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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.
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 ...
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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 implementation of MTD for income tax self assessment (MTD for IT) for landlords or the self-employed with turnover of at least £50,000. Read more Making tax digital.
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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 31 March 2025. 34,375. (£137,500 x 3/12) Year to 31 March 2026. 137,500. Lease rentals not paid at each reporting date are as follows.
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by. Tom Herbert. 1. AccountingWEB features the latest accountancy news, features and industry & community insights to keep the profession in the know.
FRS 102: Digging into gains and losses treatments
May 16, 2023 · The profit and loss account (or income statement as it is referred to in FRS 102) reports the company’s performance during the reporting period. Profit or loss is defined in FRS 102 as: “The total of income less expenses, excluding the components of other comprehensive income.”. Other comprehensive income (OCI) is defined as: “Items of ...
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 Nov 2023. 30 comments. Promising to make it “easier for small businesses as they set up and grow” the Chancellor has announced the expansion of the cash basis of ...
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 ...
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 forward was £350,000, the entries to record the movement are: Dr Profit and loss £50,000. Cr Provisions for liabilities £50,000.