Contract Revenue The Financial Reporting Council has amended Financial Reporting Standards 102 (‘FRS102’) and 105 (‘FRS105’) to incorporate updated requirements when accounting for contract revenue. This article considers the changes, with the key objective being to introduce you to the new requirements which are effective for accounting periods commencing on or after 1 January...
The UK government has recently published changes to legislation that increase the monetary size thresholds that are applied when determining whether your business qualifies as a micro, small or medium-sized entity. The changes come in to effect on 6 April 2025 and apply to companies and limited liability partnerships registered in the United Kingdom,...
With the 31 January Self-Assessment tax return filing deadline fast approaching, HM Revenue and Customs issued a press release last week noting that 5.4 million taxpayers are yet to complete their return. More than 24,800 people reportedly filed their tax returns on New Year’s Day, with an additional 38,000 filing on 31st December. Notably,...
As an employer who offers employee benefits in kind you may be aware of the requirement to submit forms P11d and P11D(b) to determine how much income tax and employer Class 1A National Insurance is payable on the benefits received. H M Revenue & Customs (‘HMRC’) announced in January 2024 that form P11d is...
On Wednesday, October 30, 2024, Chancellor Rachel Reeves presented her Budget, committing to “invest, invest, invest” as a strategy to fuel growth and “bring back economic stability.” We have prepared a Budget Summary which provides an overview of the key announcements arising from the Chancellor’s 2024 Autumn Budget. The Summary includes helpful notes to assist you in...
With the Budget coming on 30th October, speculation is increasing on what changes will be announced. The Chancellor and the Prime Minister have made comments to indicate that the Budget will bring “difficult decisions”. The Chancellor reported shortly after taking office that there was a £22bn “black hole” in public spending inherited from the...
Winning the Accountancy Firm of the Year at the Corporate Finance Awards is a remarkable achievement that reflects more than just technical expertise—it highlights the dedication, teamwork, and collaborative spirit of the entire firm. Such recognition not only affirms the quality of work delivered to clients but also underscores the strength of the internal...
Following the King’s Speech last week, PK Group have provided an overview of the government’s plans and priorities for the coming year. The Speech outlines the legislation that ministers of the new government aim to pass and while it’s delivered by the King, it’s actually drafted by the government on the day. Overview The...
PK Group are delighted to have been shortlisted for a number of awards. CEO, Patrick Kennedy, states “These fantastic accolades across all segments of our business are testament to the PK Team’s professionalism, hard work and dedication.” The awards that we have been shortlisted for are: Employee Benefits – Best Group Health Insurance Advice...
As you are aware, Labour have been victorious in winning the General Election 2024. We have prepared an overview which highlights what the main parties are saying about tax. Both the Conservative and Labour parties have pledged not to increase income tax, national insurance or VAT, although the Labour party have pledged to introduce...