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ACCA Spring Statement 2019 briefing

by Jessica Garbett | Apr 1, 2019 | ACCA, budget, business issues

1. General economic outlook After nine years of consecutive growth, the Chancellor announced revised GDP growth forecasts of 1.2% for 2019, down from 1.6% (OBR) and 1.4% in 2020 – based on an orderly transition to a new relationship with the EU. The downgraded...

Changes to the capital gains tax on disposals of UK land and property

by Jessica Garbett | Mar 29, 2019 | ACCA, capital taxation, property taxation

Be aware of CGT when disposing of land and property. Return and Payment of Capital Gains Tax within 30 days following the completion day for UK land (including buildings) when there is a charge to capital gains tax. The provisions are contained in Schedule 2 of...

HMRC casts a spell over Harry Potter actor’s tax return

by Jessica Garbett | Mar 27, 2019 | ACCA, business taxation

Wizardry couldn’t help Rupert Grint win a recent tax appeal. In a recent income tax tribunal HMRC showed its powers were powerful enough to overcome an appeal by Rupert Grint (the actor who played Ron Weasley in the Harry Potter films) against an earlier decision...

Getting your 2019 Taxes and Year End to Whitefield

by Jessica Garbett | Mar 26, 2019 | administration

The end of the tax year is nearly with us. In April the annual tax cycle starts. Here is some guidance on getting tax and accounting information to us. What do we need? Generally, we need A Self Assessment Data Request form – you can complete this online Your...

IR35 – Recent high profile cases – what can be learnt

by Susan Albest | Mar 26, 2019 | IR35, WhitefieldNews

HMRC have failed in their bid to apply IR35 to Albatel Limited, the trading company operated by national TV favourite Lorraine Kelly. Looking at the facts of the case (Albatel Limited v HMRC TC07045), this was never going to bring about what HMRC set out to achieve,...

HMRC fails to have its cake and eat it

by Jessica Garbett | Mar 25, 2019 | ACCA, VAT

HMRC loses £300k ‘chocolate brownie’ VAT case. In Pulsin’s Ltd v HMRC (TC06909) (28 December 2018) the first-tier tribunal allowed the company’s appeal against HMRCʼs decision that zero-rating did not apply to its supplies of ‘raw choc brownies’. The tribunal was...

Football club scores decisive victory over HMRC

by Jessica Garbett | Mar 21, 2019 | ACCA, business issues, National Minimum Wage and National Living Wage

HMRC has lost a challenge on national minimum wage enforcement. We have recently seen a new chapter of the national minimum wage enforcement, with fines imposed on large retail and restaurant chains for NMW breaches. It is the intricacies of the national minimum...

VAT on commercial property

by Jessica Garbett | Mar 18, 2019 | ACCA, property taxation, VAT

An overview of key issues including ‘option to tax’. The sale or lease of a commercial property can be standard rated, zero rated, exempt or even outside the scope of VAT depending on its nature. Commercial properties can be used for various purposes such as: to use...

Part disposal of land and capital gain tax

by Jessica Garbett | Mar 14, 2019 | ACCA, business taxation, capital taxation, property taxation

An overview with examples together with consideration of when a s242 can apply. The first consideration is: has a disposal occurred? There is no statutory definition of ‘disposal’, so the word must be given its normal meaning. HMRC’s capital gains tax manual CG 10240...

Spring Statement 2019

by Susan Albest | Mar 13, 2019 | budget

The traditional Spring Budget has been replaced by a smaller Spring Statement this year. Autumn’s main Budget will be when the Chancellor announces major tax and spending changes, and any other new measures. There was all the familiar ifs, buts and maybes around...

Off Payroll Rules for Private Sector Working

by Susan Albest | Mar 13, 2019 | WhitefieldNews

HMRC have issued their new IR35 consultation for off payroll working. As contractor clients of Whitefield Tax will know, the chancellor announced in the last budget that the government proposes to extend the rules to the private sector from April 2020. The rules only...

Welsh rates of income tax (WRIT)

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

The Welsh rates of income tax (WRIT) will come into effect from 6 April 2019. The following has been extracted from HMRC guidance for employers and employees. HMRC will tell employers which tax code is appropriate to apply to an employee in advance of the introduction...

MTD for VAT – exemptions and deferrals

by Jessica Garbett | Mar 7, 2019 | ACCA, VAT

The starting line is only a few weeks away but do all of you need to be involved on 1 April? MTD for VAT seems to have been in the pipeline for a long time now and most businesses will be only too aware of the basic rules. From April 2019, most VAT-registered...

No deal Brexit: VAT rules on low value goods

by Jessica Garbett | Mar 4, 2019 | ACCA, business issues, VAT

The following has been reproduced from government guidance. From 29 March 2019, if the United Kingdom (UK) leaves the European Union (EU) without a deal, the import VAT rules will change for goods worth £135 or less that are sold to UK buyers (including businesses and...

No deal Brexit – impact on VAT

by Jessica Garbett | Mar 4, 2019 | ACCA, business issues, VAT

HMRC sends letter outlining the impact of a no deal Brexit on VAT. You will have noticed that HMRC continues to urge VAT-registered UK businesses which trade exclusively with the EU to be prepared for a no deal Brexit. It has sent a letter to 145,000 VAT-registered...

ACCA Spring Statement 2019 briefing

Changes to the capital gains tax on disposals of UK land and property

HMRC casts a spell over Harry Potter actor’s tax return

Getting your 2019 Taxes and Year End to Whitefield

IR35 – Recent high profile cases – what can be learnt

HMRC fails to have its cake and eat it

Football club scores decisive victory over HMRC

VAT on commercial property

Part disposal of land and capital gain tax

Spring Statement 2019

Off Payroll Rules for Private Sector Working

Welsh rates of income tax (WRIT)

MTD for VAT – exemptions and deferrals

No deal Brexit: VAT rules on low value goods

No deal Brexit – impact on VAT

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