ADVANTAGES AND DISADVANTAGES OF INCORPORATION     Advantages Disadvantages Limited liability: but note personal guarantees.     The liability of the shareholders on the winding up of a company is limited to the nominal value of the shares they own (for example, if a shareholder owns 10 shares of £1 each, the extent of his […]

Financial reporting standard 105 (FRS 105) was devised for micro entities to enable them to simplify their accounts. Companies were able to prepare accounts under FRS 105 for year ends starting after 1 January 2016. Some accountants have tried to encourage clients from adopting FRS 105 and have recommended that clients adopt FRS 102 1A. […]

Small businesses with annual sales of over £85,000 will be required to file their VAT returns digitally for all VAT periods starting on or after 1 April 2019. Businesses with sales of less than £85,000 who file VAT returns are exempt from this requirement until 2020. This is potentially the biggest shake up to the […]