News and Comment - Page 70 of 94 - Whitefield Tax - Isle of Wight Accountants

Autumn Statement: Changes to the VAT flat rate scheme

by Jessica Garbett | Dec 8, 2016 | ACCA, VAT

The VAT Flat Rate Scheme (FRS) is designed as a simplified accounting scheme for small businesses with a turnover no more than £150,000 a year, excluding VAT. Businesses determine which flat rate percentage to use by reference to their trade sector. Therefore they...

Autumn Statement: Shareholder agreements

by Jessica Garbett | Dec 7, 2016 | ACCA, business issues, business taxation

Details of when income tax and CGT reliefs will no longer be available. The Chancellor announced that income tax and CGT reliefs are no longer available for companies making new employee shareholder agreements and individuals who have been offered – but have not...

Autumn statement: Restrictions coming on salary sacrifice regime

by Jessica Garbett | Dec 6, 2016 | ACCA, business issues, business taxation

Chancellor announces plans to restrict salary sacrifice benefits. In 2015 the government embarked on an evidence gathering exercise on the cost to the Exchequer of salary sacrifice schemes. In a consultation document which closed on 19 October 2016, the government...

IR35 Public Sector Reforms and the Autumn Statement

by Susan Albest | Dec 6, 2016 | IR35

In the Autumn Statement the Chancellor confirmed that the government will be reforming the Intermediaries Legislation (IR35) for workers who are engaged by a Public Authority. They have published draft legislation, and subject to parliamentary approval and Royal...

Analysing the Autumn Statement

by Jessica Garbett | Dec 5, 2016 | ACCA, business taxation, capital taxation, personal taxatation

Infrastructure and digital economy The Chancellor provided the National Infrastructure Commission with a fiscal remit that the government intends to spend 1.2% of GDP on economic (physical and digital) infrastructure to 2020. There was also a significant comitment to...

Autumn Statement 2016

by Jessica Garbett | Nov 29, 2016 | budget

Our latest technical briefing, including a look at important content in the Autumn Statement, is now up at: Autumn Statement 2016 Key things that may interest our clients are: Flat Rate VAT scheme restriction – eliminates it for most PSCs Confirmation of the new...

Say hello to YogaTax

by Jessica Garbett | Nov 28, 2016 | administration, yoga

We are pleased to announce the launch today of our new daughter brand for our work with Yoga Teachers, YogaTax This new daughter brand enables us to bring together in one place our services for Yoga Teachers and related therapies, such as Pilates Teachers, Massage...

Economic crime: AML and Brexit

by Jessica Garbett | Nov 18, 2016 | ACCA, business issues

CCAB launches first Economic Crime Manifesto advising government to ‘lead by example’ to fight money laundering. The first Manifesto for Fighting Economic Crime has been published by CCAB, the collective of five accountancy bodies – ICAEW, ACCA, CIPFA, ICAS and...

Changes to tax relief for residential landlords

by Jessica Garbett | Nov 17, 2016 | ACCA, personal taxatation, property taxation

It is now only six months until the changes to tax relief start to be phased in. Here is a quick refresher on the impact of the new finance costs restrictions. What’s changed? In a nutshell, the tax relief that landlords of residential properties were able to claim...

Master trust pensions – regulations strengthened

by Jessica Garbett | Nov 15, 2016 | ACCA, pension reform

Government bill strengthens the regulations in relation to schemes such as NEST and Now. The Pensions Scheme Bill was issued by the government this month and contains provisions to strengthen the regulations relating to master trust pensions. Master trust pensions...

FRS102 – brace for change

by Jessica Garbett | Nov 14, 2016 | ACCA, financial reporting

Think you’ve mastered FRS 102? We have news for you… Many practitioners have spent the last year getting to grips with the no longer ‘new UK GAAP’ requirements of FRS 102. The changes to the treatments of deferred tax, loans, revaluations etc have had us all...

Badges of trade

by Jessica Garbett | Nov 11, 2016 | ACCA, business taxation

A side by side comparison of badges of trade between circumstances pointing to trade or investment. HMRC and taxation sources on the interpretation of badges of trade are many and extensive. With a view to summarising them and providing a quick reference concerning...

HMRC launches R&D advance assurance scheme

by Jessica Garbett | Nov 10, 2016 | ACCA, business taxation

Research & Development (RD) tax relief is a valuable help for many UK companies, usually involving a reduction in their corporation tax liability. The rules have been around for a long time in various forms but one element that has not changed is the complexity of...

Relief for trading losses

by Jessica Garbett | Nov 8, 2016 | ACCA, business taxation

Is this the end of carry-forward loss relief for companies as we know it? In 2016 the government announced a consultation process on changes to the treatment of losses for corporation tax purposes. With the consultation exercise now completed, we are expecting the...

FRS 102: accounting for director loans and inter-group loans

by Jessica Garbett | Nov 7, 2016 | ACCA, financial reporting

When is a loan from a director a financial instrument? FRS 102 deals with accounting for financial instruments in section 11 ‘basic financial instruments’ and section 12 ‘other financial instruments’. Loans payable by the entity or receivable by the entity with a...

Autumn Statement: Changes to the VAT flat rate scheme

Autumn Statement: Shareholder agreements

Autumn statement: Restrictions coming on salary sacrifice regime

IR35 Public Sector Reforms and the Autumn Statement

Analysing the Autumn Statement

Autumn Statement 2016

Say hello to YogaTax

Economic crime: AML and Brexit

Changes to tax relief for residential landlords

Master trust pensions – regulations strengthened

FRS102 – brace for change

Badges of trade

HMRC launches R&D advance assurance scheme

Relief for trading losses

FRS 102: accounting for director loans and inter-group loans

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