News and Comment - Page 63 of 94 - Whitefield Tax - Isle of Wight Accountants

Demystifying interest-free and below-market-rate loans

by Jessica Garbett | Jul 17, 2017 | ACCA, financial reporting

Terms vary depending on the nature of the finance and the recipient The accounting recognition for interest-free and below-market-rate loans is an area that has caused difficulty for many advisers and businesses. Most loans are basic financial instruments accounted...

Making Tax Digital Deferral

by Jessica Garbett | Jul 14, 2017 | business taxation, HMRC, politics

A bit of good news for a summer Friday morning. Yesterday – Thursday 13 July – the Government announced a deferral in the timescales for the ambitious Making Tax Digital programme – the one where businesses would have to submit quarterly figures...

Quick second update: capital gains tax relief for let property

by Jessica Garbett | Jul 13, 2017 | ACCA, capital taxation, property taxation

Gathering information in advance is advisable Let property relief can reduce capital gains tax and is an important consideration when clients have let out residential property. The information needed can be difficult to find out and it is often easier to collect in...

A garden by any other name – CGT Permitted Area

by Jessica Garbett | Jul 10, 2017 | ACCA, capital taxation, property taxation

The ‘permitted area’ around a residential property qualifies for private residence relief from capital gains tax The area of garden and grounds of a person’s residence that qualifies for capital gains tax relief is referred to in the legislation as the ‘permitted...

Some Feedback We Received

by Jessica Garbett | Jul 10, 2017 | administration

Its nice to get feedback from clients, and this is something sent to us recently – we have permission to share: I just wanted to say thanks to you all for your helping me over the last 16 years. It’s been an absolute pleasure dealing with you always. You manage...

Understanding the dangers of trading while insolvent

by Jessica Garbett | Jul 6, 2017 | ACCA, business issues

Inattentive directors are putting their companies at risk When a company – for whatever reason – encounters financial difficulties it is vitally important that the directors act quickly. If the company is seen as trading insolvently it may lead to accusations of...

P11D deadline is approaching: are you up to date?

by Jessica Garbett | Jul 4, 2017 | ACCA, employer returns

Use our guide, including helpful Q&As, to understand the new rules Since 6 April 2016 new rules for P11Ds have been in place. This is the first year when P11Ds are going to be submitted after the change. Here’s a recap of the main changes: 1 ...

Are you using your £7,500 rent-a-room allowance?

by Jessica Garbett | Jul 3, 2017 | ACCA, personal taxatation, property taxation

Airbnb, bed-and-breakfast and guest accommodation could qualify The Summer Budget 2015 introduced, with effect from 6 April 2016, an increase in the level of rent-a-room relief from £4,250 to £7,500 per year. This provides for tax-free income that can be received from...

FRS 102 simplifications will help small companies

by Jessica Garbett | Jun 29, 2017 | ACCA, financial reporting

The triennial review of FRS 102 has taken place and the FRC is proposing a number of changes. This review takes into account stakeholder feedback on the implementation of FRS 102. Of particular interest are the proposed simplifications to accounting for directors’...

New UK GAAP is here

by Jessica Garbett | Jun 29, 2017 | ACCA, financial reporting

Revised Companies House guidance aims to address filing confusion For accounting periods commencing 1 January 2016, all company accounts have to be prepared and filed under the ‘new’ UK GAAP regime. This means that there is a number of options available, particularly...

Gift aid: small donations

by Jessica Garbett | Jun 26, 2017 | ACCA, business taxation

On 6 April 2017, some of the rules for the Gift Aid Small Donations Scheme (GASDS) were changed. These changes can be summarised as follows: The maximum amount of GASDS top up you can claim is 10 times the total amount of Gift Aid donations claimed on by the charity...

Model accounts for charities

by Jessica Garbett | Jun 26, 2017 | ACCA, financial reporting

The Charity Commission has updated its accounts pack for charitable companies with income under £500,000. CC17 Charity accounting templates: accruals accounts (CC17) SORP FRS 102 for charitable companies provides templates, suggested notes and explanation, and...

Minimum wage – employers of all sizes are getting it wrong

by Jessica Garbett | Jun 19, 2017 | ACCA, business issues, National Minimum Wage and National Living Wage

Smaller employers sometimes struggle with the calculation of the national minimum wage (NMW). Areas like differing rates, age issues, apprenticeship rules and the national living wage all add to the complexities of complying with payroll administration. However,...

FRS 102: a great early change

by Jessica Garbett | Jun 5, 2017 | ACCA, accountancy regulation, business issues, financial reporting

Welcome changes ahead in FRED 67. Well done FRC. Last month we highlighted that the triennial review has taken place and the FRC in FRED 67 Draft amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland is proposing a few...

IHT changes on the horizon

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

Inheritance tax threshold increased to £1m by 2020-21. From 6 April 2017, a new inheritance tax Residence Nil Rate Band (RNRB) is available (in addition to an individual’s own nil rate band (NRB) of £325,000), conditional on the family home being passed down to...

Demystifying interest-free and below-market-rate loans

Making Tax Digital Deferral

Quick second update: capital gains tax relief for let property

A garden by any other name – CGT Permitted Area

Some Feedback We Received

Understanding the dangers of trading while insolvent

P11D deadline is approaching: are you up to date?

Are you using your £7,500 rent-a-room allowance?

FRS 102 simplifications will help small companies

New UK GAAP is here

Gift aid: small donations

Model accounts for charities

Minimum wage – employers of all sizes are getting it wrong

FRS 102: a great early change

IHT changes on the horizon

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