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WEB1 day ago · Regulating AI: The digital can of worms is open. by. Kevin Phillips. 6. 1st Oct 2024. 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.
Any Answers - AccountingWEB
WEBStonewalling accountant ignored us for months, paid him and now he insists we owe more more money! Asked by. PrivComp. 27th Sep 2024 18:19. Business. 0. 13. 598.
VAT domestic reverse charge: Your questions answered
WEBDec 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 construction services).
Related parties under FRS 102 - AccountingWEB
WEBJun 29, 2021 · 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 ...
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 ...
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 be recognised on all timing differences that have ...
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.
FRS 102: Property, plant and equipment - AccountingWEB
WEBFeb 20, 2018 · Property, plant and equipment are dealt with in Section 17 Property, Plant and Equipment in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Section 17 allows a reporting entity to measure property, plant and equipment (PPE) under the cost model or the revaluation model, as was the case under previous UK GAAP.
Different types of company shares: A quick guide
WEBOct 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 ...
HMRC clarifies tax on reimbursement of electric car charging
WEBOct 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.