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 ...
HMRC clarifies tax on reimbursement of electric car charging
Oct 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.
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 ...
VAT flat rate scheme: Dos and don’ts | AccountingWEB
Nov 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.
FRS 102: Property, plant and equipment - AccountingWEB
Feb 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
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 ...
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.
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 ...
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 ...
PAYE Settlement Agreements: Get the details right
Sep 23, 2020 · How to apply. To apply for a PSA an employer must provide details of items to be included within an application to HMRC, including: Two draft copies of form P626 will be issued by HMRC once they have agreed on what can be included. Both copies will need to be signed and resent to HMRC. The request will then be authorised, and a copy will be ...