Latest Accounting News from the UK's Leading Accounting …
1 day 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.
Different types of company shares: A quick guide
Oct 14, 2022 · Redeemable shares. Redeemable shares allow companies the option to purchase them back in the future. Less commonly, shareholders can also sell them back to the company in certain circumstances. The redemption price is normally as the price at which the share was issued. Companies can only redeem shares out of the proceeds of a new share issue ...
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 …
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.
VAT domestic reverse charge: Your questions answered
Dec 8, 2021 · The full HMRC technical guide to the VAT domestic reverse charge is worth bookmarking, but in summary the key points are:. The rules broadly apply to transactions between VAT registered businesses within the construction industry scheme (CIS) where the customer is not the ‘end user’ (the end user being someone who will not be making an onward supply of …
Striking off a company: Get the details right | AccountingWEB
May 14, 2019 · The striking off regulations can be found under Companies Act 2006 (CA 2006) Part 31 -. “Dissolution and restoration to the register” which permits the striking off of a company in two specific instances: CA 2006 s1003 - gives the directors the right to apply. The majority of directors must agree to the closure.
Common mistakes made when operating the Construction …
Those working within the industry will be aware of the Construction Industry Scheme (CIS) which sets out a contractor’s responsibility when operating the scheme in respect of payments made to subcontractors which fall within the scope of CIS. The onus to operate CIS correctly rests solely on the contractor and any mistakes can prove costly ...
Buy-to-let: How to calculate relief for excess interest
Feb 3, 2023 · The amount of tax credit is calculated as 20% of the lower of: • finance costs= £4,000. • property profits = nil (a loss) • adjusted total income (exceeding Personal Allowance of £12,570) = £930. As there are no property income profits, Bill has no tax credit to set off against his 2021/22 tax liability. However, the tax credit is not ...
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 Automatic …
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 ...