News and Comment - Page 58 of 99 - Whitefield Tax - Isle of Wight Accountants

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...

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...

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

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

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