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It pays to declare

by | 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...

February VAT update

by | Feb 21, 2014 | ACCA, VAT

The latest changes to VAT, including on food, pensions and students.  Business to consumer (B2C) supplies The EU place of supply VAT rules will change from 1 January 2015. The changes impact B2C supplies including e-services. From 1 January 2015, the place of taxation...

Private residence relief reducing

by | Feb 20, 2014 | ACCA, capital taxation

The period that private residence relief impacts on capital gains tax will be reduced from 6 April 2014. Private residence relief – or principal private residence relief – applies for capital gains tax purposes if the dwelling house or part of the dwelling house has...

VAT update

by | Feb 15, 2014 | ACCA, VAT

The latest changes to VAT in both the UK and further afield in the EU.  EU VAT The French government has gone ahead with its 0.4% increase to the standard rate of VAT (called TVA in France) to 20%, effective from 1 January 2014. This increase is a small change when...

Trading losses

by | Feb 13, 2014 | ACCA, business taxation, personal taxatation

With the self-assessment deadline fast approaching, there are options how 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 available loss relief is...

Pensions auto enrolment: an update

by | Feb 12, 2014 | ACCA, pension reform

Auto enrolment is well underway. Updated guidance outlines when it will impact on businesses of different sizes and what steps they should take. The Pensions Regulator has detailed guidance on the various steps and processes involved with automatic enrolment. This...

607 of 610

by | Jan 31, 2014 | administration

31 January is, of course, the filing deadline for 2012/13 Self Assessment returns, and out of 610 to process 607 have gone in. This makes a 0.49% non compliance rate. Grateful thanks to the Whitefield staff team for their hard work.  

Autumn Statement and Inheritance Tax

by | Jan 30, 2014 | ACCA, budget

How will inheritance tax change following the Autumn Statement? Legislation will be introduced to extend the period of freezing the nil rate band at £325,000 until 2017-18. Periodic charges on discretionary trusts.  Legislation will be introduced to align the filing...

Autumn Statement and Capital Gains Tax

by | Jan 25, 2014 | ACCA, budget

A summary of CGT changes in the Autumn Statement. A summary of CGT changes in the Autumn Statement.  The capital gains tax annual exempt amount for 2014-15 will be £11,000. The allowance for 2015-16 will be £11,100; the allowance for trustees of most trusts will be...