News and Comment - Page 39 of 95 - Whitefield Tax - Isle of Wight Accountants

Brexit – changes that may affect your business

by Jessica Garbett | Apr 8, 2020 | ACCA, business issues

Changes reflecting the UK’s future as an independent trading nation. The Chancellor has taken the opportunity to start building a process for exports and imports before UK enters into the negotiation phase with EU. Some of measures announced included: Import duty...

Getting Your 2020 Year End Tax & Accounts to us

by Jessica Garbett | Apr 7, 2020 | administration

5th April sees the end of the 2019-20 Tax Year. Here are some handy points for our clients around getting things to us. What Do We Need? We need a Self Assessment Data Request from all clients. This shouldn’t take you long, and you can save and return...

HMRC in £4.5bn compliance crackdown

by Jessica Garbett | Apr 7, 2020 | ACCA, budget

More staff and funding for tax compliance and investigations teams. HMRC has been given the budget to increase compliance and investigation team headcounts by 1,300, with an expectation that they will raise an additional £4.5bn in tax by 2025, including measures such...

HMRC Charter – have your say

by Jessica Garbett | Apr 6, 2020 | ACCA, HMRC

Opportunity to comment on HMRC’s revised draft Charter. The HMRC Charter is fundamental to expectations of how HMRC ought to behave in its engagement with taxpayers and their advisers. The Charter was last reviewed in 2015 and, in line with HMRC’s legal commitment to...

Prompt payment – good news for small businesses

by Jessica Garbett | Apr 3, 2020 | ACCA, budget, business issues

Small businesses facing late payment issues no longer have to suffer in silence. The important work undertaken by the Small Business Commissioner, whom ACCA has been supporting, was highlighted in the Budget, with the government also committing to continue its efforts...

Digital services tax on revenues over £25m from UK users

by Jessica Garbett | Apr 3, 2020 | ACCA, business issues

Online giants targeted by new tax. From 1 April 2020, there will be a new 2% digital services tax on the revenues of search engines, social media services and online marketplaces which derive value from UK users, when the group’s worldwide revenues from these digital...

Changes to protect tax in insolvency

by Jessica Garbett | Apr 2, 2020 | ACCA, budget, HMRC

HMRC moves up creditor hierarchy. Despite concerns raised from many businesses, legislation will be introduced in Finance Bill 2020 to amend the relevant section of the Insolvency Act, Bankruptcy (Scotland) Act 2016 and the Insolvency (Northern Ireland) Order to move...

Flat-rate deduction for homeworking increases

by Jessica Garbett | Apr 1, 2020 | ACCA, personal taxatation

Employees contracted to work from home can claim £6pw without records. Employees who have to work (under contract) from home on a regular basis can claim tax relief for the incremental costs of certain bills, such as business telephone calls, gas and electricity...

Tribunal’s timely decision in battle with Dixons

by Jessica Garbett | Mar 30, 2020 | ACCA, business taxation, VAT

High street retailer Dixons lost a bid to reclaim £1.8m of overpaid VAT for one simple reason… In Dixons Retail Plc v HMRC [2019] the high street retailer lost a First Tier Tribunal appeal for the right to reclaim £1.8m of overpaid VAT on dishonoured cheques –...

Deferral of VAT payments due to Coronavirus

by Jessica Garbett | Mar 26, 2020 | business issues, Covid19, VAT

HMRC have published details on VAT deferral scheme for businesses. Key points: – You don’t need to apply – But you will need to cancel your existing Direct Debit...

Employee number disclosures – what’s mandatory?

by Jessica Garbett | Mar 23, 2020 | ACCA, financial reporting

Key questions accountants ask about the requirement to disclose the average number of employees in a company’s financial statements. Is there a statutory requirement to disclose the number of employees? The requirement to disclose the average number of employees comes...

Covid-19 Business Support – a Case Study

by Jessica Garbett | Mar 22, 2020 | business issues, Covid19

Please see an updated version of this case study There has been consternation amongst the Self Employed and Freelancers that the current support schemes don’t do enough for the Self Employed whose livelihoods are potentially supported by Universal Credit only,...

Breaking: IR35 Private Sector Changes Deferred for 12 Months

by Susan Albest | Mar 18, 2020 | Covid19, IR35, WhitefieldNews

Breaking News 17 March 2020 – the IR35 Private Sector changes have been deferred for 12 months to April 2021. This is big news, and a contrast to the budget position last week that the changes would go ahead. Clients working in IR35 sensitive positions –...

Covid-19 Update from Whitefield Tax

by Jessica Garbett | Mar 17, 2020 | administration, Covid19

For our latest Covid 19 information please visit this link For the latest on HM Government support for Covid-19 visit this link The world seems a little bit crazy in the last day or two doesn’t it? A few things: Our Services Most of our staff work from home, so...

Budget: Pension reforms at a glance

by Jessica Garbett | Mar 16, 2020 | ACCA, budget

Tapered annual allowance threshold to be raised by £90,000. To support the delivery of public services, particularly in the NHS, the Chancellor has unveiled plans as of next month to raise the point at which tapering of the annual allowance kicks in by £90,000. This...

Brexit – changes that may affect your business

Getting Your 2020 Year End Tax & Accounts to us

HMRC in £4.5bn compliance crackdown

HMRC Charter – have your say

Prompt payment – good news for small businesses

Digital services tax on revenues over £25m from UK users

Changes to protect tax in insolvency

Flat-rate deduction for homeworking increases

Tribunal’s timely decision in battle with Dixons

Deferral of VAT payments due to Coronavirus

Employee number disclosures – what’s mandatory?

Covid-19 Business Support – a Case Study

Breaking: IR35 Private Sector Changes Deferred for 12 Months

Covid-19 Update from Whitefield Tax

Budget: Pension reforms at a glance

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