News and Comment - Page 71 of 101 - Whitefield Tax - Isle of Wight Accountants

Dividend allowance: band rates

by Jessica Garbett | May 11, 2017 | ACCA, business taxation, property taxation

Calculate how dividends over £5,000 will be taxed. As the tax year 2016/17 closes we will see the calculations and the impact of the dividend allowance. Dividends received over £5,000 will be taxed at the following rates: 7.5% on dividend income within the basic rate...

Major amendments to the Finance Bill

by Jessica Garbett | May 10, 2017 | ACCA, budget, business taxation, HMRC, personal taxatation, politics

Next month’s General Election has resulted in changes to the Finance Bill. Read our summary now. When Members of Parliament backed the motion by 522 to 13 on holding an early General Election on Thursday 8 June under the Fixed-Term Parliaments Act, one of the...

Relief for carried-forward losses

by Jessica Garbett | May 10, 2017 | ACCA, business taxation

New rules will apply to all losses arising on or after 1 April 2017. Losses for companies arising from 1 April 2017, when carried forward, can be offset against the total taxable profits of a company and its group members. They will be able to use the losses against...

Benefits reporting: no more remuneration limit

by Jessica Garbett | May 9, 2017 | ACCA, employer returns

The benefits code now applies to directors and employees. As the tax year comes to an end it is worth remembering that there is no longer an £8,500 remuneration limit. The benefits code applies to directors and employees. Also, from 6 April 2016 all dispensations...

Interest on loans from residential property income

by Jessica Garbett | May 8, 2017 | ACCA, business taxation, personal taxatation, property taxation

A new measure will restrict relief for finance costs. This measure will restrict relief for finance costs on residential properties to the basic rate of income tax and will be introduced over four years from 6 April 2017. The measure will not affect companies renting...

Getting to grips with LISA

by Jessica Garbett | May 5, 2017 | ACCA, personal finance

LISA is potentially a valuable savings option. But how does it work and who is it aimed at? From April 2017 a new savings product called LISA (Lifetime ISA) is available. It is designed to help young people save flexibly for the long-term throughout their lives....

Audit threshold to increase for small co-operatives

by Jessica Garbett | May 4, 2017 | ACCA, business issues, financial reporting

Audit threshold to nearly double. It was announced in the Budget that the government will bring forward legislation to increase the turnover threshold for which co-operatives are required to conduct a full audit from £5.6m to £10.2m, and the assets threshold from...

Non-dom IHT changes come into force

by Jessica Garbett | May 3, 2017 | ACCA, capital taxation, personal taxatation

Changes bring tax treatment into line with UK-domiciled residents. We are on the verge of the implementation of the changes to the non-domicile (‘non-dom’) regime announced in the summer 2015 Budget. Until now, offshore companies, whose shares have been classed as...

Companies’ tax deductions to be limited

by Jessica Garbett | May 2, 2017 | ACCA, business taxation

Changes aim to align UK and non-UK schemes. From 6 April 2017 the following will apply: Where a foreign pension or lump sum is paid to a UK resident, 100% of the pension arising will be chargeable to UK tax (to the same extent as if they had been paid from a...

Foreign pensions under scrutiny

by Jessica Garbett | Apr 28, 2017 | ACCA, pensions, personal taxatation

Changes aim to align UK and non-UK schemes. From 6 April 2017 the following will apply: Where a foreign pension or lump sum is paid to a UK resident, 100% of the pension arising will be chargeable to UK tax (to the same extent as if they had been paid from a...

Increase in Individual Savings Accounts (ISA) limits

by Jessica Garbett | Apr 27, 2017 | ACCA, personal finance, personal taxatation

From 6 April 2017, the annual ISA allowance will increase from £15,240 to £20,000. Introduction Individual Savings Accounts (ISAs) are tax-free funds in which UK residents can hold a range of different investments. Originally, these were cash or stocks and shares...

Scotland’s tax-setting powers increase

by Jessica Garbett | Apr 26, 2017 | ACCA, business taxation, personal taxatation

Scottish Parliament gains full control over residents’ income tax. From April 2017, the UK government will devolve further legislative powers to set income tax rates and thresholds applying to employment, pensions and property income (‘non-savings, non-dividends’...

Scottish tax rates come into force

by Jessica Garbett | Apr 25, 2017 | ACCA, business taxation, employer returns

Different rates now apply to taxpayers in Scotland. The Scottish Finance Bill 2017/18 has been passed by the Scottish Parliament, freezing the basic rate of income tax at 20%. It also freezes ‘the higher and additional rates at 40% and 45% respectively’, and...

NIC for self-employed to rise

by Jessica Garbett | Apr 7, 2017 | ACCA, budget, business taxation

Changes aim to align national insurance contributions and income tax. One of the significant features of the Budget is the changes for the self-employed. The nod to national assurance alignment and increases in national insurance contributions (NIC) will be...

Landlords’ options under Making Tax Digital

by Jessica Garbett | Apr 6, 2017 | ACCA, personal taxatation, property taxation

Cash basis will become the default option for calculating taxable profits. It’s stated that landlords will be able to use the cash basis rather than generally accepted accounting practice (GAAP) as the default method of calculation, ‘unless a landlord opts out or has...

Dividend allowance: band rates

Major amendments to the Finance Bill

Relief for carried-forward losses

Benefits reporting: no more remuneration limit

Interest on loans from residential property income

Getting to grips with LISA

Audit threshold to increase for small co-operatives

Non-dom IHT changes come into force

Companies’ tax deductions to be limited

Foreign pensions under scrutiny

Increase in Individual Savings Accounts (ISA) limits

Scotland’s tax-setting powers increase

Scottish tax rates come into force

NIC for self-employed to rise

Landlords’ options under Making Tax Digital

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