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regime will also apply to private sector contracts falling under IR35 from April 2020 unless current provisions are withdrawn Expenses incurred...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...
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...
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...
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...
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...
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...
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...
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...
