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Tax - AccountingWEB
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Time to focus on the associated company rules - AccountingWEB
Mar 10, 2023 · From 1 April 2023, we will no longer have the simplicity of a single corporation tax rate, but instead be back to the position last seen in 2015 of juggling two rates and marginal relief.
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3 days ago · 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 IT) for landlords or the self-employed with turnover of at least £50,000.
What does the future hold for self assessment? | AccountingWEB
5 days ago · Many accountants and bookkeepers are now slick self assessment machines, with their practice processes finely tuned over many years. But, looming on the horizon is quite possibly the biggest shake-up to the personal tax landscape since 1997 when self assessment was first introduced – Making Tax Digital for income tax (MTD IT).
MTD notices relax rules for joint property owners
6 days ago · The first couple of weeks of 2025 have been eventful when it comes to Making Tax Digital for income tax (MTD IT). We’ve had new guidance for those in testing, and the Exchequer Secretary to the Treasury being grilled by the Treasury Committee. To cap this off, on 17 January HMRC released two long-awaited pieces of guidance – an …
Filing shake-up for small companies to go ahead - AccountingWEB
Oct 30, 2023 · While the Bill had been waiting in the wings for several months, currently there is no timetable for the new rules to be rolled out. A Companies House spokesperson told AccountingWEB: “The requirements for a profit and loss account will be set out in regulations and we will ensure companies are given fair warning of the changed expectations.
FRS 102 and FRS 105: New revenue recognition rules
Sep 24, 2024 · Conclusion. The new revenue recognition requirements in FRS 102, Section 23 and FRS 105, Section 18 are completely new and in some cases, the new requirements may result in different revenue profiles than under the January 2022 editions of the standards.
MTD Income tax for Self Assessment: The complete guide for …
Dec 18, 2024 · As an accountant, keeping up with changes to tax regulations is a key part of the job. The government has been rolling out its Making Tax Digital (MTD) initiative over the last few years, and they frequently update key information relating to …
Cash basis to replace accruals for self-employed
Nov 22, 2023 · Promising to make it “easier for small businesses as they set up and grow” the Chancellor has announced the expansion of the cash basis of accounting to replace the accruals basis for self-employed taxpayers and partnerships from April 2024.