3 days ago · 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.

Your question may have already been asked, check Any answers first.

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.

Dec 18, 2024 · The UK Budget in October 2024 announced three national insurance issues that professionals need to be aware of for paydays on and after 6 April 2025.. The secondary threshold (ST) reduces to £5,000 per annum (from £9,500), including equivalents for payrolls that are not annual. The rate of secondary (employer) national insurance contributions (NICs) increases to 15% (from 13.8%).

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.

Mar 10, 2023 · From 1 April 2023, we will no longer have the simplicity of a single corporation tax rate, but instead be back to the position last seen in 2015 of juggling two rates and marginal relief.

Glasscubes is a collaborative client portal that ranks highly among tools used for collaborating with clients in accounting and other industries. G2 users rate it 4.6 stars, while Trustpilot reviewers rate it 4.8 stars—across a combined 350+ reviews. Why do accountancies love Glasscubes? For one, it has robust information and workflow management capabilities purpose-fit for working with ...

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.

Sep 3, 2024 · The mandation date for Making Tax Digital for income tax (MTD IT) for self-employed individuals and landlords with an income of more than £50,000 – April 2026 – is edging ever closer.

Dec 18, 2024 · As an accountant, keeping up with changes to tax regulations is a key part of the job. The government has been rolling out its Making Tax Digital (MTD) initiative over the last few years, and they frequently update key information relating to …