News and Comment - Page 68 of 101 - Whitefield Tax - Isle of Wight Accountants

Married couple’s allowance and marriage allowance

by Jessica Garbett | Oct 19, 2017 | ACCA, personal taxatation

Rules around the allowance, what happens on year of eligibility and on death. Taxpayers living in the UK are entitled to a personal allowance and – if married or in a civil partnership – may also be able to claim marriage allowance or married couple’s...

Claiming Clothes – HMRCs rules

by Jessica Garbett | Oct 19, 2017 | business taxation, yoga

Theres enough complexity in life, and you’d think that tax could be black and white – what you can claim or what you can’t claim. Alas that simplicity doesn’t exist; the area of allowable expenses is one of the key areas of uncertainty and...

Directors’ loan account – valid entries are vital

by Jessica Garbett | Oct 16, 2017 | ACCA, business taxation

Failing to record directors’ loans can prove costly. Directors’ loan account (DLA) adjustments are a constant theme in the accounts of SMEs. Often the directors/shareholders adopt an informal approach and are rather keen to process entries which benefit them but often...

When unincorporated businesses can apply FRS 105

by Jessica Garbett | Oct 12, 2017 | ACCA, financial reporting

FRS 105 can be applied by unincorporated businesses who meet the size criteria. Although FRS 105 states that it’s only applicable to companies, qualifying partnerships (as defined in Partnerships (Accounts) Regulations 2008) and limited liability partnerships who...

The latest guidance on making tax digital for business

by Jessica Garbett | Oct 9, 2017 | ACCA, business taxation, HMRC, personal taxatation

A reminder: Making Tax Digital comes in from April 2019, initially only in respect of VAT, but its likely to be extended wider in the future to include quarterly returns for business profits – quarterly accounts under any other name, some when from 2020. HMRC...

Don’t ignore automatic enrolment duties

by Jessica Garbett | Oct 5, 2017 | ACCA, pension reform

Comment from The Pensions Regulator, and shared by the ACCA To date, more than 8.5m people have been automatically enrolled in a workplace pension by nearly 800,000 employers. The Pensions Regulator (TPR) recently published its annual commentary and analysis report,...

Principal Private Residence Relief (PRR) and off-plan home purchases

by Jessica Garbett | Oct 2, 2017 | ACCA, capital taxation

Principal Private Residence Relief (PRR) and off-plan home purchases – When the signing of a contract does not result in ownership! The recent case of Desmond Higgins v HMRC shows that confusion can still exist.In Desmond Higgins v HMRC [2017] TC 05724 the...

Charities under scrutiny – trustees and auditors

by Jessica Garbett | Sep 29, 2017 | ACCA, business issues, financial reporting

Charity reporting is under scrutiny, especially the obligations placed on trustees and auditors. These include: the recent review by the Charity Commission of 97 charities showed that 45 were not compliant with the SORP and that trustees were under scrutiny the...

Training and CPD – what can be claimed?

by Jessica Garbett | Sep 19, 2017 | business taxation, enquiries and tax disputes

There is often a grey area around claiming training costs and CPD. The rules are that “new skills” training can’t be claimed; CPD style training can be claimed. By way of background, new skills training is considered to be incurred to put you in the position of being...

HMRC introduces 2 Step Verification

by Jessica Garbett | Sep 15, 2017 | ACCA, HMRC

Users promised greater security and a safer online experience. From September 2017, HMRC will make it a requirement for all businesses using their online tax accounts to register for 2 Step Verification (2SV) – if not already using it. Users logging into their tax...

Changes to PAYE tax coding

by Jessica Garbett | Sep 13, 2017 | ACCA, employer returns, personal taxatation

Why it pays to get it right first time! Real-time tax for those employed has seen HMRC pushing a number of changes through. These include payrolling of benefits in 2016 and now coding changes. Employers can now register themselves before the start of tax year to tax...

Is the end of the £30,000 tax free termination payment in sight?

by Jessica Garbett | Sep 8, 2017 | ACCA, business taxation, employer returns, personal taxatation

Changes in the pipeline as HMRC seeks to ensure rules are ‘fairer’. Many employees have traditionally benefited from the ‘legendary’ £30,000 termination payment as it has always been assumed that it would always be tax free. The legislation governing this has...

Quick update: IR35 – how to calculate the deemed employment payment

by Jessica Garbett | Sep 6, 2017 | ACCA, business issues, business taxation, employment status, personal taxatation

Since April 2000 anti-avoidance legislation – known as ‘IR35’ – applies to individuals who would be employees of their clients if they didn’t use a service company. HMRC has designed a tool which provides its view on whether: the intermediaries legislation (known as...

Automatic enrolment regulator spot-checks

by Jessica Garbett | Sep 5, 2017 | ACCA, business issues, pension reform

The Pensions Regulator has advised that it is undertaking spot-checks on businesses that have already automatically enrolled their staff. These are to check compliance but it is also highlighting the importance of making sure businesses are compliant with on-going...

The usefulness of FRS 105 and the micro-entity regime

by Jessica Garbett | Sep 4, 2017 | ACCA, accountancy regulation

Micro-entity regime The UK introduced an optional company law reporting regime for micro companies in 2013. While still requiring a balance sheet to be prepared and filed, it allowed for minimal accompanying disclosure requirements in those accounts, subject also to...

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Next Entries »

Married couple’s allowance and marriage allowance

Claiming Clothes – HMRCs rules

Directors’ loan account – valid entries are vital

When unincorporated businesses can apply FRS 105

The latest guidance on making tax digital for business

Don’t ignore automatic enrolment duties

Principal Private Residence Relief (PRR) and off-plan home purchases

Charities under scrutiny – trustees and auditors

Training and CPD – what can be claimed?

HMRC introduces 2 Step Verification

Changes to PAYE tax coding

Is the end of the £30,000 tax free termination payment in sight?

Quick update: IR35 – how to calculate the deemed employment payment

Automatic enrolment regulator spot-checks

The usefulness of FRS 105 and the micro-entity regime

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