Apr 3, 2013 at 8:03 pm in Technical by kayode
It will be a good deal if the accountants on this platform(World Accountants) can discuss and deal with technical issues on the IFRSs and IASs.
Basic accounting knowledge is not enough to be a world or global accountant but a thorough understanding of the IFRSs and IASs and world wide accounting standards.
Nice contributions from all the accountants here.
Warm regards to all.
Jun 18, 2012 at 7:28 pm in Technical by robertbradley
Much has been written recently by professionals interested advising businesses in the IR35 arena. The new Business Entity tests devised by the IR35 forum seek to clarify the position with regard to when a personal service company is inside or outside of IR35. What is a personal service company you might ask… it’s a good question. According to the Intermediaries legislation it’s a company whose services are provided by the owners.
In the contracting sector, the generally accepted definition of [read more →]
Apr 1, 2012 at 2:24 pm in Technical by Alom Rouf
I always get told by people that they think ‘they are being taxed too much’ and the ‘employer is taking too much of their money’.
It is the employers’ responsibility to pay HM Revenue & Customs the tax and National Insurance Contributions due by the employees.
But it is the employees’ responsibility to inform HM Revenue & Customs of any changes that may affect how much tax they should pay.
Every employer is obliged to give each employee a payslip either on a [read more →]
at 2:24 pm in Technical by Alom Rouf
As an SME, whether you are self employed or a limited company, if your turnover becomes above £70,000 then you are obliged to register for VAT. You are therefore obliged to charge VAT on your sales, at the going rate (currently 20%), and claim VAT on your expenses.
At the end of the month, quarter or year you must prepare a VAT return and pay the net VAT due to H M Revenue & Customs. The net VAT due is the [read more →]
at 2:23 pm in Technical by Alom Rouf
For Small to medium sized businesses, and some individuals, your accountant prepares for you, usually on an annual basis, accounts for submission to relevant authorities such as Companies House and H M Revenue & Customs, you may in some cases provide these accounts to your bank for review on your liabilities such as a long or short term loan.
Limited companies are required to submit their accounts to Companies House atleast once a year as a statutory requirement.
Accounts of limited companies [read more →]
at 2:21 pm in Technical by Alom Rouf
It is not surprising when small to medium sized business owners query about Debits and Credits and the whole system of double entry bookkeeping, but it is a shock when you ask an accountant and they can’t explain it, although most of us accountants use the system day in day out.
I would like to share a feeble philosophy that I like to call ‘The World of Accounting’.
The two fundamental statements portraying your financial position are called the [read more →]
at 2:20 pm in Technical by Alom Rouf
There has been a big increase in people becoming self-employed in the past couple of years.
A lot of start-ups have begun in bedrooms and study rooms.
Successful businesses are still being carried out at home after several years of trading.
H M Revenue & Customs provides an entitlement for those that do not rent office space, or do rent office space and also carry out some business at home at the same time.
If the work carried out at home is a small [read more →]
at 2:17 pm in Technical by Alom Rouf
Whether you are self employed or employed and receiving untaxed income, you would have had to, at some point, file a Self Assessment Tax Return, or atleast sign one that was prepared by your accountant.
Within the UK, there are set deadlines for when you have to pay your taxes by to H M Revenue & Customs. The two main dates are 31st January and 31st July.
Let us take the first date, 31st January. If your calculated tax liability for the [read more →]