Push Exec Accountancy

12/04/2026

12/01/2026

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05/01/2026

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02/12/2025

Association of Business Mentors - Effective Business Mentoring Course

and

16/11/2025

IFRS 18: A Technically Demanding Standard That Many Are Underestimating

Most organisations still think IFRS 18 is “a new income statement layout.”

It’s not.

It is a full re-architecture of performance reporting, including:
• New mandatory categories in the Statement of Profit or Loss
• Detailed classification judgments
• Data restructuring at transaction level
• High-judgment reconciliations
• Audited Management-Defined Performance Measures (MPMs)
• A multi-year restatement model
• Impacts on KPIs, covenants, remuneration, and investor messaging

And implementation time is far shorter than most CFOs think.

1. Assess the Impact - Deeply and Early

- IFRS 18 requires classification based on main business activities. This is inherently judgmental and must be documented via a technical accounting memo.

- Companies must inventory all KPIs used internally and externally, testing each one against the new MPM definition.

- You must identify data gaps now, particularly FX classification, restructuring charges, financing-related items, and gains/losses on non-core assets.

2. Redesign Systems & Governance

- IFRS 18 is not a reporting tweak, it needs structural changes to the Chart of Accounts, ERP tagging, consolidation logic, and closing processes.

- Every MPM becomes an audited metric with a controlled calculation template.

- Parallel reporting (old IAS 1 vs new IFRS 18) in 2026 is unavoidable.

3. Test Before You Are Forced To

- Perform a 2025 restatement now as a dry run, one of the strongest early-warning tools.

- Data-model gaps and inconsistencies between divisions will surface early.

4. Publish & Control the Narrative

- IFRS 18 will materially change Operating Profit for many businesses.

- Analysts will misinterpret it unless prepared early with bridges and pro-forma restatements.

IFRS 18 is far more than compliance, it is a full-scale transformation project.

This is the biggest cultural and audit shift in IFRS reporting since IFRS 15 and IFRS 16.

How prepared is your organisation for IFRS 18?

Have you mapped your MPMs? Identified data gaps? Tested your 2025 numbers?

I’m currently supporting clients with IFRS 18 readiness assessments, policy design, MPM governance, and system implementation planning.

If your organisation wants a structured IFRS 18 project plan or a technical review of your proposed classifications, send me a message or comment “IFRS 18” below - I’ll reach out.

Let’s turn IFRS 18 from a reporting risk into an opportunity to enhance performance transparency.

11/11/2025

Key Steps When Moving From Sole Trader to Limited Company

1. Customers & Sales
Update all invoices, quotes, contracts, proposals with the new Ltd company details:
• Company name
• Company number
• Registered office
• VAT number (if applicable)
• Bank account details (Ltd account)
Ask clients to update their supplier records so future payments go to the Ltd company.

2. Suppliers
Inform all suppliers of:
• New legal entity
• New bank details
• New billing information
Make sure future invoices are addressed to the Ltd company, not the sole trader.

3. Accounting System (for example Xero or QuickBooks)
You should not convert the existing sole trader Xero/QuickBooks into a limited company file.
Why? Because:
• A sole trader and a limited company are two different legal entities
• Mixing records risks incorrect tax treatment
• Opening balances need clean separation
• You need a fresh ledger for share capital, director’s loan, corporation tax, PAYE, etc.

Best practice:
Start a brand-new Xero/QuickBooks organisation for the Ltd company.

Then:
Close off the sole trader accounts properly
Move any assets or balances across through director’s loan entries
Keep both Xero/QuickBooks files active for HMRC reference and history

4. Bank Account
A limited company must have its own business bank account.
Options:
Option A: Open a fresh company account (preferred)
Option B: Ask the bank to convert the sole trader account (not recommended; banks often don’t allow this)
From now on:
• All income goes into the Ltd bank account
• All company expenses are paid from the Ltd account
• Any sole trader spending must stop completely

5. PAYE & Director Salary
The company must operate a proper PAYE scheme
• Director must receive salary via payroll each month
• Monthly RTI submissions to HMRC are mandatory
• Payslips must be issued and recorded
If the director is taking salary + dividends, set this up from month one.

6. Rental Property Used for Business
The director is renting a flat/house personally but the company uses it.

Two options:

Option 1: Company pays rent to the director (license to occupy)
• Simple and common for small companies.
• Director invoices the company
• Company records it as “Rent – Office Use”
• Director declares this rental income on self-assessment
• Director may offset a portion of rent, utilities, council tax (depending on actual business use)

Option 2: Company reimburses “use of home” allowance
Less generous, but simpler.

7. Equipment & Assets
All existing equipment used for the business during sole trader days should be transferred to the Ltd company:
• Laptop, Monitors and Hard drives
• Software licenses
• Equipment, Motor vehicles and Office furniture

Process:
• Prepare an asset transfer schedule
• Use current market value (not original purchase price)
• Company “purchases” them from the sole trader
• The value becomes a director’s loan (the company owes the director)
The director can withdraw the loan later tax-free.

8. Website, Branding, Contracts
• Update website footer with Ltd company details
• Update domain registration and hosting billing details
• Update insurance policies (public liability, professional indemnity) to the Ltd company
• Redo service agreements in the Ltd company’s name

10. HMRC Finalisation for the Sole Trader
Don’t forget the tidy-up:
• Final self-assessment including last sole trader period
• Capital allowances balancing adjustments
• Deregister sole trader PAYE/VAT (if they existed)
• Final SA302 showing cessation

11. Insurance
All insurance must be switched to the Ltd company name:
• Public liability
• Professional indemnity
• Equipment insurance
• Employers liability (mandatory if anyone is on payroll)

12. Companies House Compliance
Make sure the Ltd company is fully compliant from day one:
• Confirmation statements annually
• Register for Person with Significant Control (PSCs) – Company registration
• Share Certificate
• Statutory Books
• Board minutes for asset transfer and salary approval

Please contact us if you need help:
Push Exec Ltd - Accountancy, Advisory, Outsourcing and Tax Services
Mobile: 07908 286576
Email: [email protected]
Website: www.pushexec.co.uk

Push Exec delivers expert accounting solutions tailored to your needs. Reach out and let’s drive your business forward.