ACCA Archives - Page 85 of 193 - Whitefield Tax - Isle of Wight Accountants

Capital gains exemptions and reliefs

by Jessica Garbett | Feb 10, 2020 | ACCA, capital taxation

A quick refresher from ACCA on the various exemptions and reliefs available on CGT transactions? Capital gains tax (CGT) is charged when there is a chargeable disposal of a chargeable asset by a chargeable person. All forms of property are chargeable assets unless...

Independent review into loan charges

by Jessica Garbett | Feb 6, 2020 | ACCA, business taxation, personal taxatation, PSC

Have you seen HMRC’s response to the review’s outcomes? You may have already received HMRC’s communication highlighting its advice around the independent review into loan charges where it signalled it will refund voluntary payments. HMRC stated in its update:...

Could entrepreneurs’ relief cease to exist?

by Jessica Garbett | Feb 3, 2020 | ACCA, capital taxation

With Budget 2020 due next week, this article from ACCA is pertinent Examining the definition of ‘trading’ in CGT reliefs and asking if entrepreneurs’ relief will continue to exist. The October 2019 ruling of the First Tier Tribunal in Potter provided clarification...

Reimbursement or disbursement

by Jessica Garbett | Jan 30, 2020 | ACCA, VAT

Knowing the difference is important in getting the right VAT treatment. The difference between reimbursement and disbursement is significant from the VAT point of view as reimbursements are subject to VAT, while disbursements are outside the scope of VAT. If a...

Benefits in kind: employee-used assets

by Jessica Garbett | Jan 27, 2020 | ACCA, business taxation, employer returns, personal taxatation

There’s a lot to consider when it comes to employees using assets other than a car or van for private use. What is the taxable benefit in kind to an employee or director when the employer allows the employee to use an asset for private use? The employee will have a...

Taxing times for children?

by Jessica Garbett | Jan 23, 2020 | ACCA, personal finance, personal taxatation

A detailed look at taxation and children. Subject to some exemptions, a child may have taxable income which is chargeable; however, the child will have full entitlement to personal allowances and reliefs. The rights and obligations of a child with taxable income rest...

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Capital gains exemptions and reliefs

Independent review into loan charges

Could entrepreneurs’ relief cease to exist?

Reimbursement or disbursement

Benefits in kind: employee-used assets

Taxing times for children?

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