News and Comment - Page 46 of 95 - Whitefield Tax - Isle of Wight Accountants

Tax free childcare

by Jessica Garbett | Jun 18, 2019 | ACCA, personal finance, personal taxatation

Scheme could reduce childcare costs by up to £2,000 per child per year. Childcare vouchers (and directly-contracted childcare) were withdrawn for brand new applicants from 4 October 2018. Those who had not already signed up for childcare vouchers previously must have...

VAT: Building and Construction Services Reverse Charge – detailed guidance

by Jessica Garbett | Jun 17, 2019 | business taxation, VAT

Edit – September 2019 – these measures deferred until 1 October 2019 Edit June 2020 – deferred to 1 March 2021 Further to our post last week on the Building and Construction Services Domestic Reverse Charge coming in from 1 October (the backstop date...

Payment services authentication

by Jessica Garbett | Jun 13, 2019 | ACCA, business issues

Are you preparing for an extra layer of authentication for online payments? In September, Strong Customer Authentication (or SCA) will have significant implications on how all businesses handle online transactions in the European Economic Area (EEA), where both payer...

VAT: Building and Construction Services Reverse Charge

by Jessica Garbett | Jun 12, 2019 | VAT

Edit – September 2019 – these measures deferred until 1 October 2019 Edit June 2020 – deferred to 1 March 2021 Sharing this note published by HMRC today. These changes for construction businesses, starting in October 2010, have not received much...

Former Isle Of Wight Hotelier Jailed For VAT Fraud

by Jessica Garbett | Jun 12, 2019 | enquiries and tax disputes, HMRC, isle of wight

An article being carried today in local media, presumably on the back of an HMRC press release which we cannot track down at source. Island Echo: ISLE OF WIGHT HOTELIER JAILED FOR £350,000 VAT FRAUD Isle of Wight Radio: Isle Of Wight Hotelier Jailed For Fraud...

AIA – a reminder

by Jessica Garbett | Jun 11, 2019 | ACCA, business taxation

Annual Investment Allowance is a scheme for business tax payers – companies, partnerships and sole traders – to offset capital expenditure on plant and equipment – but not cars – against tax. The thresholds have a history of changing in recent...

MTD well underway

by Jessica Garbett | Jun 6, 2019 | ACCA, business issues, VAT

The latest guidance now the first quarter is well underway. The first quarter is now well underway, covering 1 April to 30 June. VAT 700/22: Making Tax Digital for Vat has been updated with guidance on a number of areas added, covering supplier statements, petty cash...

Due diligence on cash received and paid – High Value Dealers

by Jessica Garbett | Jun 5, 2019 | ACCA, business issues

HMRC has updated its guidance for high value dealers and other businesses it authorises. HMRC has updated its guidance for high value dealers and other businesses it authorises, highlighting that customer due diligence checks must be carried out before making or...

Reforms to protect businesses from fraud

by Jessica Garbett | Jun 4, 2019 | ACCA, business issues

Have your say on proposals to further safeguard businesses from fraud. Companies House Improving the accuracy and usability of data on the register consultation contains a number of reforms including some that you, and ACCA on your behalf, have been highlighting to...

Welsh rates of income tax (WRIT)

by Jessica Garbett | May 29, 2019 | ACCA, business taxation, employer returns, personal taxatation

Welsh rates of income tax (WRIT) came into effect from 6 April 2019. HMRC will tell employers which tax code is appropriate to apply to an employee in advance of the introduction of the Welsh rates of income tax. Tax codes for Welsh taxpayers will be prefixed with a...

Voice scams impersonating HMRC

by Jessica Garbett | May 27, 2019 | ACCA, business issues, HMRC

HMRC issues warning about bogus calls. HMRC has been raising awareness of voice scams impersonating HMRC, stating that it will never use robotic recorded voice calls to contact customers. HMRC highlights that these calls typically take the format of an automated voice...

VAT return adjustments

by Jessica Garbett | May 24, 2019 | ACCA, VAT

New rules from HMRC will affect how VAT returns are adjusted. Draft regulations from HMRC will change Regulation 38. The changes are designed to ensure that businesses can only adjust their output tax where there has been a genuine price reduction and they have...

Changes for R&D tax credits

by Jessica Garbett | May 22, 2019 | ACCA, business taxation

Businesses that are considering making an R&D claim need to understand the ‘capping’ changes made by the Chancellor. When first introduced, the small and medium enterprise (SME) R&D scheme had a cap on the amount of credits that could be claimed. This was...

SDLT and Dilapidated Residential Property

by Jessica Garbett | May 20, 2019 | ACCA, capital taxation, property taxation

A current Tribunal case could open up challenges over other SDLT bills. In PN Bewley Ltd v HMRC, 2019 UKFTT 0065 TC, the first tier tribunal ruled that higher rate stamp duty does not apply to the purchase of a buy to let property that is too dilapidated to be...

Can a child own shares in a private company?

by Jessica Garbett | May 17, 2019 | ACCA, business issues

Let’s look at the key considerations of giving shares to minors. The short answer to this is yes, it is possible. In England and Wales there are no statutory provisions prohibiting a child (under the age of 18) from owning shares. However, some companies do not accept...

Tax free childcare

VAT: Building and Construction Services Reverse Charge – detailed guidance

Payment services authentication

VAT: Building and Construction Services Reverse Charge

Former Isle Of Wight Hotelier Jailed For VAT Fraud

AIA – a reminder

MTD well underway

Due diligence on cash received and paid – High Value Dealers

Reforms to protect businesses from fraud

Welsh rates of income tax (WRIT)

Voice scams impersonating HMRC

VAT return adjustments

Changes for R&D tax credits

SDLT and Dilapidated Residential Property

Can a child own shares in a private company?

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