So what is FRS 102 we hear you ask?
FRS 102 is the main new UK GAAP standard which forms the basis of accounts preparation in the UK and it replaces all of the current FRSs and SSAPs.SHARE:
With the new 7.5% Dividend tax starting on the 6 April 2016 we have prepared some guidance on what to consider when declaring/taking your dividend in 2015/16 and 2016/17. Down load it by clicking here.SHARE:
In recent years, Tom has successfully passed his Association of Accounting Technician (AAT) qualification, and is now starting on his Association of Chartered Certified Accountants (ACCA) exams. Beth and Joe joined us during 2015, and are doing well attending York College one day a week studying towards the AAT qualification, with their time in the office learning a range of skills and gaining practical skills.SHARE:
With up to 500,000 small and micro employers due to join the auto enrolment regime in 2016, The Pension Regulator (TPR) has announced that in the 3 months to December 2015, they have issued nearly 1,500 fines of £400 each. In a statement from TPR they commented that:
“Our research shows that most employers want to do the right thing by their staff but that smaller employers are more likely to leave things to the last minute. They therefore need a “nudge” to encourage them to meet their duties.
A minority still don’t comply after receiving a notice of non-compliance, but many do after receiving a fixed penalty of £400. As we deal with smaller employers, it is expected there will be more who, despite the message to prepare early, leave it too late or don’t act at all. We take this very seriously….“SHARE:
Martin Poole of Morrell Middleton comments “This is an exciting opportunity for us to share our knowledge of upcoming changes and develops to the financial landscape with the local business community. Our focus will be on the known changes, some of which don’t come into force until 2020, however we can start planning now to manage and minimise the impact.”
For more details click hereSHARE:
– In amongst playing pranks on your nearest and dearest, 1st April 2016 also sees changes to the National Minimum Wage (NMW) and introduction of the National Living Wage (NLW) for employees aged 25 and over.
From 1st April 2016 the minimum rates of pay are
– Age 25+ – £7.20 per hour (the National Living Wage)
– 21-25 – £6.70 per hour
– 18-21 – £5.30 per hour
– <18 – £3.87 per hour
– Apprentices – £3.30 per hour
In addition to these changes, the penalty payable by employers who underpay is being increased from 100% to 200% of the underpayment due to each worker.SHARE: