News and Comment - Page 62 of 96 - Whitefield Tax - Isle of Wight Accountants

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...

2017 Changes to PSC Notification Regime

by Jessica Garbett | Nov 4, 2017 | business issues

In this context PSC means Person With Significant Control, normally 25% plus shareholders, but conceivably others with voting rights. When the PSC regime came in during 2016 changes in PSC details only had to be notified annually, although people were encouraged to...

Class 2 NI abolition put back 12 months

by Jessica Garbett | Nov 3, 2017 | business taxation

The self employed pay both Class 2 and Class 4 NI. Class 2 is a fixed weekly amount – sometimes called a stamp – Class 4 a variable amount related to profit. Its long been intended to abolish Class 2 NI, and the set date was April, 2018. Yesterday, 2...

Inheritance tax and how to reduce it

by Jessica Garbett | Nov 3, 2017 | capital taxation

There are a number of steps that need to be understand to ensure that they receive HMRC allowances. Inheritance tax is charged at 40% on the value of the deceased estate which exceeds the threshold, currently £325,000. If the deceased left his/her home to children or...

60 second update: capital gains and chattels

by Jessica Garbett | Nov 1, 2017 | ACCA, capital taxation

As the tax return deadline approaches, benefit from a refresher on CGT and chattels. Chattels are defined as ‘tangible moveable property’. They include, art, antiques, jewellery, fine wine, racehorses and other collectibles and fall into two groups – wasting and...

Navigating the maze of online selling – VAT on distance sales

by Jessica Garbett | Oct 26, 2017 | ACCA, VAT

Selling online? Avoid innocent VAT mistakes and penalties by understanding the basic rules. What is distance selling? Distance selling applies when a VAT registered business based in the EU sells goods (not services) to a non-VAT registered customer (non-taxable...

When audit thresholds can be confusing

by Jessica Garbett | Oct 23, 2017 | ACCA, financial reporting

The audit thresholds for limited companies changed from 1 January 2016 – and can be confusing for companies. The statutory instrument implementing the 2013 EU Accounting Directive effective in the UK from 1 January 2016 has changed the audit thresholds for...

Married couple’s allowance and marriage allowance

by Jessica Garbett | Oct 19, 2017 | ACCA, personal taxatation

Rules around the allowance, what happens on year of eligibility and on death. Taxpayers living in the UK are entitled to a personal allowance and – if married or in a civil partnership – may also be able to claim marriage allowance or married couple’s...

Claiming Clothes – HMRCs rules

by Jessica Garbett | Oct 19, 2017 | business taxation, yoga

Theres enough complexity in life, and you’d think that tax could be black and white – what you can claim or what you can’t claim. Alas that simplicity doesn’t exist; the area of allowable expenses is one of the key areas of uncertainty and...

Directors’ loan account – valid entries are vital

by Jessica Garbett | Oct 16, 2017 | ACCA, business taxation

Failing to record directors’ loans can prove costly. Directors’ loan account (DLA) adjustments are a constant theme in the accounts of SMEs. Often the directors/shareholders adopt an informal approach and are rather keen to process entries which benefit them but often...

When unincorporated businesses can apply FRS 105

by Jessica Garbett | Oct 12, 2017 | ACCA, financial reporting

FRS 105 can be applied by unincorporated businesses who meet the size criteria. Although FRS 105 states that it’s only applicable to companies, qualifying partnerships (as defined in Partnerships (Accounts) Regulations 2008) and limited liability partnerships who...

The latest guidance on making tax digital for business

by Jessica Garbett | Oct 9, 2017 | ACCA, business taxation, HMRC, personal taxatation

A reminder: Making Tax Digital comes in from April 2019, initially only in respect of VAT, but its likely to be extended wider in the future to include quarterly returns for business profits – quarterly accounts under any other name, some when from 2020. HMRC...

Don’t ignore automatic enrolment duties

by Jessica Garbett | Oct 5, 2017 | ACCA, pension reform

Comment from The Pensions Regulator, and shared by the ACCA To date, more than 8.5m people have been automatically enrolled in a workplace pension by nearly 800,000 employers. The Pensions Regulator (TPR) recently published its annual commentary and analysis report,...

Principal Private Residence Relief (PRR) and off-plan home purchases

by Jessica Garbett | Oct 2, 2017 | ACCA, capital taxation

Principal Private Residence Relief (PRR) and off-plan home purchases – When the signing of a contract does not result in ownership! The recent case of Desmond Higgins v HMRC shows that confusion can still exist.In Desmond Higgins v HMRC [2017] TC 05724 the...

Charities under scrutiny – trustees and auditors

by Jessica Garbett | Sep 29, 2017 | ACCA, business issues, financial reporting

Charity reporting is under scrutiny, especially the obligations placed on trustees and auditors. These include: the recent review by the Charity Commission of 97 charities showed that 45 were not compliant with the SORP and that trustees were under scrutiny the...

Healthshield Friendly Society Limited

2017 Changes to PSC Notification Regime

Class 2 NI abolition put back 12 months

Inheritance tax and how to reduce it

60 second update: capital gains and chattels

Navigating the maze of online selling – VAT on distance sales

When audit thresholds can be confusing

Married couple’s allowance and marriage allowance

Claiming Clothes – HMRCs rules

Directors’ loan account – valid entries are vital

When unincorporated businesses can apply FRS 105

The latest guidance on making tax digital for business

Don’t ignore automatic enrolment duties

Principal Private Residence Relief (PRR) and off-plan home purchases

Charities under scrutiny – trustees and auditors

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