News and Comment - Page 74 of 94 - Whitefield Tax - Isle of Wight Accountants

Budget 2016: Lifetime ISA and ISA update

by Jessica Garbett | May 5, 2016 | ACCA, budget, personal finance, personal taxatation

Alongside auto-enrolment is the lifetime ISA the new pension for the under 40s? From April 2017, any adult under 40 will be able to open a new Lifetime ISA from which they will also be able to withdraw amounts they have contributed. Making contributions Up to £4,000...

FRS 105 – a new reporting regime for micro-companies

by Jessica Garbett | May 3, 2016 | ACCA, financial reporting

FRS 105 is a simpler reporting regime which is being introduced for a new sub-category of small company: the micro-entity. Micro-entities will have the greatest choice in reporting, where the choice will determine what is available to other users and different forms...

Farmers’ averaging profits

by Jessica Garbett | Apr 30, 2016 | ACCA, business taxation

The essential features of new averaging requirements. New farmers’ averaging requirements will appear in the Finance Bill 2016 that will apply from April 2016. The essential features will be: no requirement for a volatility test no requirement for an annual claim...

Your Website and Your Registered Office

by Jessica Garbett | Apr 28, 2016 | administration

A reminder, nea, a plea, to clients! If you have a website, and list our office address as your Registered Office, please can you make sure its updated to our new address: 2 New Road, Brading, PO36 0DT

End of year payroll routines

by Jessica Garbett | Apr 27, 2016 | ACCA, employer returns

A summary of the main payroll routines to complete and the deadlines which need to be complied with. We are also highlighting the major changes to payroll and related issues for 2016/17. Basic year-end routines Your final FPS return for the tax year should be sent on...

Capital Gains Tax: Entrepreneurs’ relief for a long term investor

by Jessica Garbett | Apr 25, 2016 | ACCA, business taxation, capital taxation

Good news! Entrepreneurs’ relief (ER) will be extended to external investors in unlisted trading companies. This new investors’ relief will apply a 10% rate of Capital Gains Tax (CGT) to gains accruing on the disposal of ordinary shares in an unlisted trading company...

Increased pension flexibility

by Jessica Garbett | Apr 20, 2016 | ACCA, budget, pension reform, pensions

The great pension revolution has been put on hold, but for how long? Direct pension changes were limited to tidying up a few areas where the legislation failed to work as intended. These current rules and changes are: Current law Serious ill-health lump sums can be...

Residence nil-rate band

by Jessica Garbett | Apr 15, 2016 | ACCA, capital taxation

Changes to the nil-rate band when an individual downsizes their property. Legislation in the Finance Bill 2016 provides that where part of the main residence nil-rate band might be lost because the deceased had downsized to a less valuable residence – or had ceased to...

State pension – and the over 50s

by Jessica Garbett | Apr 12, 2016 | ACCA, pension reform, pensions

The government is advising that ‘if you’re 50 or over, you should apply for your pension statement’. The new state pension is based on National Insurance contributions or credits on your National Insurance record before 6 April 2016. Those who up to April have...

Treatment of tax interest changing

by Jessica Garbett | Apr 10, 2016 | ACCA, personal finance, personal taxatation

From April interest will be paid to savings accounts gross. At present, in general, banks and building societies deduct 20% tax from the interest earned on non-ISA savings before paying the interest to the account holder. From 6 April 2016 banks and building societies...

ISAs and the next year

by Jessica Garbett | Apr 5, 2016 | ACCA, personal finance, personal taxatation

Savers will be able to re-invest withdrawals into ISAs. The announcement about a lifetime ISA for first home purchases is covered separately. From 6 April 2015 to 5 April 2016 the annual amount which can be paid into an Individual Savings Account (ISA) has been...

Gift aid – Small Donations Scheme

by Jessica Garbett | Apr 1, 2016 | ACCA, personal taxatation

New limit for GASDS payments. Gift Aid Small Donations Scheme (GASDS) top-up payments are restricted to a maximum small donations limit of £8,000 per tax year after 6 April 2016 for eligible charities and CASCs. As a reminder, GASDS: allows charities and CASCs to...

Coming soon – new tax on dividends

by Jessica Garbett | Mar 30, 2016 | ACCA, dividends, personal taxatation

Tax free allowance of £5000 to be introduced next month. April 2016 sees the (non-reclaimable) 10% tax credit that has been carried with dividends since April 1999 scrapped and replaced with a new tax-free dividend allowance. The allowance of £5,000 is available to...

Pension Input Period (PIP) changes

by Jessica Garbett | Mar 28, 2016 | ACCA, pension reform, pensions

PIP to be aligned with tax year from April. The annual allowance applies to the total pension contributions made to an individual’s schemes and/or benefits built up over a period called the pension input period that ends during the tax year. A pension input period...

Spring Budget: Entrepreneurs’ relief on goodwill on incorporation

by Jessica Garbett | Mar 27, 2016 | ACCA, budget, business taxation

Entrepreneures’ relief amended to allow increased relief in joint ventures and partnerships. This will apply to disposals on or after 3 December 2014 and will be introduced in the Finance Bill 2016. Entrepreneurs’ Relief (ER) can be claimed in respect of gains...

Budget 2016: Lifetime ISA and ISA update

FRS 105 – a new reporting regime for micro-companies

Farmers’ averaging profits

Your Website and Your Registered Office

End of year payroll routines

Capital Gains Tax: Entrepreneurs’ relief for a long term investor

Increased pension flexibility

Residence nil-rate band

State pension – and the over 50s

Treatment of tax interest changing

ISAs and the next year

Gift aid – Small Donations Scheme

Coming soon – new tax on dividends

Pension Input Period (PIP) changes

Spring Budget: Entrepreneurs’ relief on goodwill on incorporation

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