News and Comment - Page 64 of 94 - Whitefield Tax - Isle of Wight Accountants

Tax efficient cash extraction from businesses

by Jessica Garbett | May 31, 2017 | ACCA, business taxation, personal taxatation

When to charge a company rent and mortgage interest. With the recently announced reduction of the tax free dividend allowance to a modest 2k next year, many practitioners will be interested to explore other avenues of tax efficient cash extraction still available to...

FRS 102 simplifications will help small companies

by Jessica Garbett | May 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’...

FreeAgent Software

by Jessica Garbett | May 25, 2017 | business taxation, HMRC

By now readers of this newsletter should be aware of the impending arrival of Making Tax Digital. Staging dates are: April 2018 sole traders / partnerships over vat limit – Income Tax and NI April 2019 sole traders / partnerships under vat limit – Income...

Employers beware – expect an increase in coding notices

by Jessica Garbett | May 24, 2017 | ACCA, employer returns

Understanding HMRC’s plans to address tax under/over payments during the tax year. On 10 April HMRC published a policy paper ‘Helping customers pay the right amount of tax on time’. The paper aims to address tax under/over payments during a tax year which historically...

Recent reporting changes for charities

by Jessica Garbett | May 22, 2017 | ACCA, business issues

Recent changes for charities include around model accounts and audit/examiner reporting requirements. Model accounts The Charity Commission has updated its accounts pack for charitable companies. CC17 Charity accounting templates: accruals accounts (CC17) SORP FRS 102...

VAT partial exemption

by Jessica Garbett | May 17, 2017 | ACCA, VAT

A review of the potential pitfalls. When a business that is registered for VAT makes exempt supplies it will normally fall within the scope of partial exemption. This creates two problems: output VAT cannot be charged on exempt supplies – sounds obvious but the...

Dividend payment templates

by Jessica Garbett | May 15, 2017 | ACCA, business issues

The practical procedures for payment of dividend templates for board minutes, dividend vouchers and dividend waivers. The payment of a dividend is governed by a company’s Articles of Association. Unless otherwise stated, this will be in accordance with...

Latest Phishing Scam

by Jessica Garbett | May 12, 2017 | HMRC

Latest Phishing Scam HM Customers have issued a warning about the latest phishing scam. If you get an email with the subject, “Your 2016 Tax Report”, with an attachment, please do not open it. Please forward it to phishing@hmrc.gsi.gov.uk and then delete it. For more...

Changes to Persons With Significant Control regime – action now required

by Jessica Garbett | May 12, 2017 | ACCA, business issues, financial reporting

New measures to help prevent money laundering and terrorist financing are on their way. On 26 June 2017 changes will be made to UK anti-money laundering measures which are designed to help prevent money laundering and terrorist financing. These measures will increase...

Dividend allowance: band rates

by Jessica Garbett | May 11, 2017 | ACCA, business taxation, property taxation

Calculate how dividends over £5,000 will be taxed. As the tax year 2016/17 closes we will see the calculations and the impact of the dividend allowance. Dividends received over £5,000 will be taxed at the following rates: 7.5% on dividend income within the basic rate...

Major amendments to the Finance Bill

by Jessica Garbett | May 10, 2017 | ACCA, budget, business taxation, HMRC, personal taxatation, politics

Next month’s General Election has resulted in changes to the Finance Bill. Read our summary now. When Members of Parliament backed the motion by 522 to 13 on holding an early General Election on Thursday 8 June under the Fixed-Term Parliaments Act, one of the...

Relief for carried-forward losses

by Jessica Garbett | May 10, 2017 | ACCA, business taxation

New rules will apply to all losses arising on or after 1 April 2017. Losses for companies arising from 1 April 2017, when carried forward, can be offset against the total taxable profits of a company and its group members. They will be able to use the losses against...

Benefits reporting: no more remuneration limit

by Jessica Garbett | May 9, 2017 | ACCA, employer returns

The benefits code now applies to directors and employees. As the tax year comes to an end it is worth remembering that there is no longer an £8,500 remuneration limit. The benefits code applies to directors and employees. Also, from 6 April 2016 all dispensations...

Interest on loans from residential property income

by Jessica Garbett | May 8, 2017 | ACCA, business taxation, personal taxatation, property taxation

A new measure will restrict relief for finance costs. This measure will restrict relief for finance costs on residential properties to the basic rate of income tax and will be introduced over four years from 6 April 2017. The measure will not affect companies renting...

Getting to grips with LISA

by Jessica Garbett | May 5, 2017 | ACCA, personal finance

LISA is potentially a valuable savings option. But how does it work and who is it aimed at? From April 2017 a new savings product called LISA (Lifetime ISA) is available. It is designed to help young people save flexibly for the long-term throughout their lives....

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Next Entries »

Tax efficient cash extraction from businesses

FRS 102 simplifications will help small companies

FreeAgent Software

Employers beware – expect an increase in coding notices

Recent reporting changes for charities

VAT partial exemption

Dividend payment templates

Latest Phishing Scam

Changes to Persons With Significant Control regime – action now required

Dividend allowance: band rates

Major amendments to the Finance Bill

Relief for carried-forward losses

Benefits reporting: no more remuneration limit

Interest on loans from residential property income

Getting to grips with LISA

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