News and Comment - Page 63 of 96 - Whitefield Tax - Isle of Wight Accountants

Training and CPD – what can be claimed?

by Jessica Garbett | Sep 19, 2017 | business taxation, enquiries and tax disputes

There is often a grey area around claiming training costs and CPD. The rules are that “new skills” training can’t be claimed; CPD style training can be claimed. By way of background, new skills training is considered to be incurred to put you in the position of being...

HMRC introduces 2 Step Verification

by Jessica Garbett | Sep 15, 2017 | ACCA, HMRC

Users promised greater security and a safer online experience. From September 2017, HMRC will make it a requirement for all businesses using their online tax accounts to register for 2 Step Verification (2SV) – if not already using it. Users logging into their tax...

Changes to PAYE tax coding

by Jessica Garbett | Sep 13, 2017 | ACCA, employer returns, personal taxatation

Why it pays to get it right first time! Real-time tax for those employed has seen HMRC pushing a number of changes through. These include payrolling of benefits in 2016 and now coding changes. Employers can now register themselves before the start of tax year to tax...

Is the end of the £30,000 tax free termination payment in sight?

by Jessica Garbett | Sep 8, 2017 | ACCA, business taxation, employer returns, personal taxatation

Changes in the pipeline as HMRC seeks to ensure rules are ‘fairer’. Many employees have traditionally benefited from the ‘legendary’ £30,000 termination payment as it has always been assumed that it would always be tax free. The legislation governing this has...

Quick update: IR35 – how to calculate the deemed employment payment

by Jessica Garbett | Sep 6, 2017 | ACCA, business issues, business taxation, employment status, personal taxatation

Since April 2000 anti-avoidance legislation – known as ‘IR35’ – applies to individuals who would be employees of their clients if they didn’t use a service company. HMRC has designed a tool which provides its view on whether: the intermediaries legislation (known as...

Automatic enrolment regulator spot-checks

by Jessica Garbett | Sep 5, 2017 | ACCA, business issues, pension reform

The Pensions Regulator has advised that it is undertaking spot-checks on businesses that have already automatically enrolled their staff. These are to check compliance but it is also highlighting the importance of making sure businesses are compliant with on-going...

The usefulness of FRS 105 and the micro-entity regime

by Jessica Garbett | Sep 4, 2017 | ACCA, accountancy regulation

Micro-entity regime The UK introduced an optional company law reporting regime for micro companies in 2013. While still requiring a balance sheet to be prepared and filed, it allowed for minimal accompanying disclosure requirements in those accounts, subject also to...

Auto enrolment enforcement

by Jessica Garbett | Sep 1, 2017 | ACCA, business issues, pension reform

The Pension Regulator won’t let businesses avoid their pension requirements. The Pension Regulator has published its latest compliance and enforcement bulletin, once again providing details of action it has taken. Within this bulletin the following case study is...

Overpayments from customers – VAT, Tax and Legal

by Jessica Garbett | Aug 30, 2017 | ACCA, business issues, business taxation

Don’t overlook the VAT, tax and legal implications of overpayments. A common scenario – a customer overpays you and you pick this up when preparing the year end accounts. You is not sure what action to take as the customer has not contacted them and seems oblivious to...

CGT loss relief when a taxpayer dies

by Jessica Garbett | Aug 29, 2017 | ACCA, business taxation, capital taxation, personal taxatation

What to consider when it comes to CGT losses, including worked example. Losses are always an area that requires consideration. The basic rules regarding capital gains tax are: no liability to capital gains tax arises on death. The personal representatives are...

Anti-money laundering – high value dealers

by Jessica Garbett | Aug 25, 2017 | ACCA, business issues

HMRC highlights changes to the supervision process for ‘high value dealers’. New guidance states that HMRC supervises high value dealers and a business ‘must not make or accept high value payments unless it is registered with HMRC’. It also stresses that a business...

Self assessment – individual exclusions

by Jessica Garbett | Aug 24, 2017 | ACCA, HMRC, personal taxatation

HMRC has issued an update on personal savings and dividend taxation calculation errors and advised on self assessment online filing reasonable excuse. What happened? The changes arising from Personal Savings and Dividend Taxation Reform, effective April 2016, mean...

Taxation of pension benefits

by Jessica Garbett | Aug 23, 2017 | ACCA, pensions, personal taxatation

The key points to consider when looking at how inherited pension pots are taxed. When a member of a pension scheme dies the pension pots relating to that person may be passed on to living individuals. Often a member of a pension scheme will start to draw their...

Employee benefit trusts and tax avoidance

by Jessica Garbett | Aug 22, 2017 | ACCA, business taxation, enquiries and tax disputes, penalties

GAAR Advisory Panel issues significant conclusion in recent case. In a recent company and taxpayer case concerning employee rewards the GAAR Advisory Panel concluded that: ‘entering into the tax arrangements isn’t a reasonable course of action in relation to the...

Tax treatment of Banco Santander rights issue

by Jessica Garbett | Aug 21, 2017 | ACCA, personal finance, personal taxatation

Advice on how to treat tax on last month’s share issue. Santander shareholders were able to subscribe one new share for every 10 shares they held at a price of 4.85 euros per share. Shareholders who wished to exercise their right to subscribe shares were allowed to do...

« Older Entries

Next Entries »

Training and CPD – what can be claimed?

HMRC introduces 2 Step Verification

Changes to PAYE tax coding

Is the end of the £30,000 tax free termination payment in sight?

Quick update: IR35 – how to calculate the deemed employment payment

Automatic enrolment regulator spot-checks

The usefulness of FRS 105 and the micro-entity regime

Auto enrolment enforcement

Overpayments from customers – VAT, Tax and Legal

CGT loss relief when a taxpayer dies

Anti-money laundering – high value dealers

Self assessment – individual exclusions

Taxation of pension benefits

Employee benefit trusts and tax avoidance

Tax treatment of Banco Santander rights issue

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