Any Answers - AccountingWEB
网页Vat 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.
Related parties under FRS 102 - AccountingWEB
网页2021年6月29日 · The definition of a related party is set out in FRS 102, para 33.2 and is split into related parties that are natural persons and related parties that are entities as follows: A related party is a person or entity that is related to the entity that is preparing its financial statements (the reporting entity). is a member of the key management ...
Latest Accounting News from the UK's Leading Accounting …
网页2 天之前 · 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.
VAT flat rate scheme: Dos and don’ts | AccountingWEB
网页2012年11月16日 · However, the fundamental problem is as illustrated in the 1st paragraph in comparing the % to be applied. 12% of 120 is, correctly computed at 14.4%. BUT on the normal basis VAT would be £20 which = 16.67% of 120 NOT 20%. The comparison is therefore; of gross t/o. Flat rate scheme 12% = £14.40.
Working from home: the HMRC tax relief explained
网页2022年5月17日 · 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 £6 per week, the HMRC working from home ...
Common mistakes made when operating the Construction …
网页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 ...
When does the 5% VAT rate on building works apply?
网页2019年6月17日 · The 5% rate applies to building services and related materials supplied by the building contractor but not to separately purchased building materials, for example, purchases from builders’ merchants. The different categories of work have different rules and requirements for the application of the 5% VAT rate, and the supplier will need to ...
Deferred tax: Get the details right - AccountingWEB
网页2021年12月7日 · 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: Finance and operating leases - AccountingWEB
网页2017年3月13日 · 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 ...
Grant accounting: What you need to know | AccountingWEB
网页2012年5月1日 · You must be extremely careful with the accounting treatment here - particularly for limited companies. Consider the following illustration: Figure 1. An incorporated company purchases a fixed asset for £60,000 cash and receives a government grant towards the cost of this asset for £20,000. The …