Materiality and performance materiality are important concepts in auditing and financial reporting, as they help to determine the nature, timing, and extent of the audit procedures and the disclosures in the financial statements. Materiality refers to the significance of an item or matter to the financial statements. An item or matter is material if its… Continue reading Materiality

Coronavirus: 2nd update on Government support

We would like to let you know about the latest financial support available for businesses and individuals affected by the Coronavirus. Please do call or email us if you’d like to discuss anything further. JOB RETENTION SCHEME FOR 80% OF SALARIES This was first announced a while ago but the full details were only released… Continue reading Coronavirus: 2nd update on Government support

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MAH win British Muslim Award for services to accounting

          MAH, Chartered Accountants are pleased to announce that they have won the prestigious British Muslim Award for services to accounting. The award was announced at a glamorous black tie ceremony held at the Athena in Leicester on 25 January 2017. Thousands of nominations were received from the public for The… Continue reading MAH win British Muslim Award for services to accounting

Brecession Watch #1

Could there be a recession? The Bank of England (“BoE”) has sought to calm financial markets and the UK economy by stating that there won’t be a financial crisis. They have also mentioned that UK banks are in much better health compared to the credit crisis of 2007-08 due to the new FCA/PRA regulations and… Continue reading Brecession Watch #1

New tax on dividends

this post is now on our secondary website for contractors:

Is tax evasion haram?

Download the full report here Tax evasion has a significant impact on the economy and has greatly contributed towards the £35bn UK tax gap between what should be collected in tax and what is actually paid for. As a result HMRC is stepping up its campaign against this criminal activity; prosecutions rose by 29 percent… Continue reading Is tax evasion haram?

Pursuit of profit in Bangladesh

Entrepreneurs normally become wealthy by exploiting the capital and production of the labour force. Whilst that may be true in terms of financial wealth, I believe that having an extremely imbalanced economy in which an elite minority controls a poor majority will create a host of problems, leading to low qualities of life for entrepreneurs despite their… Continue reading Pursuit of profit in Bangladesh

Capital reductions to pay out dividends

Sometimes a company has cash but no distributable reserves, so it can’t pay dividends. Capital reductions can be used in certain circumstances to create distributable reserves which can then be paid in dividends. For example, a company may have issued shares at a premium but initially made losses. Once it becomes profitable and cash generative it may… Continue reading Capital reductions to pay out dividends