News and Comment - Page 40 of 95 - Whitefield Tax - Isle of Wight Accountants

Company loans: nine things to know

by Jessica Garbett | Mar 16, 2020 | ACCA, financial reporting

Get closer to the intricacies of company loans. Can I lend money to my company? Most small companies start their trading activities by advancing funds via an informal ‘director’s loan’ that in most cases is repaid as soon as the business starts making money. However,...

Covid 19 – Sick Pay Changes (updated)

by Jessica Garbett | Mar 13, 2020 | budget, business issues, Covid19

For our latest Covid 19 information please visit this link For the latest on HM Government support for Covid-19 visit this link Sick pay has been a concern for many businesses and individuals during the Covid-19 outbreak. These are the announcements in today’s...

Budget – Employment allowance to increase by £1000

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business issues

Steps in the right direction to take some weight off the shoulders of SMEs. The Chancellor announced an increase in the Employment Allowance from £3,000 to £4,000 to protect small businesses from the rise in the minimum wage. From next month companies will not have to...

Budget 2020: Corporation tax rate unchanged

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business taxation

Expected cut to an already low rate did not happen. Since 2010 the government has cut the headline rate of CT from 28% to 19%, giving the UK the lowest headline rate in the G20. The expected cut to corporation tax did not take place and to ‘provide support for vital...

R&D expenditure credit increased to 13%

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business taxation

Consultation announced on data and cloud computing expenditure qualifying for R&D tax credits. Research & Development tax credits This objective will be supported by increasing the Research & Development Expenditure Credit (RDEC) rate from 12% to 13% from...

Budget and Capital Allowances

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business issues

Main change sees an increase of 1% for structures and buildings allowance. Structures and buildings allowance As previously announced the annual rate of capital allowances available for qualifying investments on or after 29 October 2018 to construct new, or renovate...

Budget VAT changes round up

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, VAT

Digital publications will also become zero-rated, while the agricultural flat rate scheme entry and exit rules are amended. The VAT registration rates are unchanged, with few announcements. The main business changes concern: Sanitary products VAT is currently...

Budget: CGT – reduction in Entrepreneurs’ Relief lifetime limit

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, capital taxation

Significant cut to lifetime limit – but not quite abolition. Effective immediately (from 11 March 2020) the lifetime limit on gains eligible for Entrepreneurs’ Relief (which offers a reduced 10% rate of CGT on qualifying disposals) will be reduced from £10m to £1...

Retail rates relief to double

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business issues

Welcome boost for smaller retailers. The Budget included measures to increase the 50% Retail Rates Relief announced earlier this year to 100% from April 2020. This relief will be extended to include retail, leisure and hospitality sectors, meaning a full relief for...

Covid-19: Time to pay arrangement for outstanding tax liabilities

by Jessica Garbett | Mar 12, 2020 | ACCA, budget, business issues, Covid19

HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (Covid-19). The helpline allows any business or self-employed individual who is concerned about paying their tax due to...

Covid-19: Immediate support for SMEs

by Jessica Garbett | Mar 12, 2020 | ACCA, budget, business issues, Covid19

Extra costs of paying Covid-19-related SSP can be recovered. To support SMEs in response to Covid-19, the Chancellor announced the following immediate measures for their employees. Temporary return of Statutory Sick Pay claims This offers immediate support for small...

Budget 2020

by Jessica Garbett | Mar 11, 2020 | budget, Covid19

Our first thoughts on Budget 2020 are now published on the Help and Guidance Section of our Website Budget 2020

Strengthening employment rights for casual workers

by Jessica Garbett | Mar 9, 2020 | ACCA, business issues

Businesses need to be aware of changes covering statements of ‘written particulars’. Following the publication of the government’s Good Work Plan, and in order to improve the lot of casual workers in particular, the entitlement to a statement of ‘written particulars’...

IR35 myth buster

by Jessica Garbett | Mar 4, 2020 | ACCA, IR35

With IR35 changes in the offing, we are sharing this set of practical FAQs from ACCA / HMRC From 6 April 2020, the off-payroll working rules will be extended to medium and large organisations in all sectors. The organisation receiving an individual’s services will be...

Averaging profits for farmers – a refresher

by Jessica Garbett | Feb 27, 2020 | ACCA, business taxation

A refresher from ACCA on how farmers and market gardeners in the UK may obtain relief by averaging the profits of consecutive years. Farm subsidies The Direct Payments to Farmers (Legislative Continuity) (DPLC) Bill provides governments across the UK powers to...

Company loans: nine things to know

Covid 19 – Sick Pay Changes (updated)

Budget – Employment allowance to increase by £1000

Budget 2020: Corporation tax rate unchanged

R&D expenditure credit increased to 13%

Budget and Capital Allowances

Budget VAT changes round up

Budget: CGT – reduction in Entrepreneurs’ Relief lifetime limit

Retail rates relief to double

Covid-19: Time to pay arrangement for outstanding tax liabilities

Covid-19: Immediate support for SMEs

Budget 2020

Strengthening employment rights for casual workers

IR35 myth buster

Averaging profits for farmers – a refresher

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