Financial Reporting Articles

Are you ready for the upcoming changes to FRS 102?

On 27 March 2024, The Financial Reporting Council (FRC) unveiled the long-anticipated amendments to FRS 102. These changes mark a significant shift in financial reporting standards, aimed at enhancing transparency, comparability, and consistency across financial statements. In 2024 it is expected that the Financial Reporting Council (FRC) will issue further guidance and revise the current...

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Taxable employment benefits from April 2026

From April 2026, the UK government will mandate real-time reporting and payment of taxes through payroll software, ending the filing...

Changes to Scottish Income Tax rates 2024-25

For the 2024-25 tax year, Scottish Income Tax rates will change with a new 45% advanced rate band for income...

Payrolling employee expenses and benefits

Employers can register for payrolling benefits and expenses. Deadlines exist for form submissions, with penalties for lateness. HMRC no longer...

Tax Diary May/June 2024

The ‘Tax Diary’ for May and June 2024 provides essential tax dates and deadlines. It includes due dates for corporation...

Settling energy disputes

The Energy Ombudsman offers free support to businesses, especially small ones, in disputes with energy suppliers. The service covers 99%...

COVID Bounce Back abuse

The Insolvency Service banned 831 directors in 2023-24 for abusing the Covid Bounce Back Loan Scheme, an increase of over...

by James MacDonald

Basis Period Reform: Changes for sole traders and partners

Basis Period Reform is a change in how income tax is calculated for unincorporated businesses, such as sole traders and...

Paying VAT on goods from EU to Northern Ireland

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern...

VAT retail schemes

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are...
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