News and Comment - Page 54 of 95 - Whitefield Tax - Isle of Wight Accountants

Accounting and tax treatment of IR35 deductions in the public sector

by Jessica Garbett | Aug 30, 2018 | ACCA, IR35

New ACCA Guidance on Public Sector IR35 HMRC’s approach is not popular with everyone. Catch up on our latest advice. Recap of the new rules From April 2017, where a public sector organisation engages an off-payroll worker through their own limited company, that...

HMRC crack down on abuse of rent-a-room relief

by Jessica Garbett | Aug 28, 2018 | ACCA, personal taxatation, property taxation

Concerns that original purpose is being abused. The rent-a-room scheme is a relief which provides that the rent received by an individual from a lodger (currently £7,500) can be exempt from income tax. This limit is halved if another person is also entitled to the...

Dividend vs Distributions in Specie

by Jessica Garbett | Aug 23, 2018 | ACCA, business issues, business taxation

Looking at in species in relation to company law and reporting. Where a dividend is declared in cash, but satisfied by a transfer of assets, it is called ‘dividend in specie’. This type of dividend falls under Article 34 of model articles for private companies limited...

Employment benefits

by Jessica Garbett | Aug 20, 2018 | ACCA, business taxation, employer returns, personal taxatation

A refresher on the treatment of benefits, form P11D and relevant deadlines. Employment benefits fall into the following broad categories: Salary, which is taxed through to payroll when the money paid to the employee is usually monthly or weekly. Taxable benefits in...

The potential benefits of open banking

by Jessica Garbett | Aug 16, 2018 | ACCA, business issues

Understand how open banking could benefit you What is open banking? Open banking is part of a piece of European legislation known as the Second Payment Services Directive, or PSD2. This requires banks to open up their data to third parties, designed to boost...

Filing deadlines for limited companies

by Jessica Garbett | Aug 13, 2018 | ACCA, business issues, business taxation, employer returns

Ensure you understand your filing deadlines. Private limited companies have filing deadlines for accounts and tax returns. ACTION DEADLINE First accounts with Companies House 21 months after date...

ATED reliefs and filing deadlines

by Jessica Garbett | Aug 6, 2018 | ACCA, property taxation

Following on from last month’s ATED update the available reliefs are considered alongside filing deadlines. The reliefs available are: Property rental business relief Property is used in a commercial property business to generate taxable profit, or steps are being...

Whitefield Standing Orders – Migration to Direct Debit

by Jessica Garbett | Aug 3, 2018 | WhitefieldNews

This effects clients who pay us monthly. Over coming months Whitefield will be migrating our clients who pay by Standing Order monthly to Direct Debit. This post explains more about the process, timetable and rationale. You do not need to do anything at present....

Eligibility of Travel Expenses for the Self Employed

by Jessica Garbett | Aug 3, 2018 | business taxation, personal taxatation

Claiming travel expenses – whether public transport or using your own car (mileage or apportioned costs) – can be confusing. HMRC have been moving the goal posts of late for the Self Employed – in this context Sole Traders or Partners in a Partnership –...

Knowing the Rules on Business Expenses

by Jessica Garbett | Jul 30, 2018 | business taxation, PSC

A perennial question is “Can I claim for…”. The law around claiming expenses for the self employed and in company accounts is that the expense must be “wholly and exclusively” for business. Confusingly for sole traders something that is both private...

Insider fraud in charities

by Jessica Garbett | Jul 16, 2018 | ACCA, business issues

Study finds that poor governance and oversight within charities contributes to fraud. The aim of the Charity Commission study into insider fraud in charities was to better understand: the types of insider fraud occurring in charities the factors that make charities...

GDPR security measures

by Jessica Garbett | Jul 12, 2018 | ACCA, business issues

New guidance clarifies what are considered ‘appropriate’ measures. Guidance summarising appropriate and proportionate security measures issued by the ICO and NCSC towards the end of May recognises that ‘there is a lot of confusion as to the technical security required...

Update on option to tax

by Jessica Garbett | Jul 9, 2018 | ACCA, property taxation, VAT

Property VAT and option to tax can be a challenging area. VAT reform is never out of the news and many areas are highlighted as needing simplification. The current complexities and solutions to the most common challenges faced by businesses and advisers on property...

Employed or self-employed? The Pimlico Plumbers ruling

by Jessica Garbett | Jul 4, 2018 | ACCA, business issues, business taxation, employment status

Supreme Court ruling has wide implications on the definition of a ‘worker’. Determining a person’s employment status has been a contentious legal issue since the middle of the 20th century, and there is a great deal of legal precedent around the various definitions...

Tax investigations – a recap

by Jessica Garbett | Jul 3, 2018 | ACCA, enquiries and tax disputes

How HMRC tackles tax fraud was covered in a recent webinar. At a recent ‘talking points’ webinar HMRC summarised some of the main points on how it tackles fraud and related issues such as the use of the Contractual Disclosure Facility (CDF) and the potential liability...

Accounting and tax treatment of IR35 deductions in the public sector

HMRC crack down on abuse of rent-a-room relief

Dividend vs Distributions in Specie

Employment benefits

The potential benefits of open banking

Filing deadlines for limited companies

ATED reliefs and filing deadlines

Whitefield Standing Orders – Migration to Direct Debit

Eligibility of Travel Expenses for the Self Employed

Knowing the Rules on Business Expenses

Insider fraud in charities

GDPR security measures

Update on option to tax

Employed or self-employed? The Pimlico Plumbers ruling

Tax investigations – a recap

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