News and Comment - Page 65 of 94 - Whitefield Tax - Isle of Wight Accountants

Audit threshold to increase for small co-operatives

by Jessica Garbett | May 4, 2017 | ACCA, business issues, financial reporting

Audit threshold to nearly double. It was announced in the Budget that the government will bring forward legislation to increase the turnover threshold for which co-operatives are required to conduct a full audit from £5.6m to £10.2m, and the assets threshold from...

Non-dom IHT changes come into force

by Jessica Garbett | May 3, 2017 | ACCA, capital taxation, personal taxatation

Changes bring tax treatment into line with UK-domiciled residents. We are on the verge of the implementation of the changes to the non-domicile (‘non-dom’) regime announced in the summer 2015 Budget. Until now, offshore companies, whose shares have been classed as...

Companies’ tax deductions to be limited

by Jessica Garbett | May 2, 2017 | ACCA, business taxation

Changes aim to align UK and non-UK schemes. From 6 April 2017 the following will apply: Where a foreign pension or lump sum is paid to a UK resident, 100% of the pension arising will be chargeable to UK tax (to the same extent as if they had been paid from a...

Foreign pensions under scrutiny

by Jessica Garbett | Apr 28, 2017 | ACCA, pensions, personal taxatation

Changes aim to align UK and non-UK schemes. From 6 April 2017 the following will apply: Where a foreign pension or lump sum is paid to a UK resident, 100% of the pension arising will be chargeable to UK tax (to the same extent as if they had been paid from a...

Increase in Individual Savings Accounts (ISA) limits

by Jessica Garbett | Apr 27, 2017 | ACCA, personal finance, personal taxatation

From 6 April 2017, the annual ISA allowance will increase from £15,240 to £20,000. Introduction Individual Savings Accounts (ISAs) are tax-free funds in which UK residents can hold a range of different investments. Originally, these were cash or stocks and shares...

Scotland’s tax-setting powers increase

by Jessica Garbett | Apr 26, 2017 | ACCA, business taxation, personal taxatation

Scottish Parliament gains full control over residents’ income tax. From April 2017, the UK government will devolve further legislative powers to set income tax rates and thresholds applying to employment, pensions and property income (‘non-savings, non-dividends’...

Scottish tax rates come into force

by Jessica Garbett | Apr 25, 2017 | ACCA, business taxation, employer returns

Different rates now apply to taxpayers in Scotland. The Scottish Finance Bill 2017/18 has been passed by the Scottish Parliament, freezing the basic rate of income tax at 20%. It also freezes ‘the higher and additional rates at 40% and 45% respectively’, and...

NIC for self-employed to rise

by Jessica Garbett | Apr 7, 2017 | ACCA, budget, business taxation

Changes aim to align national insurance contributions and income tax. One of the significant features of the Budget is the changes for the self-employed. The nod to national assurance alignment and increases in national insurance contributions (NIC) will be...

Landlords’ options under Making Tax Digital

by Jessica Garbett | Apr 6, 2017 | ACCA, personal taxatation, property taxation

Cash basis will become the default option for calculating taxable profits. It’s stated that landlords will be able to use the cash basis rather than generally accepted accounting practice (GAAP) as the default method of calculation, ‘unless a landlord opts out or has...

More on Making Tax Digital

by Jessica Garbett | Apr 5, 2017 | ACCA, HMRC, personal taxatation

Finance Bill 2017 will outline provisions of the new system. The Budget gave one small concession on Making Tax Digital (MTD) for those below the VAT threshold for quarterly accounting, but we now await further detail. Legislation will be introduced in Finance Bill...

Cash basis increase for all

by Jessica Garbett | Apr 4, 2017 | ACCA, business taxation

The threshold for unincorporated businesses will be £150,000. Legislation will come into force on 6 April, with effect for the tax year 2017/18, which will increase the threshold for the cash basis from £83,000 (cash basis threshold for 2015/16) to £150,000. The exit...

Its Year End Time

by Jessica Garbett | Apr 3, 2017 | administration, business issues

The end of the tax year, 5th April, is a day or two away, so time to think about taxes for 16/17 Self Assessment – if we prepare a Self Assessment return for you, then we need a Self Assessment Questionnaire please. By end of September, but sooner is good. P11D...

Personal savings allowance offers a boost

by Jessica Garbett | Apr 3, 2017 | ACCA, personal finance, personal taxatation

Taxpayers can now earn £500-£1,000 in savings income tax-free. From 6 April 2016, basic rate taxpayers can earn up to £1,000 in savings income tax-free. Higher rate taxpayers can earn up to £500. These are the Personal Savings Allowance. Savings income includes...

The pitfalls of incorporating a letting business

by Jessica Garbett | Mar 31, 2017 | ACCA, business taxation, property taxation

Transferring properties to a limited company has tax consquences. With 6 April fast approaching, many property landlords, especially those planning to expand their portfolios, will be wondering whether it is better to incorporate. The obvious advantages of...

Benefits reporting: no more remuneration limit

by Jessica Garbett | Mar 30, 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...

Audit threshold to increase for small co-operatives

Non-dom IHT changes come into force

Companies’ tax deductions to be limited

Foreign pensions under scrutiny

Increase in Individual Savings Accounts (ISA) limits

Scotland’s tax-setting powers increase

Scottish tax rates come into force

NIC for self-employed to rise

Landlords’ options under Making Tax Digital

More on Making Tax Digital

Cash basis increase for all

Its Year End Time

Personal savings allowance offers a boost

The pitfalls of incorporating a letting business

Benefits reporting: no more remuneration limit

Register for our Newsletter

Whats Current?

Latest News

Search News by Date or Category

From our daughter business YogaTax