business taxation Archives - Page 61 of 81 - Whitefield Tax - Isle of Wight Accountants

The cost of getting the wrong structure: entrepreneurs’ relief

by Jessica Garbett | Nov 8, 2017 | ACCA, business taxation, capital taxation, enquiries and tax disputes

A recent first tier tribunal decision concerned entrepreneurs’ relief and whether redeemable shares with no right to a dividend impacted the relief available. The case outcome was dependent on the share capital and ownership conditions not being met. The judgement...

Class 2 NI abolition put back 12 months

by Jessica Garbett | Nov 3, 2017 | business taxation

The self employed pay both Class 2 and Class 4 NI. Class 2 is a fixed weekly amount – sometimes called a stamp – Class 4 a variable amount related to profit. Its long been intended to abolish Class 2 NI, and the set date was April, 2018. Yesterday, 2...

Claiming Clothes – HMRCs rules

by Jessica Garbett | Oct 19, 2017 | business taxation, yoga

Theres enough complexity in life, and you’d think that tax could be black and white – what you can claim or what you can’t claim. Alas that simplicity doesn’t exist; the area of allowable expenses is one of the key areas of uncertainty and...

Directors’ loan account – valid entries are vital

by Jessica Garbett | Oct 16, 2017 | ACCA, business taxation

Failing to record directors’ loans can prove costly. Directors’ loan account (DLA) adjustments are a constant theme in the accounts of SMEs. Often the directors/shareholders adopt an informal approach and are rather keen to process entries which benefit them but often...

The latest guidance on making tax digital for business

by Jessica Garbett | Oct 9, 2017 | ACCA, business taxation, HMRC, personal taxatation

A reminder: Making Tax Digital comes in from April 2019, initially only in respect of VAT, but its likely to be extended wider in the future to include quarterly returns for business profits – quarterly accounts under any other name, some when from 2020. HMRC...

Training and CPD – what can be claimed?

by Jessica Garbett | Sep 19, 2017 | business taxation, enquiries and tax disputes

There is often a grey area around claiming training costs and CPD. The rules are that “new skills” training can’t be claimed; CPD style training can be claimed. By way of background, new skills training is considered to be incurred to put you in the position of being...

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The cost of getting the wrong structure: entrepreneurs’ relief

Class 2 NI abolition put back 12 months

Claiming Clothes – HMRCs rules

Directors’ loan account – valid entries are vital

The latest guidance on making tax digital for business

Training and CPD – what can be claimed?

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