personal taxatation Archives - Page 48 of 52 - Whitefield Tax - Isle of Wight Accountants

CGT share matching rules – a worked example

by Jessica Garbett | Dec 13, 2014 | ACCA, capital taxation, personal taxatation

This worked example looks at the share identification rules that should be followed when there is a disposal of shares in a company, for capital gains tax purposes. Because one batch of shares or securities of the same class in a company are effectively...

Limit on income tax reliefs – Examining how the limit on income tax reliefs from 6 April 2013 (part of Finance Act 2013) will operate

by Jessica Garbett | Dec 7, 2014 | ACCA, business taxation, HMRC, personal taxatation

Legislation was implemented by Finance Act 2013 to place a limit on income tax reliefs from 6 April 2013. Here we look at how this limit will operate. Finance Act 2013, Schedule 3 imposes a limit on the amount of ‘income tax reliefs’ that an individual may...

Trading loss relief for sole traders and partnerhips

by Jessica Garbett | Dec 5, 2014 | ACCA, business taxation, HMRC, personal taxatation

With the self-assessment deadline fast approaching, this article considers the way in which trading losses may be utilised for tax purposes. A profitable business will pay tax on its profits but when times are not so good it will need to ensure that any loss relief...

Collecting overdue tax through tax codes

by Jessica Garbett | Dec 1, 2014 | ACCA, employer returns, HMRC, personal taxatation

From April 2015 HMRC is increasing the amount of overdue tax it can recover through a taxpayer’s Pay As You Earn (PAYE) tax code. Before 6 April 2015 HMRC can collect debts of up to £3,000 by adjusting a taxpayer’s PAYE code. This applies if the taxpayer...

Common errors in tax returns and related accounts

by Jessica Garbett | Nov 30, 2014 | ACCA, business taxation, enquiries and tax disputes, HMRC, personal taxatation

Taxable and non-taxable receipts Income tax is charged on the profit of a trade, profession or vocation. In order to be taxable the receipt must represent ‘the profits of’ the trade under S5 ITTOIA 2005. An incoming payment is not necessarily a trade...

The competitiveness of the UK’s tax administration

by Jessica Garbett | Nov 3, 2014 | ACCA, business taxation, HMRC, personal taxatation

The OTS has published the final report on its review of the competitiveness of UK tax administration, making 50 recommendations for improvements. The Office of Tax Simplification (OTS) has published a report on UK tax administration competitiveness. The report...

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Next Entries »

CGT share matching rules – a worked example

Limit on income tax reliefs – Examining how the limit on income tax reliefs from 6 April 2013 (part of Finance Act 2013) will operate

Trading loss relief for sole traders and partnerhips

Collecting overdue tax through tax codes

Common errors in tax returns and related accounts

The competitiveness of the UK’s tax administration

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