News and Comment - Page 50 of 95 - Whitefield Tax - Isle of Wight Accountants

Intellectual property after Brexit

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

BEIS has issued guidance for businesses called Intellectual Property after Brexit. The guidance states that the IP after Brexit will affect your business if you: ‘currently own IP, such as copyright, patents, designs and trade marks are involved in the secondary...

Directors Self Assessment – To file or not to file?

by Jessica Garbett | Feb 28, 2019 | ACCA, business taxation, personal taxatation

HMRC’s U-turn on the requirement to file tax returns by directors. HMRC has made changes to its guidance on the requirement to file tax returns by directors. The guidance now makes a clearer statement that is more closely linked to the legislative requirement and the...

Update on entrepreneurs’ relief changes

by Jessica Garbett | Feb 25, 2019 | ACCA, business issues, business taxation, capital taxation

Alphabet shareholders may benefit from new amendments to the Finance Act. As previously reported in our November issue, there were pre-budget rumours circulating regarding large scale changes to entrepreneurs’ relief. Post-budget there is some relief in the...

Dissolving a small company

by Jessica Garbett | Feb 21, 2019 | business issues, business taxation, capital taxation

What needs to be included on the tax return to avoid giving yourself a headache. There are many reasons why a company is dissolved, ranging from insolvency to simply having come to the end of its useful life. Whatever the reason, it is essential that the correct...

Auto-enrolment changes for new tax year

by Jessica Garbett | Feb 20, 2019 | ACCA, business issues, pension reform

The new tax year sees the increase in contributions for both employers and employees/workers. The table below shows the minimum contributions: Date effective Employer minimum contribution Staff contribution Total minimum contribution Currently until 5 April 2019 2% 3%...

Accounting by limited liability partnerships

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

A topical summary of the new SORP for LLPs. As a reminder, the LLP SORP is effective for periods commencing on or after 1 January 2019. Early adoption is permitted, provided all amendments are adopted from the same date, with some limited exceptions. CCAB, when...

Do all landlords need to complete a tax return?

by Jessica Garbett | Feb 14, 2019 | ACCA, business taxation, personal taxatation

An examination of when an individual does not require to complete a tax return for their rental income. Not necessarily, it depends. How much tax is payable depends on the level of profits and the personal circumstances of each individual. In this article we discuss...

HMRC Open up the MTD for VAT pilot to all customers

by Jessica Garbett | Feb 13, 2019 | ACCA, VAT

The MTD for VAT pilot is now open to all. The MTD for VAT pilot is now open to all who will be mandated to use the MTD service from April. HMRC has stated that ‘The pilot is progressing well – over 3,500 businesses have already joined and we have seen a dramatic...

Alternative Dispute Resolution – a refresher

by Jessica Garbett | Feb 11, 2019 | ACCA, enquiries and tax disputes

ADR can help resolve otherwise time-consuming tax disputes with HMRC. Resolving a tax dispute with HMRC can be a time-consuming process for a business. Alternative Dispute Resolution (ADR) refers to ways of resolving the dispute without the need to go to court....

Pensions for self-assessment

by Jessica Garbett | Feb 7, 2019 | ACCA, pensions

Make sure you get the correct tax relief for pension payments. Pension contributions can be a complicated area but thankfully for self employed people with personal pensions it should be fairly straightforward. However, many clients do not understand exactly how the...

VAT on digital services

by Jessica Garbett | Feb 6, 2019 | ACCA, VAT

HMRC issues updated guidance on VAT on digital services. HMRC has updated its guidance on VAT place of supply rules for business that sell digital services to private consumers in the EU. The changes apply from 1 January. For businesses established in the UK the rules...

60 second update: Loss relief options available to a sole trader

by Jessica Garbett | Feb 4, 2019 | ACCA, business taxation

If a taxpayer suffers a trading loss, the loss can be relieved as follows: 1. Current year or carry back claim a) S64 of Income Tax Act 2007 (ITA 2007) allows the trade loss to be offset against net income of the loss-making year, and/or of the previous tax year. The...

Restrictions on claiming income tax reliefs on trade losses

by Jessica Garbett | Feb 4, 2019 | ACCA, business taxation

A look at restrictions, including worked examples. One of the advantages of trading as a sole trader or a partnership is that if the business makes losses then they are relievable against the total income of the individual ie salary, rental income and even chargeable...

Declaring rental income on jointly-owned properties

by Jessica Garbett | Jan 31, 2019 | ACCA, property taxation

A 50/50 split may not be tax efficient What is the default position? HMRC’s default position is that where someone lives with a spouse or civil partner – and has income from property which is jointly owned – normally they will be taxed on an even split of the income....

January 2019 updates to our Terms of Business

by Jessica Garbett | Jan 29, 2019 | administration, WhitefieldNews

Under Clause 32 of our Terms of Business we can change our terms of business: By 30 days notice being given on the terms of business section of our website By immediate notice on our website where circumstances dictate We give notice of some current changes below. ...

Intellectual property after Brexit

Directors Self Assessment – To file or not to file?

Update on entrepreneurs’ relief changes

Dissolving a small company

Auto-enrolment changes for new tax year

Accounting by limited liability partnerships

Do all landlords need to complete a tax return?

HMRC Open up the MTD for VAT pilot to all customers

Alternative Dispute Resolution – a refresher

Pensions for self-assessment

VAT on digital services

60 second update: Loss relief options available to a sole trader

Restrictions on claiming income tax reliefs on trade losses

Declaring rental income on jointly-owned properties

January 2019 updates to our Terms of Business

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