News and Comment - Page 70 of 96 - Whitefield Tax - Isle of Wight Accountants

Myths and truths about HMRC’s tax investigation powers

by Jessica Garbett | Feb 21, 2017 | ACCA, enquiries and tax disputes

Guidance for accountants on HMRC’s investigative powers. One of HMRC’s responsibilities is to check that the correct amounts of tax have been paid at the right time. To do this, HMRC may need to: gather information and examine documents inspect business premises and...

The FRSSE is dead – long live FRS 105?

by Jessica Garbett | Feb 20, 2017 | ACCA, business issues, financial reporting

A summary of the main arguments for/against FRS 105. The deadline for filing accounts with a 31 March 2016 year-end has passed and for those with 31 March 2016 year ends it also sees the demise of the FRSSE. Its last version (effective 2015) can no longer be used for...

Increases to small company thresholds

by Jessica Garbett | Feb 20, 2017 | ACCA, business issues, financial reporting

A recap on changes that came into force in 2015. Statutory Instrument 2015 number 980 came into force on 6 April 2015. This increased the small company thresholds as follows: Companies Act 2006 section 382 changes New limits Previous...

£1,500 Tax Free Pension Drawdown for Advice

by Jessica Garbett | Feb 17, 2017 | business issues, business taxation, pension reform, pensions, personal finance, personal taxatation

From April 2017 individuals will be allowed to withdraw £500 tax free from their pensions on up to three occasions, once in each tax year, for Pensions and Financial advice. This allowance is available at any age, but clearly it comes from your pension savings –...

£500 Employer Funded Pensions Advice Exemption

by Jessica Garbett | Feb 17, 2017 | business issues, business taxation, pension reform, pensions, personal taxatation

From April 2017 an employer can pay for £500 worth of pensions advice for an Employee, and there will be no benefit in kind on the employee. The precise details are: Exemption on the first £500 of Employer arranged or financed pension advice each tax year Advice must...

National minimum and living wage increases – April 2017

by Jessica Garbett | Feb 17, 2017 | business issues, National Minimum Wage and National Living Wage

There are changes to National Minimum Wage and National Living Wage from 1 April 2017: Year 25 and over rate (NLW) 21 to 24- Adult rate 18 to 20- Development rate (NMW) Under 18 – Young worker rate (NMW) Apprentice rate (NMW) October 2016 (current rate) £7.20 £6.95...

Cybersecurity – make sure that you are not the weakest link!

by Jessica Garbett | Feb 13, 2017 | ACCA, business issues

Cyber fraud is a significant business risk. Apply this practical guidance to minimise the threat. HMRC’s recent announcement that it will have stopped half a billion phishing emails a year from ever reaching taxpayers highlights the scale of the threat to large and...

Public Sector IR35 changes – Examples

by Jessica Garbett | Feb 11, 2017 | business taxation, employment status, IR35, personal taxatation, PSC, psc guide

Further to our post earlier this week, we have now updated our website with enhanced guidance on the new Public Sector IR35 regime and some examples with figures in them. See our guidance here and examples here

Pimlico Plumbers – and how not to do employment status

by Jessica Garbett | Feb 10, 2017 | business issues, employment status, enquiries and tax disputes

Theres a report today (BBC link – Court of Appeal Link) of a self employed Plumber contracting to the well known “Pimlico Plumbers” winning a tribunal action and subsequent appeal on the question of whether his entitlement to employment rights. This...

Public Sector IR35 changes

by Jessica Garbett | Feb 7, 2017 | IR35

As most people will know, there are new rules around IR35 in Public Sector contracts form April 2017. HMRC published some new guidance last week and there was a technical guide note published last autumn – “technical note” doesn’t do this...

Investors’ relief – How and when to use IR, including worked examples

by Jessica Garbett | Feb 6, 2017 | ACCA, business taxation

In the Finance Act 2016 the Chancellor extended the 10% entrepreneurs’ relief tax rate to investors who are not employees and so would not normally qualify for entrepreneurs’ relief. Similarly to entrepreneurs’ relief, the investors’ relief reduces the capital...

Considering investing in plant or equipment?

by Jessica Garbett | Feb 2, 2017 | business taxation

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations: Cash flow, can the business afford the cost or fund loan or other financing...

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...

Myths and truths about HMRC’s tax investigation powers

The FRSSE is dead – long live FRS 105?

Increases to small company thresholds

£1,500 Tax Free Pension Drawdown for Advice

£500 Employer Funded Pensions Advice Exemption

National minimum and living wage increases – April 2017

Cybersecurity – make sure that you are not the weakest link!

Public Sector IR35 changes – Examples

Pimlico Plumbers – and how not to do employment status

Public Sector IR35 changes

Investors’ relief – How and when to use IR, including worked examples

Considering investing in plant or equipment?

Making Tax Digital – HMRC Consultation Response

Tax Year End Pishing Scam

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

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