Any Answers | AccountingWEB
WEBVat Registration- UK Ltd but No Fixed estab UK. New Vat registration for UK based LTd and no fixed establishment in uk. Asked by. acca43. 11th Sep 2024 11:06. Tax. 0. 8. 308.
Deferred tax: Get the details right - AccountingWEB
WEBDec 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 …
Latest Accounting News from the UK's Leading Accounting …
WEB2 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 ITSA) for landlords or the self-employed with turnover of at least £50,000. Read more Making tax digital.
Time to focus on the associated company rules - AccountingWEB
WEBMar 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 ...
CIFAS markers: What they are and why they’re damaging
WEBJan 1, 2022 · CIFAS markers essentially act as warnings to other institutions about the risks relating to a specific individual or business. Non-business related CIFAS markers usually relate to ‘First Party Fraud’ and ‘Application Fraud’. Finding yourself slapped with a CIFAS marker - whether privately or as a business - is bad news.
Working from home: the HMRC tax relief explained
WEBMay 17, 2022 · Many of us had to shift gears and work from home at some point throughout the pandemic. In fact, the latest numbers show that 5.6 million people went from the office to their home office (or kitchen table) at some point during 2020. Surprisingly though, only 800,000 have so far made applications for the working from home tax relief.. At a rate of …
FRS 102: Finance and operating leases - AccountingWEB
WEBMar 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 ...
Common mistakes made when operating the Construction …
WEBThose 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
WEBFeb 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 ...
Striking off a company: Get the details right | AccountingWEB
WEBMay 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.