News and Comment - Page 47 of 95 - Whitefield Tax - Isle of Wight Accountants

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...

Allowances for property are back

by Jessica Garbett | May 16, 2019 | ACCA, business taxation, property taxation

Businesses spending money on property structures can obtain tax relief. A very common query that the ACCA Technical Advisory team answers relates to the availability or non-availability of capital allowances where a business spends money on the structure of a...

Structures and buildings allowance legislation taking shape

by Jessica Garbett | May 16, 2019 | ACCA, business issues, property taxation

The consultation responses and the final version of the legislation on the ‘new’ capital allowance for new non-residential structures and buildings (SBA) are expected in May. As a reminder: relief is a flat rate of 2% over a 50-year period relief will be available for...

New regulations for letting agents

by Jessica Garbett | May 15, 2019 | ACCA, business issues

Rules tightened around client money protection. From 1 April 2019 all property agents in England who hold client money must be a member of an approved or designated client money protection scheme. In most cases the client money protection schemes require property...

A guide to processing Subject Access Requests (SARs)

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

Addressing SARs requirements top tips for dealing with these. Since the introduction of the GDPR in May 2018, individuals have become much more aware of their rights of access to their personal data. It is therefore extremely important that you have a clear action...

Take-up of payrolling benefits below expectations

by Jessica Garbett | May 10, 2019 | ACCA, employer returns

HMRC’s launch of payrolling benefits has largely fallen flat. The take-up for payrolling benefits has been poor and HMRC would like to understand why this is the case. In April 2016 HMRC introduced the facility for employers to payroll the taxable benefits provided to...

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?

Allowances for property are back

Structures and buildings allowance legislation taking shape

New regulations for letting agents

A guide to processing Subject Access Requests (SARs)

Take-up of payrolling benefits below expectations

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