News and Comment - Page 55 of 95 - Whitefield Tax - Isle of Wight Accountants

Don’t miss out on trading allowances

by Jessica Garbett | Jul 2, 2018 | ACCA, business taxation, property taxation

Two new £1,000 tax-free allowances came into play from April 2017. For the tax year 2017/18 we saw the introduction of two new £1,000 tax-free allowances. Both are available from 6 April 2017 and are the property allowance and the trading allowance. Allowances The...

ATED – a potted history

by Jessica Garbett | Jun 28, 2018 | ACCA, property taxation

Annual tax on enveloped dwellings – what you need to know. ATED charges increased again in 2018 as those filing returns in April will know. The increase amounts to some 3% on prior year ATED charges. With the regular annual increases since the tax was introduced in...

P11D deadlines

by Jessica Garbett | Jun 26, 2018 | ACCA, business taxation, employer returns

New ‘special rules’ will shortly impact on the filing of P11D returns. The 2017/18 tax year will be the first tax year where the value and types of benefits that employers report on their 2017/18 forms P11D and P11D(b) can be affected by the introduction of ‘special...

Non-taxable employee benefits and payments

by Jessica Garbett | Jun 26, 2018 | ACCA, business taxation, employer returns

An employer can provide some benefits to employees on which the employee is not taxable – from advice on pensions to work-related training. Benefits on which the employee is not taxable are listed in chapter 5 of HMRC Booklet 480 ‘A tax guide – expenses and benefits’....

Travelling and subsistence – what to enter on the P11D

by Jessica Garbett | Jun 26, 2018 | ACCA, business taxation, employer returns

Some paid or reimbursed expenses are exempt and do not need to be reported. The P11D guidance issued by HMRC states that form P11D box N should include ‘the total non-exempt expenses reimbursed on fares, hotels, meals and so on including travel between home and a...

PAYE Settlement Agreement (PSA)

by Jessica Garbett | Jun 26, 2018 | ACCA, business taxation, employer returns

After 5 July 2018, you can’t apply for a PSA for the 2017 to 2018 tax year. As a reminder, a PAYE Settlement Agreement (PSA) allows an employer to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or...

Changes in the taxation of overseas pensions

by Jessica Garbett | Jun 25, 2018 | ACCA, personal taxatation

Rules have changed for overseas pensions. When preparing your 2017/18 tax returns you need to remember that the taxation rules changed from April 2017. What has changed? Before April 2017 the rule was that only 90% of a UK resident’s foreign pension was taxed. HMRC...

VAT special schemes

by Jessica Garbett | Jun 21, 2018 | ACCA, business issues, VAT

Businesses could benefit from considering these special schemes. As the Making Tax Digital (MTD) for VAT April 2019 date looms large (coupled with delays to HMRC’s digital projects) it is worthwhile looking at VAT special schemes. A number of special schemes are...

GDPR and cyber-crime

by Jessica Garbett | Jun 18, 2018 | ACCA, business issues

Are you prepared for a cyber-attack? The National Cyber Security Centre (NCSC) ‘Would You Be Ready?’ online test asks questions to help SMEs assess if they are prepared for various incidents and it also provides tips on how to safeguard assets. NCSC highlights...

Directors – removing your home address from public records

by Jessica Garbett | Jun 14, 2018 | ACCA, business issues

Recent changes to the Companies Act 2006 through The Companies (Disclosure of Address) (Amendment) Regulations 2018 have made it much simpler now to remove the home address from public record. This applies to company directors and others such as secretaries, people...

Another HMRC IR35 defeat

by Jessica Garbett | Jun 11, 2018 | IR35

Following on from other recent IR35 cases, which we’ve reported, its come to light HMRC have lost another case. The recent cases we know about are: Jensal Software – taxpayer won MDCM – taxpayer won Ackroyd – HMRC victory The latest one...

Student loans payroll deductions – what plan are they on?

by Jessica Garbett | Jun 11, 2018 | ACCA, business taxation, employer returns, personal taxatation

Reporting the correct student loan plan is essential. Payroll software will generally handle student loan deductions quite efficiently but it will always rely on human input of the correct student loan plan. If this is wrong then the deductions may also be incorrect....

PAYE Settlement Agreement (PSA)

by Jessica Garbett | Jun 7, 2018 | ACCA, business taxation, employer returns

After 5 July 2018, you can’t apply for a PSA for the 2017 to 2018 tax year. As a reminder, a PAYE Settlement Agreement (PSA) allows an employer to make one annual payment to cover all the tax and National Insurance due on minor, irregular or impracticable expenses or...

Non-taxable payments and benefits

by Jessica Garbett | Jun 4, 2018 | ACCA, business taxation, employer returns, personal taxatation

With the P11D deadline approaching, A handy summary of ten common non-taxable payments and benefits. Late-night taxis. The cost of a late-night taxi provided by an employer to an employee for a journey from home to work will be exempt if the employee is required to...

P11D deadlines

by Jessica Garbett | May 31, 2018 | ACCA, business taxation, employment status

The employer filing deadline of 6 July is approaching quickly. The 2017/18 tax year will be the first tax year where the value and types of benefits that employers report on their 2017/18 forms P11D and P11D(b) can be affected by the introduction of ‘special rules’ to...

Don’t miss out on trading allowances

ATED – a potted history

P11D deadlines

Non-taxable employee benefits and payments

Travelling and subsistence – what to enter on the P11D

PAYE Settlement Agreement (PSA)

Changes in the taxation of overseas pensions

VAT special schemes

GDPR and cyber-crime

Directors – removing your home address from public records

Another HMRC IR35 defeat

Student loans payroll deductions – what plan are they on?

PAYE Settlement Agreement (PSA)

Non-taxable payments and benefits

P11D deadlines

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