News and Comment - Page 30 of 94 - Whitefield Tax - Isle of Wight Accountants

Pensions update – all you need to know

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, pensions

Updates to annual, lifetime and tapered annual allowances and more. Why make a pension contribution? When you save into a pension, the government usually gives you a top-up as a way of encouraging you to save for your future. If certain conditions are satisfied, tax...

Inheritance tax bands to freeze for five years

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, capital taxation

Thresholds on the nil-rate, and residence nil-rate and taper, will be fixed until 2026 Legislation will be introduced in Finance Bill 2021 to maintain the inheritance tax (IHT) nil-rate band (NRB), residence nil-rate band (RNRB) and RNRB taper threshold at their...

Temporary extension of losses carry-back for businesses

by Jessica Garbett | Mar 5, 2021 | ACCA, budget, business taxation

Extension of the period for trading losses carry-back to get a refund To support the UK economy to recover from the effects of the pandemic, businesses which have incurred trading losses in financial years 2020-21 and 2021-22 will have more flexibility to carry back...

ACCA Budget VAT Roundup

by Jessica Garbett | Mar 5, 2021 | Uncategorized

Temporary VAT rate reduction extended until September To support the most vulnerable businesses hit by the pandemic, chancellor Rishi Sunak announced the extension of the reduced rate of VAT of 5% to the hospitality sector, holiday accommodation and attractions until...

Corporation tax to rise – marginal rate relief returns

by Jessica Garbett | Mar 4, 2021 | ACCA, budget, business taxation

Small profit and main rates of CT make a come-back, along with marginal rate relief The chancellor announced the return of the small profit rate and main rate of corporation tax from April 2023. The applicable corporation tax rates will be 19% and 25%. Businesses...

Budget – Extension to the Coronavirus Job Retention Scheme

by Jessica Garbett | Mar 4, 2021 | ACCA, budget, business issues, Covid19

An extended version of the CJRS provides further support for employees until the end of September In December, the CJRS scheme was extended to the end of April 2021 in anticipation of lockdown measures ending by around March. Due to the gradual lockdown lifting...

More grants via the Self-employed Income Support Scheme

by Jessica Garbett | Mar 4, 2021 | ACCA, budget, business issues, Covid19

The latest round of grants for the SEISS has been announced, with more applicants potentially qualifying. Applications for the third grant for the Self-employed Income Support Scheme closed on 29 January 2021, with the details of the fourth grant slated for...

New post-Brexit requirements when hiring EU nationals

by Jessica Garbett | Mar 4, 2021 | ACCA, business issues

From 1 January 2021 UK businesses employing EU nationals without settled or pre-settled status needed to meet the requirements of a new points-based system and obtain a sponsorship licence. The requirement aligns the EU-workers immigration and employment regime with...

Spring 2021 Budget – First Thoughts

by Jessica Garbett | Mar 3, 2021 | budget, Covid19

Please note this content was written contemporaneously, and may well now be superseded Our first thoughts on todays budget. As always these thoughts are “hot of the press” from our review of budget documents published today, and as is often the case there...

ACCA Year End Planning Tips

by Jessica Garbett | Feb 25, 2021 | ACCA, budget, business taxation, capital taxation, personal taxatation

With self-assessment season over, now it is time to think about year-end tax planning for their clients. Each year seems to bring with it something new and this year is certainly no exception. The main areas of interest this year will centre around taxpayers seeking...

HMRC relax 5% Late Payment Penalty for 28 February 2021

by Jessica Garbett | Feb 19, 2021 | business taxation, Covid19, HMRC, personal taxatation

Self Assessment liabilities are normally due, subject to Payments on Account made, on 31 January after the tax year, and if paid 30 days late carry a 5% surcharge. For example, for 2019-20, Self Assessment Tax and NI was due 31 January 2021 and the 5% surcharge...

HMRC Warning on Loss of Class 2 NI Credits if Deferring Tax or Using Time to Pay

by Jessica Garbett | Feb 18, 2021 | business taxation, Covid19, HMRC, personal taxatation

HMRC have published an advisory for Self Employed tax payers who are not able to pay all of their 2019/20 Self Assessment liabilities by 31 January 2021. “Payment of 2019 to 2020 Class 2 National Insurance contributions “Self Assessment clients who need to...

Brexit – what’s next for reporting?

by Jessica Garbett | Feb 8, 2021 | ACCA, financial reporting

Accountants and Businesses have a lot to consider when it comes to year-end reporting post-Brexit. Risk and viability are the key words the FRC used when issuing its going concern guidance on coronavirus. Many reporting entities will now also look back at the Brexit...

Updated guidance for charitable organisations

by Jessica Garbett | Feb 5, 2021 | ACCA, business issues

A summary of notable updates from the Charity Commission. The guidance issued by the Charity Commission for Charitable organisations and CIOs has been updated and trustees and those working with or for charities should consider the changes. Notable updates...

Email Routing Outage from our Website

by Jessica Garbett | Feb 4, 2021 | administration, WhitefieldNews

We’ve identified a problem today whereby some contact submissions from our website between today and early January have not been delivered to us. This was an intermittent issue, hence it not coming to light earlier. If you have contacted us via our website in the...

Pensions update – all you need to know

Inheritance tax bands to freeze for five years

Temporary extension of losses carry-back for businesses

ACCA Budget VAT Roundup

Corporation tax to rise – marginal rate relief returns

Budget – Extension to the Coronavirus Job Retention Scheme

More grants via the Self-employed Income Support Scheme

New post-Brexit requirements when hiring EU nationals

Spring 2021 Budget – First Thoughts

ACCA Year End Planning Tips

HMRC relax 5% Late Payment Penalty for 28 February 2021

HMRC Warning on Loss of Class 2 NI Credits if Deferring Tax or Using Time to Pay

Brexit – what’s next for reporting?

Updated guidance for charitable organisations

Email Routing Outage from our Website

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