by Jessica Garbett | Jan 28, 2019 | ACCA, business taxation, enquiries and tax disputes
The deductibility of travel and clothing is always a contentious issue. In this post from the ACCA, we revisit the court case that revealed what can – and cannot – be deducted as expenses. Always look at the facts of any deductibility of expenditure and fully...
by Jessica Garbett | Jan 23, 2019 | ACCA, business taxation
Claims by individuals for income tax relief. Tax relief can be claimed on fees or subscriptions paid to approved professional organisations where an individual must have membership to do their job or it’s helpful for their work. The claims are under sections 343 and...
by Jessica Garbett | Jan 21, 2019 | ACCA, business taxation, property taxation
How and when pre-letting expenses can be claimed. Profits from UK land or property are treated, for tax purposes, as arising from a business. The broad scheme is that rental business profits are computed using the same principles as for trades (ITTOIA 2005, s272)....
by Jessica Garbett | Jan 18, 2019 | ACCA, business taxation, personal taxatation, property taxation
A recap on who, what and when to help with 2017-18 SA tax returns. Scottish income tax is paid if the taxpayer lives in Scotland. It’s paid to the Scottish government. This sounds straightforward but the devil is in the detail. Who pays Scottish income tax? For most,...
by Jessica Garbett | Jan 16, 2019 | ACCA, personal taxatation
Taxpayers may be missing out on tax reliefs for 2017-18. Let’s examine the rules regarding the different allowances, eligibility and what happens when changes occur. Taxpayers living in the UK are entitled to a personal allowance and – if married or in a civil...
by Jessica Garbett | Jan 14, 2019 | ACCA, business taxation, personal taxatation
A recap on what can/cannot be claimed. In general, an expense incurred wholly and exclusively for the purposes of the trade can be claimed while computing taxable profits of the business. Expenses must be for business purposes only and any private use element should...
by Jessica Garbett | Jan 11, 2019 | ACCA, property taxation
Factors to consider when calculating rental expenses. Generally, when calculating rental business profits, expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a capital...
by Jessica Garbett | Jan 10, 2019 | ACCA, business taxation, IR35
ACCA share this guide to Deemed payments and expenses when contractors in the public sector fall under IR35 – this regime will also apply to private sector contracts falling under IR35 from April 2020 unless current provisions are withdrawn Expenses incurred...
by Jessica Garbett | Jan 9, 2019 | ACCA, business taxation, capital taxation, HMRC, personal taxatation, property taxation
A timely reminder heading into self assessment season. Main residence nomination s222 (5a) Taxation of Chargeable Gains Act 1992 (TCGA 1992) Taxpayers with two or more residences may choose which property is to be treated as their main residence for capital gains tax...
by Jessica Garbett | Jan 7, 2019 | ACCA, business taxation, capital taxation, HMRC, personal taxatation, property taxation
There are ongoing problems with HMRC’s self assessment tax calculator. HMRC is working to resolve these but the exclusion list is still being updated. This is to reflect fixes made, new issues resulting from those fixes and updated guidance. Where a return can’t be...
by Jessica Garbett | Dec 21, 2018 | ACCA, budget, business taxation, capital taxation
The Budget included an announcement about Entrepreneurs’ Relief; make sure you are up to date with the latest rules. The usual pre-Budget rumours were doing the rounds regarding large scale changes to Entrepreneurs’ Relief. Post-Budget there is some relief in the...
by Jessica Garbett | Dec 19, 2018 | ACCA, budget, property taxation
Analysis of the CGT situation for LPR changes for landlords. In the October Budget, the chancellor announced changes which will impact on landlords’ capital gains tax position (where they are eligible for letting relief) from April 2020. These were: the final period...
by Jessica Garbett | Dec 17, 2018 | ACCA, budget, business taxation
An overview and worked examples of Annual Investment Allowance (AIA). AIA is effectively a 100% first year allowance for business expenditure on qualifying plant or machinery. The general rule is that qualifying expenditure is: expenditure on the provision of plant or...
by Jessica Garbett | Dec 14, 2018 | administration, WhitefieldNews
Just to make people aware our office will close for the Christmas and New Year break at 3pm on Friday 21 December 2018. We will reopen at 9am on Wednesday 2 January 2019. If you have a company with a 31 March year end then please be aware that: – Corporation Tax...
by Jessica Garbett | Dec 14, 2018 | ACCA, budget, business issues
Tougher penalties for directors who dodge debts. Following Royal Assent of Finance Bill 2019/20, the government has announced that directors and other persons involved in tax avoidance, evasion or phoenixism (a minority of directors who deliberately dodge debts by...
