by Jessica Garbett | Mar 1, 2018 | business taxation, capital taxation, enquiries and tax disputes, pensions, personal finance, personal taxatation, property taxation
This time of year there are a lot of articles appearing in the media on year end tax planning – but its an ongoing process – here are our top twelve easy tips to keep tax bills under control – they are not just for year end, they are day to day: Make...
by Jessica Garbett | Feb 28, 2018 | ACCA, business taxation, property taxation
Tips to benefit from – and traps to avoid. Working from home may be many people’s dream come true. Whether it’s the employee of a forward thinking company in need of work flexibility, or a small business looking for a cash-flow head start through the reduction...
by Jessica Garbett | Feb 26, 2018 | ACCA, enquiries and tax disputes, ethics, HMRC
The changes from 1 January 2018 and penalties for non-compliance. For a number of years there have been rules governing the disclosure of tax avoidance schemes. HMRC requires information about the relevant scheme which assists them to: get early information about...
by Jessica Garbett | Feb 22, 2018 | ACCA, capital taxation, property taxation
Understanding the new rules from 1 April 2018 for Annual Tax on Enveloped Dwellings (broadly speaking, residential property worth £500k or more owned by Corporate Entities) If you are affected by ATED the clock is now ticking in the countdown to the new reporting...
by Jessica Garbett | Feb 22, 2018 | business taxation, enquiries and tax disputes, IR35
We’ve recently seen published the first IR35 case for a good few years, and the first one HMRC have won in a while – sources are suggesting its the first contentious case they have won in 9 years. The case is Christa Ackroyd Media Limited v HMRC –...
by Jessica Garbett | Feb 19, 2018 | ACCA, business taxation, personal taxatation
Understanding allowances for employees who use a company car. Tax is chargeable on the cash equivalent of the benefit of provision of free fuel for private motoring in a company car. If the employee is required to make good to his employer the cost of all company fuel...
by Jessica Garbett | Feb 15, 2018 | ACCA, business issues
Advice for businesses who take payments by card. From 13 January 2018 onwards consumers are no longer subject to surcharges when using their debit or credit cards to buy goods or services. These are being abolished following the implementation of the revised EU...
by Jessica Garbett | Feb 12, 2018 | ACCA, business taxation, capital taxation
A 60 second refresher and worked examples. Rollover relief allows a trader to defer the payment of capital gains tax where the disposal proceeds of a business asset are reinvested in a new business asset. The deferral is achieved by deducting the chargeable gain from...
by Jessica Garbett | Feb 8, 2018 | ACCA, business taxation
How to handle written off payments to participators, directors and employees. If an ‘employment-related loan’ is released or written off the amount written off will be charged as taxable earnings of the borrower, unless otherwise taxable as income. It would be...
by Jessica Garbett | Feb 5, 2018 | ACCA, business taxation, HMRC, personal taxatation
It could pay to get the details right. Despite all of the tax administration changes which have come in (and are planned) – such as personal tax accounts and tax return pre-population measures – the old option of paying a self-assessment liability via the PAYE code...
by Jessica Garbett | Feb 2, 2018 | business taxation, pensions, personal taxatation
NI, with rates lower than Income Tax, Corporation Tax, and VAT, can be seen as the unimportant poor relation of your Self Assessment payment, but far from it – its important for your benefit entitlements, and adds perhaps a third onto a typical tax bill. First,...
by Jessica Garbett | Jan 31, 2018 | ACCA, capital taxation, property taxation
Why buying an off-plan property means purchasing a property which is not yet completed. In Desmond Higgins v HMRC [2017] TC 05724 the period of ownership of an off-plan apartment was found to have started, for PPR purposes, only once the property had been physically...
by Jessica Garbett | Jan 29, 2018 | ACCA, business issues
UK Export Finance (UKEF) exists to ensure that no viable UK export fails for lack of finance or insurance from the private sector. Established in 1919 as the world’s first export credit agency, UK Export Finance (UKEF) exists to ensure that no viable UK export fails...
by Jessica Garbett | Jan 26, 2018 | ACCA, business taxation, HMRC, personal taxatation
Fewer options available for those who choose not to pay online. There have been many changes for taxpayers in the ways they can pay tax owed to HMRC. Most of these have reduced the non-online options that are available. We have seen payslips only available online...
by Jessica Garbett | Jan 25, 2018 | ACCA, business taxation
This in from the ACCA Why invalid entries can prove costly. Directors’ loan account (DLA) adjustments are a constant theme in the accounts of SMEs. Members are often faced with the task of analysing SME transactions and explaining which credits should/should not go to...
