New accounting regimes for small entities

Posted on April 13, 2017 by Wylie & Bisset

With effect from 1st January 2016 (impacting on financial year ends of 31st December 2016 onwards), accounts of small entities in the UK must now be prepared under new accounting regimes.  The new rules have brought in a choice of regime for many small entities, with an option of following the Micro Entity regime (FRS 105) or to follow FRS 102, 1A (reduced disclosure framework for UK Companies).  The rules change UK Generally Accepted Accounting Practice therefore will apply not only to companies but also to sole traders,

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Another key appointment at Wylie & Bisset

Posted on March 20, 2017 by Wylie & Bisset

Following on from Wylie & Bisset LLP’s recent announcement on its new executive team, they have announced the appointment of Catherine McManus to Tax Partner effective from 1 April 2017. Having joined the Firm in 2015 and appointed Head of Tax in 2016,  Catherine has successfully promoted and grown the Firm’s tax offering. Her appointment marks the next stage in the development of the tax services offered by the business, ensuring excellent service to clients old and new.  

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Government U Turn on Budget Plan for NIC

Posted on March 17, 2017 by Wylie & Bisset

One of the significant announcements made by the Chancellor in his Budget Day speech was the proposed increase to the main rate of Class 4 National Insurance Contributions (NICs) paid by self-employed individuals,  increasing from 9% to 10% from April 2018 and a further increase planned from April 2018 from  10% to 11%.

The Chancellor has announced that the government will not now proceed with the proposed increase in Class 4 NICs rates.

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