News and Comment - Page 67 of 101 - Whitefield Tax - Isle of Wight Accountants

Problems continue with self-assessment calculator

by Jessica Garbett | Nov 22, 2017 | ACCA, business taxation, HMRC, personal taxatation

Advice while HMRC fixes calculator. HMRC is working to resolve a number of issues with its self-assessment calculator with version 7 of the exclusion list recently updated. This is to reflect fixes made, new issues resulting from those fixes and updated guidance. We...

VAT on e-commerce transactions

by Jessica Garbett | Nov 20, 2017 | ACCA, VAT

How the VAT regime applies to digital services. The core of the VAT regime applying to services is the concept of the place of supply. Place of supply In simple terms, a place of supply is the place where the supplier or the customer (business or non-business)...

Business Splitting – A Surprising VAT Tribunal Result

by Jessica Garbett | Nov 18, 2017 | VAT

Business Splitting for VAT purposes is arranging a business structure over two or more entities to keep one or more of time below the VAT threshold, and save some VAT. Unsurprisingly its something HMRC look closely at. Broadly, its legal where there is both a...

Drive to ensure good governance in pension schemes

by Jessica Garbett | Nov 17, 2017 | ACCA, pension reform, pensions

The ACCA have shared this update from The Pensions Regulator: The Pensions Regulator has launched a campaign to protect workplace pension savers by driving up the standards of governance across pension schemes. 21st century trusteeship – Raising the Standards of...

Rental income for 2016/17 tax returns

by Jessica Garbett | Nov 15, 2017 | ACCA, property taxation

HMRC sets out key areas in its updated rental income tool kit. HMRC updated its rental income tool kit on 1 September and for many members this is just in time for the 2016/17 tax return season. The toolkits from HMRC provide guidance on areas of error that HMRC...

Making Tax Digital – next steps

by Jessica Garbett | Nov 10, 2017 | ACCA, business taxation, HMRC, personal taxatation

This is from the ACCA “In Practice” publication: In the September issue of In Practice we highlighted that HMRC has published another suite of Making Tax Digital requirements (including on VAT changes). The series of legislative requirements will put...

The cost of getting the wrong structure: entrepreneurs’ relief

by Jessica Garbett | Nov 8, 2017 | ACCA, business taxation, capital taxation, enquiries and tax disputes

A recent first tier tribunal decision concerned entrepreneurs’ relief and whether redeemable shares with no right to a dividend impacted the relief available. The case outcome was dependent on the share capital and ownership conditions not being met. The judgement...

Whitefield Cater Allen Agency

by Jessica Garbett | Nov 7, 2017 | administration, business issues

For around twenty years we’ve had an agency with Cater Allen Private Bank and their predecessor Fleming Private Banking. What was a good, and novel product, is now not so, and we have various reports from clients of poor service from Cater Allen now its a small...

Healthshield Friendly Society Limited

by Jessica Garbett | Nov 6, 2017 | musings

A note about this company, Healthshield Friendly Society Limited, and any one planning to deal with them. I honestly suggest you don’t. They were recommended to us by a PHI Broker for covering excess on PMI policies. In the even they have turned out to have...

2017 Changes to PSC Notification Regime

by Jessica Garbett | Nov 4, 2017 | business issues

In this context PSC means Person With Significant Control, normally 25% plus shareholders, but conceivably others with voting rights. When the PSC regime came in during 2016 changes in PSC details only had to be notified annually, although people were encouraged to...

Class 2 NI abolition put back 12 months

by Jessica Garbett | Nov 3, 2017 | business taxation

The self employed pay both Class 2 and Class 4 NI. Class 2 is a fixed weekly amount – sometimes called a stamp – Class 4 a variable amount related to profit. Its long been intended to abolish Class 2 NI, and the set date was April, 2018. Yesterday, 2...

Inheritance tax and how to reduce it

by Jessica Garbett | Nov 3, 2017 | capital taxation

There are a number of steps that need to be understand to ensure that they receive HMRC allowances. Inheritance tax is charged at 40% on the value of the deceased estate which exceeds the threshold, currently £325,000. If the deceased left his/her home to children or...

60 second update: capital gains and chattels

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

As the tax return deadline approaches, benefit from a refresher on CGT and chattels. Chattels are defined as ‘tangible moveable property’. They include, art, antiques, jewellery, fine wine, racehorses and other collectibles and fall into two groups – wasting and...

Navigating the maze of online selling – VAT on distance sales

by Jessica Garbett | Oct 26, 2017 | ACCA, VAT

Selling online? Avoid innocent VAT mistakes and penalties by understanding the basic rules. What is distance selling? Distance selling applies when a VAT registered business based in the EU sells goods (not services) to a non-VAT registered customer (non-taxable...

When audit thresholds can be confusing

by Jessica Garbett | Oct 23, 2017 | ACCA, financial reporting

The audit thresholds for limited companies changed from 1 January 2016 – and can be confusing for companies. The statutory instrument implementing the 2013 EU Accounting Directive effective in the UK from 1 January 2016 has changed the audit thresholds for...

Problems continue with self-assessment calculator

VAT on e-commerce transactions

Business Splitting – A Surprising VAT Tribunal Result

Drive to ensure good governance in pension schemes

Rental income for 2016/17 tax returns

Making Tax Digital – next steps

The cost of getting the wrong structure: entrepreneurs’ relief

Whitefield Cater Allen Agency

Healthshield Friendly Society Limited

2017 Changes to PSC Notification Regime

Class 2 NI abolition put back 12 months

Inheritance tax and how to reduce it

60 second update: capital gains and chattels

Navigating the maze of online selling – VAT on distance sales

When audit thresholds can be confusing

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