News and Comment - Page 71 of 94 - Whitefield Tax - Isle of Wight Accountants

The Tax Gap

by Jessica Garbett | Nov 4, 2016 | ACCA, HMRC

HMRC has issued its annual Tax Gap report. HMRC’s Tax Gap report says: ‘The tax gap is the difference between the amount of tax due and the amount collected. It is impossible to collect every penny theoretically owed in tax, so a “tax gap” will always exist. For...

New corporate offences to tackle tax evasion

by Jessica Garbett | Nov 3, 2016 | ACCA, business issues

New Criminal Finances Bill aims to help the authorities tackle tax evasion. The Criminal Finances Bill was introduced on 13 October 2016. The Bill is in four parts: Part 1 relates to the proceeds of crime, money laundering, civil recovery, enforcement powers and...

Enterprise Finance Guarantee

by Jessica Garbett | Nov 1, 2016 | ACCA, business issues

Facilitating lending to the UK’s smaller businesses. Since its launch in 2009, the British Business Bank’s Enterprise Finance Guarantee (EFG) has supported the provision of £2.7bn of finance to more than 26,000 smaller businesses in the UK (as at October 2016). EFG...

HMRC withdraws free corporation tax software

by Jessica Garbett | Oct 28, 2016 | ACCA, business taxation

HMRC announced last year that its free online filing form for corporation tax returns is being withdrawn. Currently it provides free, downloadable pdf forms which enable a company to file CT600 forms. This service will be available only until 31 December 2016 to file...

Defining the role of the small business commissioner

by Jessica Garbett | Oct 28, 2016 | ACCA, business issues

SMEs should benefit from the introduction of a commissioner to champion their interests. The role of the Small Business Commissioner was established by the Enterprise Act 2016 (the Act). The role is to support small businesses to resolve payment disputes and avoid...

When are pre-letting expenses allowed?

by Jessica Garbett | Oct 21, 2016 | ACCA, business taxation, personal taxatation, property taxation

A look, with working examples, at pre-letting expenses and the issue of whether repairs are a capital or revenue expense. Profits from UK land or property are treated, for tax purposes, as arising from a business. The broad scheme is that rental business profits are...

Charity reporting

by Jessica Garbett | Oct 17, 2016 | ACCA, business issues, financial reporting

The Charity Commission have produced Template to help non-company charities with incomes of less than £500,000 prepare their trustees’ annual report and accruals accounts in accordance with Charities SORP FRS 102. It also includes an independent examiners...

Six months until state pension top up applications close

by Jessica Garbett | Oct 14, 2016 | ACCA, pensions, personal finance

With only six months left until the government’s state pension top up scheme closes on 5 April 2017, it’s worth considering if it could be right for your clients. State pension top up is a class of voluntary national insurance contribution (known as Class 3A), which...

IR 35 – big changes for public sector bodies

by Jessica Garbett | Oct 7, 2016 | ACCA, IR35

How to determine when the changes around intermediaries’ rules apply to certain businesses. The intermediaries’ legislation (aka IR35) has been around for 16 years and has seen many twists and turns in its meaning and application in that time. Following consultations...

FRS 101 and FRS 102 tax overview

by Jessica Garbett | Sep 30, 2016 | ACCA, financial reporting

New guidance outlines the key tax considerations for companies transitioning from old UK GAAP to the new standards. HMRC has updated its tax overview of FRS 101 and FRS 102. It highlights that the documents provide an overview of the ‘key tax considerations that arise...

Auto enrolment fines – what types of businesses make declaration of compliance errors?

by Jessica Garbett | Sep 2, 2016 | ACCA, pension reform

The declaration of compliance needs to be done within five months of the staging date but it is the duty that businesses seem to fail to do. One reason is that it is not clear who will complete the declaration – the adviser or clients? A business must complete and...

Employees’ right to work

by Jessica Garbett | Aug 30, 2016 | ACCA, business issues

The Home Office has updated its guidance An employer’s guide to right to work checks for the changes brought about by sections 34 and 35 of the Immigration Act 2016. It is highlighted that section 34 applied from 12 July and that ‘a person commits the offence of...

If the tax return is wrong, who is to blame?

by Jessica Garbett | Aug 26, 2016 | ACCA, HMRC, personal taxatation

Such situations can be complicated – as these two examples demonstrate. The case law involving ‘duty of care’ is extensive and detailed. Rather than wade through all of the historic precedents and try to apply them to ‘wrong tax returns’ it is more interesting to...

Change in end of year reconciliation letter

by Jessica Garbett | Aug 23, 2016 | ACCA, HMRC, personal taxatation

HMRC is testing a change with taxpayers. From 1 August some taxpayers due a refund may see a slight change to the end of year reconciliation letter they receive (P800). HMRC will be testing how this change works with the aim of getting taxpayers to use their Personal...

Register of people with significant control – What to do when you are unable to get information for the PSC Register

by Jessica Garbett | Aug 19, 2016 | ACCA, business issues

The directors of a company or members of an LLP are responsible for complying with the requirements to keep a register of People with Significant Control (PSC). They must take reasonable steps to determine whether any individual or any legal entity meets the...

« Older Entries

Next Entries »

The Tax Gap

New corporate offences to tackle tax evasion

Enterprise Finance Guarantee

HMRC withdraws free corporation tax software

Defining the role of the small business commissioner

When are pre-letting expenses allowed?

Charity reporting

Six months until state pension top up applications close

IR 35 – big changes for public sector bodies

FRS 101 and FRS 102 tax overview

Auto enrolment fines – what types of businesses make declaration of compliance errors?

Employees’ right to work

If the tax return is wrong, who is to blame?

Change in end of year reconciliation letter

Register of people with significant control – What to do when you are unable to get information for the PSC Register

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