business taxation Archives - Page 57 of 80 - Whitefield Tax - Isle of Wight Accountants

Income tax and interest on qualifying loans

by Jessica Garbett | Jan 22, 2018 | 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...

Tax-free dividends shrink

by Jessica Garbett | Jan 3, 2018 | ACCA, budget, business taxation, personal taxatation

Untaxed band for dividend income falls to £2,000. From 6 April 2018 the level of dividend income received tax-free will be reduced from £5,000 to £2,000. The tax rates applying outside this band remain unchanged. Dividends above the £2,000 threshold will be taxed at...

Ten common tax elections and claims

by Jessica Garbett | Jan 2, 2018 | ACCA, business taxation, HMRC, personal taxatation

Main residence nomination s222 (5a) Taxation of Chargeable Gains Act 1992 (TCGA 1992) Taxpayers with two or more residences may choose which property is to be treated as their main residence for capital gains tax purposes by lodging an election under TCGA 1992,...

Corporation Tax: removal of capital gains indexation allowance

by Jessica Garbett | Dec 20, 2017 | ACCA, business taxation, capital taxation

CGT indexation allowance to disappear from 1 January 2018. This measure means that when a company makes a capital gain on or after 1 January 2018, the indexation allowance that is applied in order to determine the amount of the chargeable gain will be calculated up to...

The Scottish rate of tax

by Jessica Garbett | Dec 18, 2017 | ACCA, business taxation, personal taxatation

A recap on who, what and when, designed to help with 2016/17 self-assessment tax returns. When are the changes from? From 6 April 2016 people who live in Scotland pay a proportion of their income tax to the Scottish government. The Scottish rate of income tax (SRIT),...

Increase in R&D expenditure credits

by Jessica Garbett | Dec 18, 2017 | ACCA, business taxation

Carry out R&D? RDEC claimants could benefit from the Budget. Companies that carry out Research and Development (R&D) and claim Research and Development Expenditure Credit (RDEC) may benefit from announcements in the Autumn 2017 Budget. Increasing the amount...

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Income tax and interest on qualifying loans

Tax-free dividends shrink

Ten common tax elections and claims

Corporation Tax: removal of capital gains indexation allowance

The Scottish rate of tax

Increase in R&D expenditure credits

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