revenue recognition requirements in FRS 102, Section 23 and FRS 105, Section 18 are completely new and in some cases, the new requirements may result in different revenue profiles than under the January 2022 editions of the standards.
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.
Switch to tax year basis to go ahead in 2024 | AccountingWEB
Jan 17, 2023 · Making Tax Digital for income tax self assessment (MTD ITSA) has been delayed for at least two years – and more for partnerships – but all unincorporated businesses will have to report their accounting results on the tax year basis from 2024/25 onwards.
FRS 102 vs FRS 105: Which one should I use? | AccountingWEB
Sep 28, 2021 · Questions often arise as to the suitability of each standard depending on whether the client is a micro-entity or small entity. At the outset it is worth noting FRS 105 is an optional standard.
Basis period reform: Time to change accounting date?
Oct 18, 2024 · The other good news is that the usual restrictions on changing accounting date are disapplied from 2023/24 onwards. That means there is no need to worry about whether there has been a previous change of accounting date in the last five years.