VAT domestic reverse charge: Your questions answered
Dec 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).
Different types of company shares: A quick guide
Oct 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 ...
Moneysoft - AccountingWEB
Payroll Manager is a comprehensive, easy to use, HMRC recognised for 2019-20 RTI compliant payroll software package used by thousands of SME’s, agents, accountants and CIS Contractors across the UK. In the first 6 months of the tax year 2018-19, more than 1.5 million RTI submissions were successfully filed through our software.Features to support …
Deferred tax: Get the details right - AccountingWEB
Dec 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 ...
Related parties under FRS 102 - AccountingWEB
Jun 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 ...
Property valuations under FRS 102 - AccountingWEB
Jun 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 in the class which have increased in value ...
Striking off a company: Get the details right | AccountingWEB
May 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: Finance and operating leases - AccountingWEB
Mar 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 ...
Time to focus on the associated company rules - AccountingWEB
Mar 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 ...
Common mistakes made when operating the Construction …
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 ...