March 2017 - Page 2 of 6 - Whitefield Tax - Isle of Wight Accountants

Probate fees may rise

by Jessica Garbett | Mar 23, 2017 | ACCA, capital taxation, personal finance, personal taxatation

Government says reforms would improve efficiency and generate around £300m. The government has responded to the consultation ‘to reform fees for grants of probate’. It expects that these changes should be one step ahead to increase efficiency and deliver a better...

Pros and cons for cash basis

by Jessica Garbett | Mar 22, 2017 | ACCA, business taxation

The arguments for and against cash basis. The cash basis Self-employed individuals or partnerships carrying on a small trading business will be able to choose to be taxed on the cash basis rather then being asked to do accounting adjustments designed for more complex...

Money purchase annual allowance reduced

by Jessica Garbett | Mar 21, 2017 | ACCA, pension reform, pensions

Limit will decrease from £10,000 to £4,000. Once a person has accessed pension savings flexibly, any further contributions to a DC pension qualify for tax relief only if they are restricted to the money purchase annual allowance (MPAA). Since 6 April 2015, on reaching...

Government introduces pension advice allowance

by Jessica Garbett | Mar 20, 2017 | ACCA, pension reform, pensions

From April, an individual can claim a £500 allowance from their DC pension scheme for advice. The government is to introduce an allowance for advice in relation to defined contribution pension savings from April 2017. This will allow individual members of a defined...

All change for employee shareholder agreements

by Jessica Garbett | Mar 20, 2017 | ACCA, business taxation, capital taxation, personal taxatation

Income tax relief and CGT exemption on shares to end. The income tax reliefs and capital gains tax (CGT) exemption will no longer be available with effect from 1 December 2016 on any shares acquired in consideration of an employee shareholder agreement entered into on...

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Probate fees may rise

Pros and cons for cash basis

Money purchase annual allowance reduced

Government introduces pension advice allowance

All change for employee shareholder agreements

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