News and Comment - Page 45 of 96 - Whitefield Tax - Isle of Wight Accountants

IHT Simplification Proposals

by Jessica Garbett | Aug 28, 2019 | ACCA, capital taxation

The Office of Tax Simplification (OTS) has presented a report to Parliament pursuant to section 186(4) (b) of Finance Act 2016 for simplifying the design of Inheritance Tax (IHT). Within this report, the OTS has outlined 11 recommendations to provide clarity and...

Principal Private Residence Relief – Changes from April 2020

by Jessica Garbett | Aug 23, 2019 | ACCA, capital taxation, personal taxatation, property taxation

The Finance Bill 2019/20 contains new rules on PPR relief. PPR relief is amended for disposals (exchange of contracts) on or after 6 April 2020. In summary, be aware of the following: PPR entitlement will be restricted during the final period of ownership to a period...

Taking the global economy’s pulse

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

ACCA and IMA’s latest joint survey still points to a weakening global economy. Our GECS global confidence index in Q2 fell back slightly, after the bounce in Q1. But confidence remains above the record low reached at the end of 2018. The message from GECS is still...

VAT reverse charge on building and construction services

by Jessica Garbett | Aug 19, 2019 | ACCA, VAT

Edit – September 2019 – these measures deferred until 1 October 2019 Edit June 2020 – now deferred to 1 March 2021 We’ve already briefed on this, but the issue bears repeating, and this guide from ACCA In Practice will be helpful VAT reverse...

Ruling Against HMRC Policy on Partial Closure Notices

by Jessica Garbett | Aug 16, 2019 | ACCA, business taxation, enquiries and tax disputes, personal taxatation

Individual wins battle with HMRC over a partial closure notice around overseas income and domicile. The First-tier Tribunal has held, in Embiricos v HMRC [2019] UKFTT 236 (TC) (9 April 2019), that a partial closure notice which was introduced in 2017 could be issued...

Pensions Auto Enrolment – Reminder About Re-Enrollmet

by Jessica Garbett | Aug 14, 2019 | ACCA, business issues, pension reform

The Pension Regulator is reminding SMEs that re-enrolment must be carried out every three years and it is a two-stage process. First, employers must check whether they have any staff to re-enrol and ensure those who are eligible are put back into a pension scheme....

August 2019 Updates to Our Terms of Business

by Jessica Garbett | Aug 12, 2019 | administration, WhitefieldNews

We’ve made a couple of updates to our Terms of Business with immediate effect. First, a new section 33 on Anti Money Laundering. This covers our obligation to comply with UK AML rules, and clients obligations to provide us with identification, notify changes...

Missed Your tax Credit Renewal? Make Your Claim Now

by Jessica Garbett | Aug 12, 2019 | ACCA, personal finance

Don’t delay tax credit renewal – If you missed the tax credit renewal deadline make your claim now. On 1 July 2019 HMRC launched an advertising campaign reminding customers to renew their tax credits by the deadline, which was 31 July. Guidance on how to renew...

Understanding Registration Obligations with HMRC and Companies House

by Jessica Garbett | Aug 9, 2019 | business issues, business taxation, HMRC, personal taxatation

Knowing what taxes to register for, and when, can be confusing – not in the least as most taxes need separate registration. Here’s a handy guide: Business Taxes on Profit Sole Traders – register with HMRC for Self Assessment. No later than 5...

Change to Whitefield Banking

by Jessica Garbett | Aug 8, 2019 | administration, WhitefieldNews

Following completion of our migration from Standing Orders to Direct Debits, we are making some changes to our banking. Our main bank account continues unchanged. It ends in 32. If you have these account details saved then no changes are necessary. The full account...

Changes to Capital Gains Tax on Sale of Property

by Julie Barrett | Aug 2, 2019 | capital taxation

There are changes coming into force next April which will affect those selling a property that was once their Principal Private Residence (PPR) You pay tax on your ‘chargeable gains’, i.e. your gains net of any PPR relief you are eligible for if you have occupied the...

VAT reverse charge on building and construction services

by Jessica Garbett | Jul 31, 2019 | ACCA, VAT

Edit – September 2019 – these measures deferred until 1 October 2019 Edit – June 2020 – deferred to 1 March 2021 Find out when the reverse change is coming in. As highlighted previously, the reverse charge measure on building and construction...

GDPR – one year on

by Jessica Garbett | 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 Jessica Garbett | 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 Jessica Garbett | 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...

IHT Simplification Proposals

Principal Private Residence Relief – Changes from April 2020

Taking the global economy’s pulse

VAT reverse charge on building and construction services

Ruling Against HMRC Policy on Partial Closure Notices

Pensions Auto Enrolment – Reminder About Re-Enrollmet

August 2019 Updates to Our Terms of Business

Missed Your tax Credit Renewal? Make Your Claim Now

Understanding Registration Obligations with HMRC and Companies House

Change to Whitefield Banking

Changes to Capital Gains Tax on Sale of Property

VAT reverse charge on building and construction services

GDPR – one year on

A Review of Competition Law

VAT: Sponsorship, prizes and donations

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