ACCA Archives - Page 140 of 189 - Whitefield Tax - Isle of Wight Accountants

Eight things you should know about pensions

by Jessica Garbett | Dec 21, 2016 | ACCA, pension reform, pensions, personal finance

Guidance on eight key areas you should know prior to completing your self assessment tax returns. Types of pension (1) The basic state pension is currently available to most UK individuals when they reach state pension age. The basic state pension depends on the...

Personal income tax – interest on qualifying loans

by Jessica Garbett | Dec 19, 2016 | ACCA, business taxation

Under Income Tax Act 2007 (ITA) s383, interest paid on ‘qualifying loans’ is deductible in the tax computation. Interest is deducted first from non-savings income, then from interest income and the remaining amount will be set against any dividend income. Relief is...

ACCA on Making Tax Digital

by Jessica Garbett | Dec 14, 2016 | ACCA

Making Tax Digital (MTD) received the smallest of mentions in the Chancellor’s Autumn Statement, but it is a concerning one. The Office for Budget Responsibility Economic and Fiscal Outlook Report highlighted that HMRC has reported progress in delivering MTD and it is...

Income and expenses helpful hints for tax return

by Jessica Garbett | Dec 13, 2016 | ACCA, business taxation, personal taxatation

Taxable and non-taxable receipts Income tax is charged on the profit of a trade, profession or vocation. In order to be taxable the receipt must represent ‘the profits of’ the trade under S5 ITTOIA 2005. An incoming payment is not necessarily a trade...

Auto enrolment and seasonal workers

by Jessica Garbett | Dec 12, 2016 | ACCA, pension reform

Guidance for employing seasonal staff. The Pensions Regulator has highlighted a note of warning with regards to this question: Do you employ seasonal or temporary staff? Automatic enrolment duties will apply… If you employ seasonal staff over the Christmas period, or...

Autumn Statement: Changes to the VAT flat rate scheme

by Jessica Garbett | Dec 8, 2016 | ACCA, VAT

The VAT Flat Rate Scheme (FRS) is designed as a simplified accounting scheme for small businesses with a turnover no more than £150,000 a year, excluding VAT. Businesses determine which flat rate percentage to use by reference to their trade sector. Therefore they...

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Eight things you should know about pensions

Personal income tax – interest on qualifying loans

ACCA on Making Tax Digital

Income and expenses helpful hints for tax return

Auto enrolment and seasonal workers

Autumn Statement: Changes to the VAT flat rate scheme

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