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网页1 天前 · Making tax digital. Making Tax Digital (MTD) is a UK government initiative to digitise the tax system. April 2022 saw the extension of MTD for VAT and April 2026 will see the implementation of MTD for income tax self assessment (MTD for ITSA) for landlords or the self-employed with turnover of at least £50,000. Read more Making tax digital.
Deferred tax: Get the details right - AccountingWEB
网页2021年12月7日 · 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 ...
Any Answers - AccountingWEB
网页The director of a Tiktok shop which sells trading cards, hosts numerous live videos. Asked by. [email protected]. 03rd Oct 2024 10:21. Tax.
VAT domestic reverse charge: Your questions answered
网页2021年12月8日 · 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).
Reverse-charge VAT rule is flipping confusing - AccountingWEB
网页2023年11月30日 · Reverse charge is a catch-all phrase that acts as either an anti-avoidance measure or a simplification. Its purpose is to flip normal VAT rules on their head and shift the liability for VAT onto the customer, with the seller not accounting for VAT. This flipping of the rules is perhaps why some struggle with reverse charge, and it comes in many ...
FRS 102: Finance and operating leases - AccountingWEB
网页2017年3月13日 · 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 ...
HMRC clarifies tax on reimbursement of electric car charging
网页2023年10月13日 · 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 …
Property valuations under FRS 102 - AccountingWEB
网页2019年6月17日 · 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 ...
CGT: Claim capital losses to use in future | AccountingWEB
网页2023年2月10日 · Capital losses can be used to cushion the steep cuts in the CGT annual exemption from 6 April 2023 and again on 6 April 2024, but the losses must be claimed first. The CGT annual exemption operates in a similar fashion to the personal allowance for income tax: gains covered by the exemption are not …
Buy-to-let: How to calculate relief for excess interest
网页2023年2月3日 · 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 ...