Any Answers - AccountingWEB
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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 ...
VAT flat rate scheme: Dos and don’ts | AccountingWEB
WEBNov 16, 2012 · 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.
Latest Accounting News from the UK's Leading Accounting …
WEB3 days ago · Regulating AI: The digital can of worms is open. 3. 17th Sep 2024. by. 11th Sep 2024. by. 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.
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 ...
Property valuations under FRS 102 - AccountingWEB
WEBJun 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 …
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 ...
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 ...
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 ...
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