by Jessica Garbett | Mar 14, 2017 | ACCA, HMRC, personal taxatation, property taxation
The wear and tear allowance for fully furnished residential properties was abolished from April 2016. This affected companies from 1 April 2016 and individuals and others (such as trusts and other unincorporated entities) from 6 April 2016. Instead, for the current...
by Jessica Garbett | Mar 14, 2017 | ACCA, pension reform, pensions, personal finance, personal taxatation
Employer-arranged advice exempt up from £150 to £500. Before 6 April 2017, pension advice to the value of £150 per employee per tax year was exempt from income tax if paid for by the employer. From 6 April 2017 the exemption will apply to the first £500 worth of...
by Jessica Garbett | Mar 13, 2017 | ACCA, business taxation, HMRC, personal taxatation, politics
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’...
by Jessica Garbett | Mar 13, 2017 | ACCA, personal taxatation, politics
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...
by Jessica Garbett | Mar 13, 2017 | ACCA, business issues, business taxation
From May, the CRS may require charities to make reports to HMRC. Will your charity be affected? The Common Reporting Standard (CRS) is a global network of legislation which aims to prevent individuals and entities using offshore structures to evade tax. Unlike...
by Jessica Garbett | Mar 8, 2017 | budget, business issues, business taxation, IR35, personal taxatation, VAT
Making Tax Digital – no move on the £10,000 threshold – if you earn over that you will have to start filing quarterly accounts on line – but there is a deferment of one year for non VAT registered sole traders. Implementation dates are now: –...
by Jessica Garbett | Mar 6, 2017 | ACCA, financial reporting
Guidance on the latest changes to the SORP. The SORP has now been updated to reflect the LLP regulations that were issued in May 2016 and has also been updated to reflect earlier changes that have been made to FRS 102 and 1a. It can be used now as it applies for all...
by Jessica Garbett | Mar 6, 2017 | ACCA, business taxation, HMRC
2017 sees the introduction of two new tax allowances that have so far gone ‘under the radar’. From April 2017 the government is introducing two new annual tax allowances for individuals of £1,000 each, one for trading and one for property income. These were announced...
by Jessica Garbett | Mar 3, 2017 | ACCA, business issues, business taxation, HMRC, personal taxatation
Read our digest of the key points of HMRC’s consultation responses – and then let us know what you think. On 31 January, as practitioners were finalising tax returns to meet the self assessment deadline, HMRC published consultation responses indicating the...
by Jessica Garbett | Mar 2, 2017 | employment status, IR35
With the new Public Sector IR35 Rules coming into effect in less than a month, HMRC have today published further guidance a new Employment Status Indicator tool. The revised guidance can be viewed here on HMRC website The new Employment Status Indicator Tool is here...
by Jessica Garbett | Mar 2, 2017 | ACCA, business issues
New rules requiring medium and large companies and LLPs to publish reports on their payment practices come into force on 6 April. Many of these businesses will need to ensure their systems are changed so they can recover the required information. The Limited Liability...
by Jessica Garbett | Mar 1, 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...
by Jessica Garbett | Feb 28, 2017 | ACCA, personal finance, personal taxatation
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....
by Jessica Garbett | Feb 27, 2017 | ACCA, pension reform, pensions, personal taxatation
Deadline for applying for individual protection 2014 is 5 April 2017. The standard pension lifetime allowance was £1.5m until it was reduced to: £1.25m on 6 April 2014 £1m on 6 April 2016. Individuals may be able to protect their pensions from these reductions. There...
by Jessica Garbett | Feb 25, 2017 | ACCA, HMRC, personal taxatation
The Scottish government has previously revealed plans to introduce tax thresholds and rates that are different from those used in England and Wales. HMRC has, as you would expect, been issuing P9X, containing rates, thresholds and tax code increases required by...
