News and Comment - Page 61 of 96 - Whitefield Tax - Isle of Wight Accountants

Christmas Shutdown 2017

by Jessica Garbett | Nov 27, 2017 | administration

Just to let clients know the Whitefield office will be closing for Christmas at midday Friday 22 December 2017, and reopening 9am Tuesday 2 January 2018. During that time, if you need urgent help on something please email, and we will do our best to help. For company...

New consultation on IR35 rules

by Jessica Garbett | Nov 27, 2017 | ACCA, budget, IR35, PSC

HMRC announces consultation on extending the ‘off payroll working’ rules to the private sector. The government reformed the off-payroll working rules (known as IR35) for engagements in the public sector in April 2017. The Autumn Budget Report 2017 states that early...

Simplification of tax administration

by Jessica Garbett | Nov 27, 2017 | ACCA, budget, penalties

Could a points-based system be on the cards? On 1 December 2017 we are expecting the release of HMRC’s consultation findings on late submission and late payment sanctions. The release is expected to include the issue of alignment of penalty interest and late payment...

Budgeting for a Small Business

by Jessica Garbett | Nov 24, 2017 | business issues

We all have different strengths and weaknesses. Some small business owners will be financially savvy, others less so. A question that comes up sometimes is budgeting and forecasting, as part of managing your personal finances. For many its common sense, but for...

Benefits in kind – new rules following the abolition of dispensation

by Jessica Garbett | Nov 24, 2017 | ACCA, employer returns, expense payments, personal taxatation

Are you fully aware of the new exemptions for certain benefits in kind? Exemptions replace dispensations From 2016/17 dispensation rules exempting employers from reporting certain benefits in kind on P11D have been abolished and replaced by exemptions. Any...

Autumn 2017 Budget

by Jessica Garbett | Nov 22, 2017 | budget, business taxation, personal taxatation, politics

A very quick set of “first impressions” on todays budget speech, as always focused on a typical Whitefield client – so I’m not paying a lot of attention to the wider proposals on public expenditure, excise duty on tobacco/alcohol, and taxes...

Problems continue with self-assessment calculator

by Jessica Garbett | Nov 22, 2017 | ACCA, business taxation, HMRC, personal taxatation

Advice while HMRC fixes calculator. HMRC is working to resolve a number of issues with its self-assessment calculator with version 7 of the exclusion list recently updated. This is to reflect fixes made, new issues resulting from those fixes and updated guidance. We...

VAT on e-commerce transactions

by Jessica Garbett | Nov 20, 2017 | ACCA, VAT

How the VAT regime applies to digital services. The core of the VAT regime applying to services is the concept of the place of supply. Place of supply In simple terms, a place of supply is the place where the supplier or the customer (business or non-business)...

Business Splitting – A Surprising VAT Tribunal Result

by Jessica Garbett | Nov 18, 2017 | VAT

Business Splitting for VAT purposes is arranging a business structure over two or more entities to keep one or more of time below the VAT threshold, and save some VAT. Unsurprisingly its something HMRC look closely at. Broadly, its legal where there is both a...

Drive to ensure good governance in pension schemes

by Jessica Garbett | Nov 17, 2017 | ACCA, pension reform, pensions

The ACCA have shared this update from The Pensions Regulator: The Pensions Regulator has launched a campaign to protect workplace pension savers by driving up the standards of governance across pension schemes. 21st century trusteeship – Raising the Standards of...

Rental income for 2016/17 tax returns

by Jessica Garbett | Nov 15, 2017 | ACCA, property taxation

HMRC sets out key areas in its updated rental income tool kit. HMRC updated its rental income tool kit on 1 September and for many members this is just in time for the 2016/17 tax return season. The toolkits from HMRC provide guidance on areas of error that HMRC...

Making Tax Digital – next steps

by Jessica Garbett | Nov 10, 2017 | ACCA, business taxation, HMRC, personal taxatation

This is from the ACCA “In Practice” publication: In the September issue of In Practice we highlighted that HMRC has published another suite of Making Tax Digital requirements (including on VAT changes). The series of legislative requirements will put...

The cost of getting the wrong structure: entrepreneurs’ relief

by Jessica Garbett | Nov 8, 2017 | ACCA, business taxation, capital taxation, enquiries and tax disputes

A recent first tier tribunal decision concerned entrepreneurs’ relief and whether redeemable shares with no right to a dividend impacted the relief available. The case outcome was dependent on the share capital and ownership conditions not being met. The judgement...

Whitefield Cater Allen Agency

by Jessica Garbett | Nov 7, 2017 | administration, business issues

For around twenty years we’ve had an agency with Cater Allen Private Bank and their predecessor Fleming Private Banking. What was a good, and novel product, is now not so, and we have various reports from clients of poor service from Cater Allen now its a small...

Healthshield Friendly Society Limited

by Jessica Garbett | Nov 6, 2017 | musings

A note about this company, Healthshield Friendly Society Limited, and any one planning to deal with them. I honestly suggest you don’t. They were recommended to us by a PHI Broker for covering excess on PMI policies. In the even they have turned out to have...

Christmas Shutdown 2017

New consultation on IR35 rules

Simplification of tax administration

Budgeting for a Small Business

Benefits in kind – new rules following the abolition of dispensation

Autumn 2017 Budget

Problems continue with self-assessment calculator

VAT on e-commerce transactions

Business Splitting – A Surprising VAT Tribunal Result

Drive to ensure good governance in pension schemes

Rental income for 2016/17 tax returns

Making Tax Digital – next steps

The cost of getting the wrong structure: entrepreneurs’ relief

Whitefield Cater Allen Agency

Healthshield Friendly Society Limited

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