Latest Accounting News from the UK's Leading Accounting …
1 day 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. Read more Making tax digital.
Any Answers | AccountingWEB
I am starting an Accounting /Tax /BI practice. I am starting an Accounting / Tax Service / BI business but need to find a Continuity Partner. Asked by. nickelodean. 09th Nov 2024 12:30. Practice. 0. 3. 422.
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.
Reverse-charge VAT rule is flipping confusing - AccountingWEB
Nov 30, 2023 · 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 ...
How to solve a problem like week 53? - AccountingWEB
Apr 10, 2024 · Communication is key. The Low Income Tax Reform Group (LITRG) has raised concerns that taxpayers will have unknowingly underpaid tax. Meredith McCammond, a technical officer for LITRG said that for years in which 53 paydays fall, not enough tax may have been paid overall, and for a basic-rate taxpayer, this could be just under £50.
Where to find list price for company car | AccountingWEB
May 21, 2016 · It is the official manufacturer's list price that is the "P11D price" (which in many circumstances may well exceed the actual invoice price paid).
Financial Benchmarking: How it Works & Why it Matters
Oct 14, 2024 · Financial benchmarking is the process of comparing your company’s financial performance to financial benchmarks. CFOs, internal and external analysts, and consultants use financial benchmarking to get a contextual understanding of the company’s financial performance. For example, let’s say you manufacture umbrellas.
PCP Accounting Treatment | AccountingWEB
Aug 9, 2021 · PCP Accounting Treatment. I know this has been asked before but the answers always seem to be 50/50. When on PCP, a £1,500 deposit, then 48 monthly payments of £150.49 (including interest) and a final balloon payment of £5,500 how does this get accounted for? Is it 48 payments on the P&L and if the balloon payment is taken up then it goes as ...
Reporting a gain on furnished holiday letting - AccountingWEB
Feb 12, 2021 · 5 (1)For the purposes of this Schedule a building is a dwelling at any time when—. (a)it is used, or suitable for use, as a dwelling, or. (b)it is in the process of being constructed or adapted for use as a dwelling, and, in each case, it is not an institutional building. OP take note of the words "or suitable for use".
UK Finance Director Salaries: A Comprehensive Guide
Aug 29, 2024 · The average salary for a UK Finance Director is approximately £71,000 per year. However, this figure can fluctuate significantly depending on the factors mentioned above. In major cities like London, the average salary can reach £100,000 or more, while in smaller towns or regions, it might be lower. Similarly, Finance Directors in larger ...