ACCA Archives - Whitefield Tax Limited - Isle of Wight Accountants

Self assessment – inaccuracy penalties for incorrect tax returns

by Jessica Garbett | Jan 14, 2021 | ACCA, business taxation, enquiries and tax disputes, HMRC, personal taxatation

Who takes responsibility for inaccuracy penalties? The case law involving ‘duty of care’ to from accountants to clients is extensive and detailed. We contrast two tax cases involving errors on tax returns. In both of these cases it was accepted that the returns were...

Self assessment – repair or capital?

by Jessica Garbett | Jan 11, 2021 | ACCA, business taxation, property taxation

A recap of what is allowable when it comes to repair or capital. The profits of a trade are calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law. The basic position is that: the cost of repairing...

Covid and redundancies – accounting under FRS 102 and corporation tax treatment

by Jessica Garbett | Jan 7, 2021 | ACCA, business taxation, Covid19, financial reporting

The accounting and tax treatment of Covid-related redundancy payments for companies. The impact of Covid-19 on sustained trading and the changing announcements in relation to the furlough scheme have forced many businesses to make some of their staff redundant. This...

ACCA Factsheet: accounting for coronavirus

by Jessica Garbett | Dec 17, 2020 | ACCA, business taxation, Covid19, financial reporting

ACCA issue a revised technical factsheet addresses the accounting aspects of some of the grants and reliefs made available by the government due to Covid-19. The impact of Covid-19 (coronavirus) has had a significantly detrimental effect on businesses across the UK....

Companies House: ‘don’t leave it until the last minute’

by Jessica Garbett | Dec 14, 2020 | ACCA, Covid19, financial reporting

Company directors and accountants urged to file earlier than usual and online. Companies across the UK are being urged not to leave filing their annual accounts until the last minute and consider going paperless, as the disruption caused by coronavirus (Covid-19)...

CJRS – what about the Christmas holiday?

by Jessica Garbett | Dec 12, 2020 | ACCA, Covid19

All current claims must be submitted by Monday. Claims under the Coronavirus Job Retention Scheme (CJRS) are currently open for pay periods in November and December 2020 and there are hard stops for these claims. You have until 11‌.59pm on Monday‌‌‌ ‌14 December to...

« Older Entries

Self assessment – inaccuracy penalties for incorrect tax returns

Self assessment – repair or capital?

Covid and redundancies – accounting under FRS 102 and corporation tax treatment

ACCA Factsheet: accounting for coronavirus

Companies House: ‘don’t leave it until the last minute’

CJRS – what about the Christmas holiday?

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