Day: April 1, 2021

Introduction In the last chapter, we covered the general rules for employment income, including taxable and exempt benefits. In this chapter, we first consider the general rules on the tax charges which may apply if an employer provides shares or Read More …

Introduction In the previous chapters, we have looked at the basic income tax computation and the taxation of investments. Most people have jobs, which pay them wages or salaries. They may also get other benefits from their employers and/or they Read More …

Introduction In the previous chapters we have covered the income tax computation, including tax reliefs on certain investments. This chapter starts with the taxation of income arising from the letting of property in the UK. It looks at the basis Read More …

Introduction In the previous chapter we looked at the basic income tax computation. We now look at some of the tax reliefs given to encourage individuals to invest in certain types of savings. The most important type of saving is Read More …

Introduction We start our study of taxation with a look at income tax, which is a tax on what individuals make from their jobs, their businesses and their savings. We see how to collect together all of an individual’s income Read More …

1 Principles of income tax 2 Pensions and other tax efficient investment products 3 Property and other investment income 4 Employment income 5 Employment income: additional aspects 6 Trade profits 7 Capital allowances 8 Trading losses 9 Partnerships and limited Read More …

THE CONCEPTUAL AND REGULATORY FRAMEWORK FOR FINANCIAL REPORTING CONCEPTUAL FRAMEWORK The IFRS Framework describes the basic concepts that underlie the preparation and presentation of financial statements for external users. A conceptual framework can be seen as a statement of generally Read More …

CONSOLIDATED STATEMENT PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME The basic idea of preparing consolidated statement of profit or loss is to show the results of the group as if it were a single entity. The majority of figures are Read More …

IFRS 2 – SHARE BASED PAYMENTS INTRODUCTION Share-based payment occurs when any entity purchases goods or services from another party such as a supplier or employee and rather than paying directly in cash, settles the amount owing in shares, share Read More …

IFRS 5 – NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS OBJECTIVE The objective of this standard is to specify the accounting for Non-current assets held for sale, and presentation and disclosure of discontinued operations. NON-CURRENT ASSETS HELD FOR SALE Read More …