Transition to FRS 102 – An Opportunity for Revaluation

We have finally made it to the last in our series of blogs on accounting standards changes.  As mentioned in our previous blog, transition for a small company from FRSSE to FRS 102 gives rise to an opportunity! (We like them!).  On moving over to the new standard, there is a one-off chance to revalue…

Micro or Small… What’s the Difference?

Welcome to our fourth blog in this series.  In our previous blogs, we have highlighted that there are different accounting standards for different size companies, so the accounts will look different.  But what does this actually mean for your accounts?  Remember, companies that qualify as micro have the option of preparing micro accounts, but they…

Flat rate VAT explained

Flat rate VAT is an optional scheme available to VAT registered businesses through HMRC. The Flat Rate scheme is where VAT is charged to customers at the full 20% rate, but, is only paid over to HMRC at a reduced rate.   No input VAT can be claimed back on expenses, unless the expenditure is a…

What’s Changing for Small and Medium Companies?

The third in our series of accounting changes blogs focuses on small and medium companies.  A new financial reporting standard has been introduced, called FRS 102, which replaces all the previous UK standards in issue that were applicable to medium sized companies.  The standard takes effect for accounting periods starting from 1 January 2015. The…