personal taxatation Archives - Page 48 of 49 - Whitefield Tax - Isle of Wight Accountants

Budget 2014: Changes to personal allowances for basic and higher rate taxpayers revealed

by Jessica Garbett | Mar 21, 2014 | ACCA, budget, HMRC, personal taxatation

Contributed by ACCA, in their own words Changes to personal allowances for basic and higher rate taxpayers revealed. As already announced, for 2014/15 the personal allowance will be £10,000. It has now been announced that this will increase further to £10,500 in...

Annual investment allowance – transitional rules

by Jessica Garbett | Mar 20, 2014 | ACCA, business taxation, personal taxatation

Transitional rules are the latest development surrounding the annual investment allowance. The annual investment allowance (AIA) was introduced in 2008 to encourage businesses to invest in capital equipment. Under the regime, businesses may claim capital allowances of...

Investment properties held by individuals

by Jessica Garbett | Mar 14, 2014 | ACCA, personal finance, personal taxatation

Find out how the accounting treatment of investment properties held by individuals has changed. Individuals who hold investment properties and receive rental income need to disclose the rental income on their tax returns. Until 5 April 2013 this had to be done using...

It pays to declare

by Jessica Garbett | Feb 24, 2014 | personal taxatation

‘Closing the tax gap’, or the difference between the tax actually collected and that which HMRC thinks should be collected, represents an important challenge for the Department. The tax gap reflects tax lost for a variety of reasons. These include criminal attacks on...

High income child benefit charge

by Jessica Garbett | Feb 17, 2014 | ACCA, HMRC, personal finance, personal taxatation

The 2012/13 self-assessment tax return for individuals includes, for the first time, a section in respect of the high income child benefit charge. The income tax charge on child benefit for high income families came into force on 7 January 2013 and therefore, for the...

Limit on income tax relief takes effect

by Jessica Garbett | Feb 14, 2014 | ACCA, personal taxatation

New legislation limited to amount of income tax relief available from tax year 2013-14 onwards. Finance Act 2013, Schedule 3 has introduced a limit to certain income tax reliefs available to reduce an individual’s adjusted total income for a tax year; these were...

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Budget 2014: Changes to personal allowances for basic and higher rate taxpayers revealed

Annual investment allowance – transitional rules

Investment properties held by individuals

It pays to declare

High income child benefit charge

Limit on income tax relief takes effect

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