The International Accounting Standards Board (IASB) has issued ‘targeted amendments’ to IAS 12, Income Taxes, clarifying how companies should account for deferred tax on transactions such as leases and decommissioning obligations The aim of the amendments to the International Financial Reporting Standard (IFRS) is to reduce inconsistency in the reporting of deferred tax on leases and decommissioning obligations, the IASB said. IAS 12 specifies how a company accounts for incom
The online portal for the new payment scheme closes on 21 June 2021. Over half a million businesses deferred £34bn in VAT payments due between March and June 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if they could not afford to do so, they could go online from 23 February to set up a new payment scheme and pay by monthly instalments to spread the cost. HMRC data to 30 April 2021 shows 228,850 businesses that de
HMRC is reminding taxpayers to submit tax relief claims for working from home due to coronavirus during 2021/22 via the easy to use online portal So far this tax year more than 550,000 employed workers have already claimed and are benefitting from the tax relief, which pays £6 a week for home workers.
If employed workers were told to work at home by their employer because of coronavirus and, as a result, their household costs have increased, they are eligible to claim the wor
The US Securities and Exchange Commission (SEC) has charged sports apparel manufacturer Under Armour Inc with misleading investors about the basis of its revenue growth and failing to disclose known uncertainties concerning its future revenue prospects Under Armour has agreed to pay $9m (£6.4m) to settle the action, which relates to failures to disclose revenue recognition correctly. According to the SEC's order, by the second half of 2015, Under Armour's internal revenue and