UK Revenue Recognition Rules Explained: IFRS 15 and FRS 102 Changes Every Foreign Business Must Understand
Executive Summary Businesses operating in the UK cannot simply recognise revenue when invoices are issued or cash is received. Under UK accounting standards, revenue is recognised when control of goods or services transfers to the customer and the entity satisfies its contractual obligations. For foreign companies trading in the UK, understanding the requirements of IFRS […]
Foreign Companies Trading in the UK in 2026: A Practical Guide to UK Accounting, Tax and Compliance
Executive Summary The United Kingdom remains one of the world’s most attractive destinations for foreign investment and international business expansion. However, overseas companies operating in the UK may become subject to VAT, corporation tax, payroll obligations, statutory reporting and Companies House compliance requirements. The exact obligations depend on how the business operates in the UK, […]
Moving to the UK – Could You Qualify for Split Year Treatment?
If you move to the UK during the tax year, you do not always become fully taxable in the UK from 6 April. Depending on your circumstances, you may qualify for Split Year Treatment, allowing part of the tax year to be treated as non-UK resident. Under the UK’s Statutory Residence Test (SRT), an individual […]
Leaving the UK – Could You Qualify for Split Year Treatment?
If you are leaving the UK permanently or moving abroad for work, you may not have to wait until the next tax year to be treated as non-UK tax resident. Under the UK’s Statutory Residence Test (SRT), an individual is normally either UK tax resident or non-UK resident for an entire tax year. However, where […]
Moving to the UK? UK Tax Residence Explained
What every new arrival needs to know about becoming UK tax resident Moving to the UK is an exciting opportunity, but it can also have significant tax consequences. Whether you’re relocating for work, returning after living overseas, or moving with your family, understanding your UK tax residence is one of the first things you should […]
Understanding Termination Payments and the £30,000 Tax-Free Exemption
When an employee leaves a job, they may receive a termination package from their employer. However, not all termination payments are taxed in the same way. Understanding the difference can help both employers and employees avoid unexpected tax bills. What Is a Termination Payment? A termination payment is compensation paid when employment comes to an […]
Notice Pay, Redundancy Payments and National Insurance: What Employers Need to Know
When an employee leaves a business, employers often focus on the amount being paid. However, understanding the tax and National Insurance treatment is equally important. Two areas that regularly cause confusion are notice pay and redundancy payments. Notice Periods and Notice Pay Most employment contracts include a notice period. When employment ends, employers generally have […]
Companies House Confirms Profit & Loss Account Filing from 2028
The long-running debate around Companies House reforms has taken another step forward, with confirmation that small and micro companies will be required to file profit and loss (P&L) accounts from April 2028. The change forms part of the wider reforms being introduced under the Economic Crime and Corporate Transparency Act (ECCTA), aimed at improving the […]
Temporary Repatriation Facility (TRF) – Key Planning Points for Former Remittance Basis Users
The Temporary Repatriation Facility (TRF) is one of the major transitional reliefs introduced from 6 April 2025 for individuals who previously used the remittance basis. In simple terms, the TRF allows qualifying individuals to bring pre-6 April 2025 foreign income and gains into the UK at reduced tax rates of: This can be significantly lower […]
The New Revenue Recognition Rules – What Businesses Need to Start Reviewing Now
Accounting periods beginning on or after 1 January 2026 will need to follow the new revenue recognition requirements introduced by the amendments to Section 23 of FRS 102. These amendments were made to align FRS 102 more closely to the international standard IFRS 15, to improve consistency and comparability, also replacing separate rules for goods, […]