business taxation Archives - Page 44 of 81 - Whitefield Tax - Isle of Wight Accountants

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...

Tax cases and CEST

by Jessica Garbett | Jan 20, 2020 | ACCA, business issues, business taxation, IR35

A recent tax case could prove key when using CEST (Check Employment Status for Tax service) Check Employment Status for Tax (CEST) is a tool from HMRC to determine if an individual, or a worker on a specific engagement, should be classed as employed or self-employed...

Tax allowances available when working from home

by Jessica Garbett | Jan 10, 2020 | ACCA, business taxation, personal taxatation

The reliefs employees and those who are self-employed can claim when they work from home will depend on a number of conditions. Employees working from home It is a condition for tax relief under section 336 ITEPA 2003 that the expenses must be incurred ‘wholly and...

Corporation tax loss relief changes

by Jessica Garbett | Jan 9, 2020 | ACCA, business taxation

ACCA provide this comparison table following the 2017 reforms. The legislation Reform was introduced in schedule 4 of the Finance (No.2) Act 2017. It applies from 1 April 2017. Accounting periods that begin before and end after 1 April 2017 follow commencement...

Top tips when using provisional figures in self-assessment tax returns

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

A tax return containing provisional figures should only be submitted if it becomes clear that a more accurate figure will not be available before the filing date. HMRC will not accept a return containing estimated or provisional figures when the client did not provide...

Entrepreneurs’ relief – the importance of trading activities even when suspended

by Jessica Garbett | Nov 28, 2019 | ACCA, business taxation, capital taxation

A must read case for entrepreneurs’ relief. Entrepreneurs’ relief (ER) reduces the rate of capital gains tax (CGT) on disposals of certain business assets from 20% to 10%. The recent first-tier tribunal case of Potter [2019] UKFTT 0554 (TC) re-emphasises the...

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Benefits in kind: employee-used assets

Tax cases and CEST

Tax allowances available when working from home

Corporation tax loss relief changes

Top tips when using provisional figures in self-assessment tax returns

Entrepreneurs’ relief – the importance of trading activities even when suspended

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