News and Comment - Page 47 of 99 - Whitefield Tax - Isle of Wight Accountants

Charity SORP – related party disclosure

by Jessica Garbett | Nov 18, 2019 | ACCA, financial reporting

Summarising the requirements for disclosure of related party transactions. The charity SORP states that if ‘there have been no related party transactions in the reporting period that require disclosure, this SORP requires that this fact must be stated’. Where a...

Challenges of capital allowances

by Jessica Garbett | Nov 12, 2019 | ACCA, business taxation

Establishing the primary function of an asset can be hugely important. The distinction between plant and building is an important one from a tax perspective. When made incorrectly, it will have a significant tax cost in either lost or incorrectly claimed capital...

MTD – VAT return letters wrong

by Jessica Garbett | Nov 4, 2019 | ACCA, VAT

HMRC is aware that some ‘VAT notice of assessment of tax’ letters recently sent to Making Tax Digital customers were issued in error. If the business has already submitted the VAT return in question and paid the tax due/received its repayment, it can...

ACCA Latest Brexit Guidance

by Jessica Garbett | Nov 1, 2019 | ACCA, business issues

With the date for Brexit now extended beyond 31 October, ACCA summarises some of the latest Brexit Guidance for businesses Landlords: right to rent There will be no changes to the right to rent for EU, EEA and Swiss citizens and their family members living in the UK...

Student loan repayments – a refresher

by Jessica Garbett | Oct 25, 2019 | ACCA, business issues, employer returns, personal taxatation

Guidance for England and Wales domiciled students who studied in the UK and EU students who studied in England or Wales. For taxpayers who took out student loans to fund courses in England and Wales starting on or after August 1998, the repayments of the loan depend...

Private residence relief when property is transferred between spouses.

by Jessica Garbett | Oct 22, 2019 | ACCA, capital taxation

If a residence is transferred between spouses or between civil partners, the period of ownership of the transferee begins at the start of the period of ownership of the transferor. If a residence is transferred between spouses or between civil partners, who are living...

Probate and its hidden dangers

by Jessica Garbett | Oct 18, 2019 | ACCA

When administering an estate can result in a financial loss. A personal representative of an estate has various responsibilities. If the will names the person or entity who is to deal with the estate that person or entity is referred to as the executor. If there is...

Deeds of Variation for a Will

by Jessica Garbett | Oct 15, 2019 | ACCA, capital taxation

How beneficiaries can vary the outcome of a will. When to consider A deed of variation (also known as a deed of family arrangement) may be appropriate to consider either when there is a will or when someone dies intestate (without a will). If the beneficiaries (or at...

Taxation of shares transferred to a director or employee

by Jessica Garbett | Oct 11, 2019 | ACCA, business taxation, capital taxation, personal taxatation

Understanding how to account for employee securities and shares. Shares in companies are commonly used by employers to remunerate directors and employees. These are sometimes transferred under a formal plan which may have written rules which specify when and how many...

ACCA on Charity reporting: a warning for auditors, independent examiners and trustees

by Jessica Garbett | Oct 8, 2019 | ACCA, business issues, financial reporting

ACCA share this update from Charities Omission New benchmark amongst resources designed to drive up the quality of charity reporting. A study by the Charity Commission highlighted that only half the accounts filed by charities met the requirements set by the Charity...

Land transaction taxes in Wales

by Jessica Garbett | Oct 7, 2019 | ACCA, capital taxation, property taxation

Key elements to remember in updated technical guidance. The technical guidance covering land transaction taxes in Wales, including alternative property finance relief, has been updated. It is important to remember some of the basic conditions on the second property...

ACCA on Loan charges – HMRC’s recent communication

by Jessica Garbett | Oct 4, 2019 | ACCA, business taxation, PSC

HMRC responds to the government’s announcement of an independent review of the loan charge. HMRC recently issued the following to agents: ‘The government has announced an independent review of the loan charge. HMRC has published guidance which sets out how the review...

VAT – Domestic Reverse Charge for Building and Construction Services

by Jessica Garbett | Oct 1, 2019 | ACCA, business issues, VAT

The start of the VAT domestic reverse charge for the building and construction services has been delayed for one year and is now scheduled to start on 1 October 2020. Business need to use this time window to ensure they are prepared. (Edit June 2020 – now 1...

VAT: Tour operators margin scheme

by Jessica Garbett | Oct 1, 2019 | ACCA, VAT

New guidance as to what the selling price should and should not include. The guidance around the Tour Operators Margin Scheme (VAT Notice 709/5) has been updated, including Paragraph 6.1, which details how to work out the selling price under the Tour Operators Margin...

VAT Compensation in commercial property transactions

by Jessica Garbett | Sep 30, 2019 | ACCA, VAT

In its true meaning, a compensation is not a payment for a supply of goods or services, therefore VAT does not apply. The commercial reality is often different than the labels attached to payments, and the VAT position changes accordingly. The guidance below is a...

Charity SORP – related party disclosure

Challenges of capital allowances

MTD – VAT return letters wrong

ACCA Latest Brexit Guidance

Student loan repayments – a refresher

Private residence relief when property is transferred between spouses.

Probate and its hidden dangers

Deeds of Variation for a Will

Taxation of shares transferred to a director or employee

ACCA on Charity reporting: a warning for auditors, independent examiners and trustees

Land transaction taxes in Wales

ACCA on Loan charges – HMRC’s recent communication

VAT – Domestic Reverse Charge for Building and Construction Services

VAT: Tour operators margin scheme

VAT Compensation in commercial property transactions

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