From 1 January 2026, updates to FRS 102 revenue recognition will introduce key changes to how businesses report income. These updates aim to align UK accounting standards more closely with IFRS 15, ensuring a more consistent, transparent, and principle-based approach to recognising revenue. For businesses, these changes will directly impact how and when revenue is […]
From 1 January 2026, the UK Financial Reporting Council (FRC) is introducing significant changes to FRS 102 lease accounting, aligning it more closely with IFRS 16. These changes will impact how businesses account for leases, particularly for lessees who previously classified leases as operating leases. What’s changing? Currently, leases are classified as either finance leases, […]
Since 6 April 2025, the UK Government has increased audit thresholds, reducing compliance burdens for many businesses.
The Government has confirmed its intention to ban the sale of new petrol and diesel cars by 2035. For businesses, this means electric vehicles (EVs) will soon become standard. However, waiting until change is mandatory may not be the most sensible option. Switching to EVs now can bring financial benefits, lower running costs and present […]
Weybridge accountancy firm TWP is urging businesses to consider electric company vehicles before tax incentives begin to change. The move follows renewed Government backing for the 2035 ban on the sale of new petrol and diesel vehicles, which is expected to accelerate the shift towards electric transport across the UK. While electric vehicles still come […]
If you are aged 55 or over, pension freedoms give you more control over your retirement savings. Since 2015, anyone with a Defined Contribution pension can take money out in several ways, as a lump sum, regular income or even the whole pot at once. Despite this, research by financial analytics company AKG shows that […]
Artificial intelligence (AI) is becoming more common in the world of finance. From chatbots to investment tools, many services now use AI to offer guidance. However, recent research shows that it might not be as reliable as it seems. AI sounds clever, but it can still get it wrong A 2025 study by the University […]
Retiring before you reach State Pension age (SPA) is possible, but it takes careful planning. The earlier you stop working, the longer your money needs to last, and the more pressure it puts on your pension and savings. Here are the key points to think about before you hand in your notice. Know when your […]
The tax gap, the difference between the amount of tax owed and collected, has long been a thorn in HM Revenue and Customs’ (HMRC’s) side. HMRC believe that last year, a total of £46.8 billion of tax was left uncollected, which equates to just over five per cent of the overall tax owed in the […]
HM Revenue and Customs (HMRC) is working to enhance compliance and improve efficiency with tax filings by implementing Making Tax Digital (MTD) for Income Tax. However, taxpayers still need to get ready for MTD before it becomes mandatory in April 2026 for sole traders and landlords with gross income of £50,000 or more. With the […]
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