News and Comment - Page 69 of 94 - Whitefield Tax - Isle of Wight Accountants

Making Tax Digital – HMRC Consultation Response

by Jessica Garbett | Jan 31, 2017 | business taxation, HMRC, personal taxatation

Back in the autumn we were promised a response from HMRC to their summer 2016 MTD consultations during January 2017. Well the days have gone by, and about 4pm this afternoon an email from HMRC arrived announcing the response was up. Well, its still January, just....

Tax Year End Pishing Scam

by Jessica Garbett | Jan 31, 2017 | business issues, HMRC

With the 31st January Self Assessment deadline on us, what better time for the scammers to try and work their magic? Here is an example of one a client received earlier today. Please be on your guard for scam emails. Things to look for: Check the sending address is a...

New tax-free childcare for employed and self-employed parents

by Jessica Garbett | Jan 30, 2017 | ACCA, personal finance, personal taxatation

Tax-free childcare is a new government initiative which is due to be rolled out from early 2017. Tax-free childcare is a new government initiative which will replace the existing childcare voucher scheme in April 2018. How does it work? For every 80p you or someone...

HMRC clarify rules on claiming pre-trading VAT inputs

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

Brush up on Regulation 111, which can often be a particular benefit for new businesses. Overview UK law allows a business registering for VAT to recover tax it has incurred on goods and services before their effective date of registration (EDR). This allows the...

Making Tax Digital – the latest key points

by Jessica Garbett | Jan 23, 2017 | ACCA, business taxation, HMRC, personal taxatation

A summary of the points that matter most to practitioners in the recent Treasury Committee MTD report. The House of Commons Treasury Committee took the unusual step of publishing its report on Making Tax Digital ahead of the expected government draft legislation, and...

Major changes to Flat Rate (FRS) VAT

by Susan Albest | Jan 16, 2017 | VAT

As announced by the Chancellor in his Autumn statement, there are set to be major changes to the way Flat Rate VAT is to be operated, with effect from 1 April 2017. Small businesses using FRS VAT who routinely purchase goods or materials in the course of business will...

Auto Enrolment Exemptions

by Jessica Garbett | Jan 13, 2017 | pension reform

The Pensions Regular has put a new page of guidance on their website about exemptions from Auto Enrolment, especially for small director only companies. The guidance is here

Money purchase annual allowance

by Jessica Garbett | Jan 4, 2017 | ACCA, pension reform

Consultation open on proposal to set allowance at £4,000. Reducing the money purchase annual allowance: consultation has been issued and is open for comment until 15 February 2017. It proposes to reduce the money purchase annual allowance from April 2017. The...

Rental expenses

by Jessica Garbett | Jan 3, 2017 | ACCA, property taxation

Guidance on revenue and capital expenditure on rental income. Generally, when calculating the rental business profits, expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a...

Eight things you should know about pensions

by Jessica Garbett | Dec 21, 2016 | ACCA, pension reform, pensions, personal finance

Guidance on eight key areas you should know prior to completing your self assessment tax returns. Types of pension (1) The basic state pension is currently available to most UK individuals when they reach state pension age. The basic state pension depends on the...

A reminder about Scam Emails

by Jessica Garbett | Dec 20, 2016 | business issues

If its sounds wrong, or too good to be true, it probably is. This email was received earlier this afternoon, telling me the Insolvency Service was investigating my company for “abuse”. However although it looks plausible, there are a couple of giveaways:...

Personal income tax – interest on qualifying loans

by Jessica Garbett | Dec 19, 2016 | ACCA, business taxation

Under Income Tax Act 2007 (ITA) s383, interest paid on ‘qualifying loans’ is deductible in the tax computation. Interest is deducted first from non-savings income, then from interest income and the remaining amount will be set against any dividend income. Relief is...

ACCA on Making Tax Digital

by Jessica Garbett | Dec 14, 2016 | ACCA

Making Tax Digital (MTD) received the smallest of mentions in the Chancellor’s Autumn Statement, but it is a concerning one. The Office for Budget Responsibility Economic and Fiscal Outlook Report highlighted that HMRC has reported progress in delivering MTD and it is...

Income and expenses helpful hints for tax return

by Jessica Garbett | Dec 13, 2016 | ACCA, business taxation, personal taxatation

Taxable and non-taxable receipts Income tax is charged on the profit of a trade, profession or vocation. In order to be taxable the receipt must represent ‘the profits of’ the trade under S5 ITTOIA 2005. An incoming payment is not necessarily a trade...

Auto enrolment and seasonal workers

by Jessica Garbett | Dec 12, 2016 | ACCA, pension reform

Guidance for employing seasonal staff. The Pensions Regulator has highlighted a note of warning with regards to this question: Do you employ seasonal or temporary staff? Automatic enrolment duties will apply… If you employ seasonal staff over the Christmas period, or...

Making Tax Digital – HMRC Consultation Response

Tax Year End Pishing Scam

New tax-free childcare for employed and self-employed parents

HMRC clarify rules on claiming pre-trading VAT inputs

Making Tax Digital – the latest key points

Major changes to Flat Rate (FRS) VAT

Auto Enrolment Exemptions

Money purchase annual allowance

Rental expenses

Eight things you should know about pensions

A reminder about Scam Emails

Personal income tax – interest on qualifying loans

ACCA on Making Tax Digital

Income and expenses helpful hints for tax return

Auto enrolment and seasonal workers

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