HomeInsightsTechnical updates

Technical updates

News Technical updates // 15/10/2018

MTD and VAT: Preparing for Making Tax Digital

Businesses trading above the VAT registration threshold must comply with the Making Tax Digital (MTD) rules from 1 April 2019. This is a major change for businesses and will involve: Keeping VAT records in a suitable digital format Submission of VAT returns to HMRC using Making Tax Digital (MTD) compatible software   We will be […]

Blog Technical updates // 10/09/2018

VAT changes for construction services

The way in which VAT is charged on construction services will change in 2019, as a result of new anti-fraud rules. Around half of UK construction businesses are expected to be affected and have a year to prepare. We are delighted to invite you to a breakfast seminar where our VAT experts will provide an […]

News Technical updates // 26/02/2018

Revised FRS 102 Reduces Intangible Asset Recognition Requirements

FRS 102 Revisions Revisions to FRS 102 arising from within the Financial Reporting Exposure Draft 67 (“FRED 67”) will see acquiring companies in business combinations being given the option to recognise fewer intangible assets than they had been required to previously. These revisions are being implemented by the Financial Reporting Council (“FRC”) in response to […]

News Technical updates // 26/02/2018

FRS-102 Technical Update – February 2018

In March 2017 the FRC published FRED 67 which contained amendments to FRS 102. These were finalised on the 14 December 2017 and can now be early adopted. If a company chooses to early apply FRED 67 all amendments must be adopted. The effective date is for periods beginning on or after 1 January 2019. […]

Technical updates // 08/01/2018

Introduction to IFRS 16 – Leases

For accounting periods beginning on or after 1 January 2019 there is a new treatment of leases which you may need to be aware of. IFRS 16 removes the difference between operating and finance leases for accounting purposes, and as such they are all treated as if they are finance leases by recognising the asset […]

Technical updates // 06/06/2016

Are you aware of the changes to small company financial reporting?

FRS105 vs. FRS102 (Section 1A) Are you a small business incorporated/registered in England & Wales? Are Annual Financial Statements for your entity currently prepared using FRSSE (Financial Reporting Standard for Smaller Entities 2008 or 2015)? If your answer to both the above questions is yes then you need to start thinking seriously about the various […]