News and Comment - Page 45 of 99 - Whitefield Tax - Isle of Wight Accountants

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...

HMRC loses a principal private residence relief case (for now)

by Jessica Garbett | Feb 24, 2020 | ACCA, capital taxation, personal taxatation

Recent case will have a major impact on the availability of PPR relief and may be particularly relevant in the post-Brexit property market. In the most recent chapter of the Higgins vs. HMRC case relating to principal private residence relief, the Court of Appeal...

How does the death of a taxpayer affect capital gains tax?

by Jessica Garbett | Feb 20, 2020 | ACCA, capital taxation

An examination of four key areas to consider. The people involved would be the individual who has died, the personal representatives (known as executors if there is a will and as administrators if there is no will) and the legatees (the beneficiaries of the estate)....

ICO issues consultation on data protection

by Jessica Garbett | Feb 17, 2020 | ACCA, business issues

What do you need to be aware of around this new consultation? The Information Commissioner’s Office (ICO) has issued a consultation on a direct marketing code of practice that is open until 4 March, with the final version intended to be laid before Parliament and...

Capital gains exemptions and reliefs

by Jessica Garbett | Feb 10, 2020 | ACCA, capital taxation

A quick refresher from ACCA on the various exemptions and reliefs available on CGT transactions? Capital gains tax (CGT) is charged when there is a chargeable disposal of a chargeable asset by a chargeable person. All forms of property are chargeable assets unless...

Budget 2020 – 11 March 2020

by Jessica Garbett | Feb 9, 2020 | administration, newsletter, WhitefieldNews

In our recent website post we incorrectly said the 2020 Budget, post election 2019, was 11 February 2020. Our bad, Its 11 March 2020. We were holding our January newsletter pending the budget – it will come out – sans budget detail – later this...

Independent review into loan charges

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

Have you seen HMRC’s response to the review’s outcomes? You may have already received HMRC’s communication highlighting its advice around the independent review into loan charges where it signalled it will refund voluntary payments. HMRC stated in its update:...

Missing our Newsletters?

by Jessica Garbett | Feb 3, 2020 | administration, WhitefieldNews

Wondering why you haven’t received a newsletter from us for a while? Don’t worry – we always take a December break, and we’ve combined our January and February newsletters for 2020 to allow for Budget 2020 on Tuesday 11 February. Expect a...

Could entrepreneurs’ relief cease to exist?

by Jessica Garbett | Feb 3, 2020 | ACCA, capital taxation

With Budget 2020 due next week, this article from ACCA is pertinent Examining the definition of ‘trading’ in CGT reliefs and asking if entrepreneurs’ relief will continue to exist. The October 2019 ruling of the First Tier Tribunal in Potter provided clarification...

Reimbursement or disbursement

by Jessica Garbett | Jan 30, 2020 | 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...

Persons with Significant Control – an update

by Susan Albest | Jan 28, 2020 | administration, WhitefieldNews

Companies House introduced the new annual Confirmation Statement (CS01) in April 2016. It replaced the old Annual Returns (AR01), which directors of more established limited companies will probably remember. Whitefield Tax clients seem to have adapted to the “new”...

Benefits in kind: employee-used assets

by Jessica Garbett | Jan 27, 2020 | ACCA, business taxation, employer returns, personal taxatation

There’s a lot to consider when it comes to employees using assets other than a car or van for private use. What is the taxable benefit in kind to an employee or director when the employer allows the employee to use an asset for private use? The employee will have a...

Taxing times for children?

by Jessica Garbett | Jan 23, 2020 | ACCA, personal finance, 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...

Simple ways to reduce inheritance tax (IHT)

by Jessica Garbett | Jan 20, 2020 | ACCA, capital taxation

ACCA share top tips around IHT IHT is a tax on the value of the estate at death but also on chargeable transfers made with various reliefs available. When reviewing matters care is required both during the lifetime and after death. Consider using these six tips. Be...

IR35 myth buster

Averaging profits for farmers – a refresher

HMRC loses a principal private residence relief case (for now)

How does the death of a taxpayer affect capital gains tax?

ICO issues consultation on data protection

Capital gains exemptions and reliefs

Independent review into loan charges

Missing our Newsletters?

Could entrepreneurs’ relief cease to exist?

Reimbursement or disbursement

Persons with Significant Control – an update

Benefits in kind: employee-used assets

Taxing times for children?

Simple ways to reduce inheritance tax (IHT)

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