News and Comment - Page 52 of 95 - Whitefield Tax - Isle of Wight Accountants

New VAT MOSS exemption from 1 January 2019

by Jessica Garbett | Dec 12, 2018 | VAT

MOSS – Mini One Stop Shop – is an EU vat scheme for businesses selling Digital Services to EU resident consumers. Digital services include: Music or videos E books Software or games Advertising Currently there is no threshold, so VAT is due on such sales...

VAT on vouchers

by Jessica Garbett | Dec 12, 2018 | ACCA, VAT

Are you aware of how the law on VAT and vouchers is changing? From 1 January 2019, the UK law on VAT and vouchers is changing due to the deadline enforced by the EU’s Vouchers Directive. The change will affect businesses such as retailers and distributors who issue...

Is your organisation trading or non-trading for tax purposes?

by Jessica Garbett | Dec 10, 2018 | ACCA, business issues, business taxation

Updated guidance from HMRC on active, non-active and dormant statuses. HMRC has recently updated its guidance on being ‘active’, trading and non-trading, and being dormant for new or existing companies and organisations. Active, trading and non-trading – what’s the...

Making the intangible fixed assets regime more competitive and manageable

by Jessica Garbett | Dec 7, 2018 | ACCA, budget, business taxation

New tax breaks for goodwill (involving intellectual property) and de-grouping charges. Following a review and consultation in early 2018, in Budget 2018 the chancellor announced changes to tax relief which are designed to make the intangible fixed assets regime more...

Off payroll rules set to target the private sector

by Jessica Garbett | Dec 5, 2018 | ACCA, budget, IR35, PSC

IR35 to be rolled out to the private sector. In October’s Budget the chancellor revealed the ‘worst kept’ secret that the current IR35 rules which apply for public sector contracts are to be rolled out to the private sector from April 2020. This will mean that the...

Insolvency creditor rules to change

by Jessica Garbett | Dec 3, 2018 | ACCA, budget, business issues

Government announces crackdown to minimise possible tax abuse. In Budget 2018 the government announced that from 6 April 2020 it will change the insolvency rules. Now, when a business enters insolvency, more of the taxes such as VAT and PAYE/NIC which have been...

DIT launches new investment support directory

by Jessica Garbett | Nov 29, 2018 | ACCA, business issues

The Department for International Trade (DIT) has launched an opportunity for UK firms to join a new directory of private sector providers aimed at supporting foreign investors to set up or expand in the UK. Membership of the UK Investment Support Directory is free...

How to win MTD exemption

by Jessica Garbett | Nov 27, 2018 | ACCA, VAT

Making Tax Digital exemption need greater than for online VAT filing. With the timetable for Making Tax Digital (MTD) confirmed, most smaller businesses must implement full digital record-keeping from April 2019, and those that haven’t begun preparations should...

VAT MOSS under a no-deal Brexit

by Jessica Garbett | Nov 20, 2018 | ACCA, budget, VAT

How the VAT Mini One Stop Shop scheme will work in a no-deal Brexit scenario. The guidance issued by the government to businesses and consumers on how to prepare if the UK leaves the EU with no deal covers a number of areas, including VAT Mini One Stop Shop (MOSS)....

Capital allowances – increases and a reduction

by Jessica Garbett | Nov 16, 2018 | ACCA, budget, business taxation

Changes to encourage investment were a theme of the Budget. Temporary two year increase in AIA limit for plant and machinery Companies will be able to claim £1m as AIA for expenditure incurred from 1 January 2019 to 31 December 2020. Special rate WDA reduction from 8%...

VAT: treatment of vouchers

by Jessica Garbett | Nov 14, 2018 | ACCA, budget, VAT

Rules for the tax treatment of vouchers will be simplified from January. The government will implement an EU Directive on the VAT treatment of vouchers in time for the required date of 1 January 2019. This will simplify the rules for the tax treatment of vouchers,...

Qualifying period for entrepreneurs’ relief extended

by Jessica Garbett | Nov 13, 2018 | ACCA, budget, business taxation, capital taxation

Minimum qualifying period extended from one to two years. Legislation will be introduced in Finance Bill 2018-19 for disposal made on or after 6 April 2019, to increases this minimum period throughout which certain conditions must be met to be eligible for...

IHT: changes to residence nil rate band

by Jessica Garbett | Nov 9, 2018 | ACCA, budget, capital taxation

The value of any part of a residence that is inherited by an exempt beneficiary will be taken into account. Legislation will be introduced in Finance Bill 2018/19 to ensure that for deaths applying on or after 29 October 2018, the value of any part of a residence...

Extension of Reverse IR35 Compliance to Private Sector from April 2020

by Jessica Garbett | Nov 7, 2018 | budget, IR35

In last weeks budget it was announced that Government / HMRC are pressing ahead with introducing reverse IR35 compliance in the Private Sector. Broadly: Engagers rather than Contractors will be responsible for determining the IR35 status of an Engagement, i.e....

Crackdown on tax abuse for insolvent companies

by Jessica Garbett | Nov 7, 2018 | ACCA, budget, business issues

Move expected to produce an extra £185million in taxes for the government. From 6 April 2020, the government will change the rules so that when a business enters insolvency, more of the taxes paid in good faith by its employees and customers, but held in trust by the...

New VAT MOSS exemption from 1 January 2019

VAT on vouchers

Is your organisation trading or non-trading for tax purposes?

Making the intangible fixed assets regime more competitive and manageable

Off payroll rules set to target the private sector

Insolvency creditor rules to change

DIT launches new investment support directory

How to win MTD exemption

VAT MOSS under a no-deal Brexit

Capital allowances – increases and a reduction

VAT: treatment of vouchers

Qualifying period for entrepreneurs’ relief extended

IHT: changes to residence nil rate band

Extension of Reverse IR35 Compliance to Private Sector from April 2020

Crackdown on tax abuse for insolvent companies

Register for our Newsletter

Whats Current?

Latest News

Search News by Date or Category

From our daughter business YogaTax