News and Comment - Page 31 of 94 - Whitefield Tax - Isle of Wight Accountants

Capital gains tax and divorce

by Jessica Garbett | Feb 3, 2021 | ACCA, capital taxation

When the breakdown of a marriage occurs, tax considerations are likely to be the last thing on the parties’ minds. However, the potential benefits which can arise from tax planning cannot be ignored, especially where it can be demonstrated that both of the parties...

Averaging profits for farmers

by Jessica Garbett | Feb 1, 2021 | ACCA, business taxation

Farmers and market gardeners in the UK may obtain relief by averaging the profits of consecutive years. Full averaging relief can be claimed where the profits of one tax year are 75% or less of the profits of an adjacent year. Averaging options Finance Act...

Brexit: Summary for VAT impacts

by Jessica Garbett | Jan 29, 2021 | ACCA, business issues, VAT

The UK exited the EU VAT regime, Customs Union and Single Market from 1 January 2021. This means the loss of a range of compliance simplifications and the imposition of customs declarations, goods regulations, services and import VAT. A Brexit Trade and Cooperation...

Covid-19 grants for closed businesses

by Jessica Garbett | Jan 27, 2021 | ACCA, business issues, Covid19

The Local Restrictions Support Grant (LRSG (Closed)) supports businesses that have been required to close due to temporary local restrictions. Businesses that were open as usual and were then required to close due to local Tier 2 or Tier 3 restrictions may be eligible...

Self Assessment Deadline extended for 2019-20

by Jessica Garbett | Jan 25, 2021 | business taxation, Covid19, HMRC, personal taxatation

Its been announced today, 25th January 2021, that HMRC are giving taxpayers an extra month for filing 2019/20 tax returns which were otherwise due on 31 January 2021. However, whilst you won’t be charged a penalty for submitting your return up to a month...

Landlords and tax returns

by Jessica Garbett | Jan 25, 2021 | ACCA, business taxation, property taxation

Do all landlords have to complete a tax return? In short, not necessarily. How much tax is payable depends on the level of profits and the personal circumstances of each individual. We discuss the circumstances where an individual does not require to complete a tax...

Covid-19 – latest updates to CJRS guidance

by Jessica Garbett | Jan 22, 2021 | ACCA, business issues, Covid19

A refresher from ACCA on the CJRS, more commonly known as Furlough, which is extended until the end of April 2021. Coronavirus Job Retention Scheme (CJRS) In response to the most recent lockdown measures, the CJRS has been extended until the end of April 2021....

Deadline looms for third SEISS grant

by Jessica Garbett | Jan 22, 2021 | ACCA, business issues, Covid19

A refresher from ACCA on what you need to know to make a claim. Applications for the third grant for the self-employed opened from 30 November and claims must be made by 29 January 2021. The third taxable grant is worth 80% of the applicant’s average monthly...

Income tax and deductibility of expenses

by Jessica Garbett | Jan 20, 2021 | ACCA, business taxation, enquiries and tax disputes

ACCA on Revisiting a case where not everything charged in the profit and loss account of a trade, profession or vocation is an allowable deduction for tax purposes. At this time of year, you tend to remember cases which influence what you can claim. Here we revisit...

Tax implications on loans written off

by Jessica Garbett | Jan 18, 2021 | ACCA, business taxation

What are the tax implications if the company decides to write-off a loan? Despite the various support measures such as Coronavirus Business Interruption Loan Scheme and Bounce Back Loan Scheme, many small companies have struggled to survive through the ongoing...

Self assessment – inaccuracy penalties for incorrect tax returns

by Jessica Garbett | Jan 14, 2021 | ACCA, business taxation, enquiries and tax disputes, HMRC, personal taxatation

Who takes responsibility for inaccuracy penalties? The case law involving ‘duty of care’ to from accountants to clients is extensive and detailed. We contrast two tax cases involving errors on tax returns. In both of these cases it was accepted that the returns were...

Self assessment – repair or capital?

by Jessica Garbett | Jan 11, 2021 | ACCA, business taxation, property taxation

A recap of what is allowable when it comes to repair or capital. The profits of a trade are calculated in accordance with generally accepted accounting practice, subject to any adjustment required or authorised by law. The basic position is that: the cost of repairing...

Covid and redundancies – accounting under FRS 102 and corporation tax treatment

by Jessica Garbett | Jan 7, 2021 | ACCA, business taxation, Covid19, financial reporting

The accounting and tax treatment of Covid-related redundancy payments for companies. The impact of Covid-19 on sustained trading and the changing announcements in relation to the furlough scheme have forced many businesses to make some of their staff redundant. This...

New Coronavirus Business Support Grants Announced (England) – 5th January 2021

by Jessica Garbett | Jan 5, 2021 | Covid19

Following lockdown #3, Government has announced further business support grants today, 5th January 2021. The new announcement today is (a) one off grants to businesses with business premises in the Retail, Hospitality and Leisure Sector, see 2 below, and (b) extra...

Christmas Greetings and December Update from Whitefield Tax

by Jessica Garbett | Dec 21, 2020 | administration, WhitefieldNews

As 2020 draws to a close, it seems to want to go out with a bang not a whimper – although we are fortunate to be in Tier 1 on the Isle of Wight, most of you reading this will be in Tiers 2, 3 or perhaps coming to terms with Tier 4. I would like to extend to all...

Capital gains tax and divorce

Averaging profits for farmers

Brexit: Summary for VAT impacts

Covid-19 grants for closed businesses

Self Assessment Deadline extended for 2019-20

Landlords and tax returns

Covid-19 – latest updates to CJRS guidance

Deadline looms for third SEISS grant

Income tax and deductibility of expenses

Tax implications on loans written off

Self assessment – inaccuracy penalties for incorrect tax returns

Self assessment – repair or capital?

Covid and redundancies – accounting under FRS 102 and corporation tax treatment

New Coronavirus Business Support Grants Announced (England) – 5th January 2021

Christmas Greetings and December Update from Whitefield Tax

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