News and Comment - Page 43 of 96 - Whitefield Tax - Isle of Wight Accountants

Corporation tax loss relief changes

by Jessica Garbett | Jan 9, 2020 | ACCA, business taxation

ACCA provide this comparison table following the 2017 reforms. The legislation Reform was introduced in schedule 4 of the Finance (No.2) Act 2017. It applies from 1 April 2017. Accounting periods that begin before and end after 1 April 2017 follow commencement...

Self assessment and tax returns from directors

by Jessica Garbett | Jan 6, 2020 | ACCA, HMRC, personal taxatation

Not all directors now have an obligation to file a tax return. HMRC has made changes to its guidance on the requirement to file tax returns by directors. The guidance removed the previous statements suggesting all directors have an obligation to file tax returns. The...

Top tips when using provisional figures in self-assessment tax returns

by Jessica Garbett | Jan 6, 2020 | ACCA, business taxation, personal taxatation

A tax return containing provisional figures should only be submitted if it becomes clear that a more accurate figure will not be available before the filing date. HMRC will not accept a return containing estimated or provisional figures when the client did not provide...

Dividend treatment in the accounts – commonly asked questions around dividend and its disclosures in the accounts

by Jessica Garbett | Dec 18, 2019 | ACCA, business issues

Commonly asked questions around dividend and its disclosures in the accounts. A dividend is a payment made by the company to its shareholders, usually as a distribution of profits. Part 23 The Companies Act 2006 (section 829 to 853) details all the provisions for...

Christmas and New Year Closure – December 2019

by Jessica Garbett | Dec 16, 2019 | administration

Just to let our clients know we will close for the Christmas break on: Monday 23 December 2019 3pm and will reopen 9am Thursday 2 January 2020 We wish all our clients and contacts a happy and peaceful Christmas along with a healthy New Year If you have Companies House...

Mutuality of Obligations – HMRC loses latest IR35 case

by Susan Albest | Dec 9, 2019 | IR35, PSC

IT contractors RALC Consulting Limited have successfully appealed their IR35 case (RALC Consulting v HMRC (2019) TC7474) at First Tier Tribunal, following an epic five year battle involving a veritable army of HMRC legal representatives. The director, Richard Alcock,...

Don’t forget the state pension!

by Jessica Garbett | Dec 9, 2019 | ACCA, pensions, personal finance

A handy guide to help you review your state pension provision. An overhaul in April 2016 replaced the old two-tier system with a flat-rate state pension, which is now (in 2019/20) £168.60 per week. However, the amount a person is entitled to depends on their National...

How to save IHT on a property portfolio

by Jessica Garbett | Dec 2, 2019 | ACCA, business issues, capital taxation, property taxation

We examine legislation which allows you to save money when making inheritance tax provision on properties. It is a well-known saying that ‘inheritance tax is a tax that you choose to pay’. This is because you elect not to take any action while you are able to,...

Entrepreneurs’ relief – the importance of trading activities even when suspended

by Jessica Garbett | Nov 28, 2019 | ACCA, business taxation, capital taxation

A must read case for entrepreneurs’ relief. Entrepreneurs’ relief (ER) reduces the rate of capital gains tax (CGT) on disposals of certain business assets from 20% to 10%. The recent first-tier tribunal case of Potter [2019] UKFTT 0554 (TC) re-emphasises the...

Doing business in a foreign country

by Jessica Garbett | Nov 25, 2019 | ACCA, business issues

Let’s explore the risks and benefits of investing or expanding outside of the UK. When considering business options it is important to look at the options, opportunities and any constraints. This will inevitably include: the type of entity (typically an agency,...

60 second update from ACCA: what you need to know about directors’ duties

by Jessica Garbett | Nov 21, 2019 | ACCA, business issues

A reminder that ALL directors are jointly responsible for a company and the duties towards it – regardless of their level of involvement. Many small companies registered with Companies House started as a one-director company and remained so until the demise of either...

Charity SORP – related party disclosure

by Jessica Garbett | Nov 18, 2019 | ACCA, financial reporting

Summarising the requirements for disclosure of related party transactions. The charity SORP states that if ‘there have been no related party transactions in the reporting period that require disclosure, this SORP requires that this fact must be stated’. Where a...

Challenges of capital allowances

by Jessica Garbett | Nov 12, 2019 | ACCA, business taxation

Establishing the primary function of an asset can be hugely important. The distinction between plant and building is an important one from a tax perspective. When made incorrectly, it will have a significant tax cost in either lost or incorrectly claimed capital...

MTD – VAT return letters wrong

by Jessica Garbett | Nov 4, 2019 | ACCA, VAT

HMRC is aware that some ‘VAT notice of assessment of tax’ letters recently sent to Making Tax Digital customers were issued in error. If the business has already submitted the VAT return in question and paid the tax due/received its repayment, it can...

ACCA Latest Brexit Guidance

by Jessica Garbett | Nov 1, 2019 | ACCA, business issues

With the date for Brexit now extended beyond 31 October, ACCA summarises some of the latest Brexit Guidance for businesses Landlords: right to rent There will be no changes to the right to rent for EU, EEA and Swiss citizens and their family members living in the UK...

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Next Entries »

Corporation tax loss relief changes

Self assessment and tax returns from directors

Top tips when using provisional figures in self-assessment tax returns

Dividend treatment in the accounts – commonly asked questions around dividend and its disclosures in the accounts

Christmas and New Year Closure – December 2019

Mutuality of Obligations – HMRC loses latest IR35 case

Don’t forget the state pension!

How to save IHT on a property portfolio

Entrepreneurs’ relief – the importance of trading activities even when suspended

Doing business in a foreign country

60 second update from ACCA: what you need to know about directors’ duties

Charity SORP – related party disclosure

Challenges of capital allowances

MTD – VAT return letters wrong

ACCA Latest Brexit Guidance

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