The following Owner-Managed Businesses guidance note by Tolley in association with Julie Butler provides comprehensive and up to date tax information covering:
Professional income can arise from the following contractual conditions:
Accounting standards have been framed to consider how to recognise the income into the appropriate accounting period.
For accounting periods commencing on or after 1 January 2015, the relevant accounting standards are FRS 102 and FRS 105 , which applies to micro-entities.
Revenue from continuing service contracts is recognised when it can be estimated reliably at the end of the reporting period. The requirement to be ‘estimated reliably’ can normally be determined by considering whether:
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