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GDPR – one year on

by | Jul 29, 2019 | ACCA, business issues

Measuring the impact and what to focus on now. Reflecting on the first year of GDPR, the ICO highlights that ‘the focus for the second year of the GDPR must be beyond baseline compliance – organisations need to shift their focus to accountability with a real evidenced...

A Review of Competition Law

by | Jul 24, 2019 | ACCA, business issues

The Competition and Markets Authority (CMA) is an independent, non-ministerial government department. It seeks to enforce competition and consumer law to make markets work well for consumers, businesses and the economy. Competition law promotes fair trading between...

VAT: Sponsorship, prizes and donations

by | Jul 22, 2019 | ACCA, VAT

Sponsorship (VAT Notice 701/41) has been updated for the treatment of mixed sponsorship and donations and the claiming of input tax on the prizes from competitions. The notice also contains a section on crowdfunding. HMRC states: ‘Whether a recipient of crowdfunding...

How to reduce or avoid HMRC VAT penalties

by | Jul 21, 2019 | ACCA, VAT

VAT penalties can be confusing, but depending on the type of compliance breach they either follow the same penalty regime which applies to direct taxes or a VAT specific penalty regime. Penalties can be issued for: failure to notify of VAT liability late filing HMRC...

Taxing times for children?

by | Jul 15, 2019 | ACCA, personal taxatation

A detailed look at taxation and children. Subject to some exemptions, a child may have taxable income which is chargeable; however, the child will have full entitlement to personal allowances and reliefs. The rights and obligations of a child with taxable income rest...

Pension drawdown – allowances

by | Jul 12, 2019 | ACCA, pension reform, pensions

The MPAA in summary.  Where taxpayers have accessed a pension, the amount they can pay into a pension and still get tax relief is the Money Purchase Annual Allowance (or MPAA) which for the tax year 2019-20 is £4,000. Where it’s exceeded it should be entered on the SA...

VAT – Reimbursement or disbursement

by | Jul 8, 2019 | ACCA, VAT

Knowing the difference is important in getting the right VAT treatment. The difference between reimbursement and disbursement is significant from the VAT point of view as reimbursements are subject to VAT, while disbursements are outside the scope of VAT. If a...

Post-cessation expenses

by | Jul 5, 2019 | ACCA, business taxation

A close look at post-cessation expenses claims can save traders money. Post-cessation receipts are taxable income of the person when they receive them, similarly relief may be available for post-cessation expenses. To make a successful claim for an allowable...

MTD vs digital records

by | Jul 3, 2019 | ACCA, VAT

An insight into what could be termed as ‘digital records’ under MTD. With effect from 1 April 2019, if your taxable turnover is above the VAT registration threshold (currently £85,000), you are required to continue to keep digital records and send HMRC...

Law breaking employers targeted

by | Jun 27, 2019 | ACCA, pension reform, pensions

The Pensions Regulator launches new campaign. In the coming weeks, The Pensions Regulator (TPR) will be targeting its new wave of compliance checks at employers across the UK who are suspected to be non-compliant with their automatic enrolment duties. Employers are...
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