News and Comment - Page 60 of 96 - Whitefield Tax - Isle of Wight Accountants

Increase in R&D expenditure credits

by Jessica Garbett | Dec 18, 2017 | ACCA, business taxation

Carry out R&D? RDEC claimants could benefit from the Budget. Companies that carry out Research and Development (R&D) and claim Research and Development Expenditure Credit (RDEC) may benefit from announcements in the Autumn 2017 Budget. Increasing the amount...

VAT evasion clampdown

by Jessica Garbett | Dec 15, 2017 | ACCA, VAT

Online fraud comes in for battery of anti-evasion moves. The government has announced two major changes in its anti-VAT fraud measures as a result of consultations earlier this year. These are: 1. Reverse-charging in construction A new VAT domestic reverse charge will...

Depreciatory loss relief rules changed

by Jessica Garbett | Dec 14, 2017 | ACCA, budget, business taxation

Six-year limit removed for depreciatory transactions within a group. Legislation will be introduced in Finance Bill 2017/18 to remove the six-year limit imposed by section 176(1) of the Taxation of Chargeable Gains Act 1992 (TCGA) to prevent companies from claiming...

Non-cash clear-up for disposals of intangibles

by Jessica Garbett | Dec 13, 2017 | ACCA, business taxation

Corporation tax clarified for the sale of intangible fixed assets. The tax position on the disposal of a company’s intangible fixed assets involving non-cash consideration has been clarified. The measure also amends the rules in relation to licences for intangible...

Brexit customs regime takes shape

by Jessica Garbett | Dec 12, 2017 | ACCA, business issues, VAT

New UK trade and tariff regime outlined in bill. The Taxation (Cross-Border Trade) Bill was issued on 21 November. It creates a new UK customs regime, based on but independent of EU law, with a prevailing focus on continuity for UK business. However, as the bill...

CGT exemption conditions eased

by Jessica Garbett | Dec 11, 2017 | ACCA, budget, business taxation, capital taxation

Substantial shareholding exemption made easier to claim. The government is to amend the substantial shareholding exemption (SSE) legislation and the share reconstruction rules to avoid unintended chargeable gains being triggered where a UK company incorporates foreign...

Making Tax Digital another step nearer

by Jessica Garbett | Dec 8, 2017 | ACCA, business taxation, HMRC, personal taxatation, VAT

VAT to be all-digital from April 2019. The chancellor has announced the passage of enabling legislation in the Finance (No.2) Act 2017 allowing, subject to secondary legislation, for HMRC to require businesses to keep records digitally. VAT is the only area that must...

British Business Bank in charge of SME growth fuel

by Jessica Garbett | Dec 7, 2017 | business issues

Bank aims to help ambitious businesses access long-term capital. Many of the measures to help SMEs scale up will be introduced via the British Business Bank, with the bank taking on the implementation of an innovative package to increase patient (ie long-term) capital...

HMRC and SA302s for Mortgages and Loans

by Jessica Garbett | Dec 6, 2017 | HMRC

This in by email from HMRC This is a reminder that, on the 5 September, HMRC changed the way we deal with requests for copies of the SA Tax Calculation (sometimes referred to as the SA302). From that date we no longer issue paper copies of the tax calculation if the...

Enveloped dwellings tax rises 3%

by Jessica Garbett | Dec 6, 2017 | ACCA, property taxation

The annual tax on enveloped dwellings (ATED) for 2018 to 2019 will increase by 3% from 1 April 2018. The ATED charges for the 2018 to 2019 chargeable period are increased in line with the September 2017 Consumer Prices Index (CPI) rate of inflation, which was 3%. The...

Reprieved class 2 NICs

by Jessica Garbett | Dec 5, 2017 | ACCA, personal taxatation

Threshold and contributions up before 2019 abolition. It was announced earlier in November that the government has chosen to delay the abolition of class 2 national insurance contributions (NICs) by a year until 6 April 2019. For 2018/19 the small profits threshold...

Loss makers get tax break for green efficiency

by Jessica Garbett | Dec 4, 2017 | ACCA, budget, business taxation

Tax credits for loss-making businesses investing in efficient energy and water. Legislation will be introduced in the Finance Bill 2017/18 to amend schedule A1 to the Capital Allowances Act 2001. It would allow loss-making UK businesses to claim a first-year tax...

Budget: Stamp duty bonanza for first-time home buyers

by Jessica Garbett | Dec 1, 2017 | ACCA, budget, property taxation

Nil-rate stamp duty band for first-time buyers extended to £300k. From 22 November 2017 first-time buyers paying £300,000 or less for a residential property will pay no stamp duty land tax (SDLT). This measure does not apply in Scotland, as SDLT was devolved to the...

Budget: VAT roundup

by Jessica Garbett | Dec 1, 2017 | ACCA, budget, VAT

Changes made (or signalled) to thresholds, EU imports, vouchers and refunds. Two-year threshold freeze In response to the announcement of a VAT simplification by the Office of Tax Simplifcation (OTS) earlier this month, the chancellor has decided to freeze the VAT...

Budget: Income tax changes

by Jessica Garbett | Dec 1, 2017 | ACCA, budget, business taxation, personal taxatation

The chancellor made a number of tweaks to income tax rates, rules and allowances. The following changes will be implemented from April 2018: Personal Allowance increase Personal allowance has been increased from £11,500 to £11,850. This means higher rate tax rates...

Increase in R&D expenditure credits

VAT evasion clampdown

Depreciatory loss relief rules changed

Non-cash clear-up for disposals of intangibles

Brexit customs regime takes shape

CGT exemption conditions eased

Making Tax Digital another step nearer

British Business Bank in charge of SME growth fuel

HMRC and SA302s for Mortgages and Loans

Enveloped dwellings tax rises 3%

Reprieved class 2 NICs

Loss makers get tax break for green efficiency

Budget: Stamp duty bonanza for first-time home buyers

Budget: VAT roundup

Budget: Income tax changes

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