by Jessica Garbett | Mar 3, 2017 | ACCA, business issues, business taxation, HMRC, personal taxatation
Read our digest of the key points of HMRC’s consultation responses – and then let us know what you think. On 31 January, as practitioners were finalising tax returns to meet the self assessment deadline, HMRC published consultation responses indicating the...
by Jessica Garbett | Mar 2, 2017 | employment status, IR35
With the new Public Sector IR35 Rules coming into effect in less than a month, HMRC have today published further guidance a new Employment Status Indicator tool. The revised guidance can be viewed here on HMRC website The new Employment Status Indicator Tool is here...
by Jessica Garbett | Mar 2, 2017 | ACCA, business issues
New rules requiring medium and large companies and LLPs to publish reports on their payment practices come into force on 6 April. Many of these businesses will need to ensure their systems are changed so they can recover the required information. The Limited Liability...
by Jessica Garbett | Mar 1, 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...
by Jessica Garbett | Feb 28, 2017 | ACCA, personal finance, personal taxatation
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....
by Jessica Garbett | Feb 27, 2017 | ACCA, pension reform, pensions, personal taxatation
Deadline for applying for individual protection 2014 is 5 April 2017. The standard pension lifetime allowance was £1.5m until it was reduced to: £1.25m on 6 April 2014 £1m on 6 April 2016. Individuals may be able to protect their pensions from these reductions. There...
by Jessica Garbett | Feb 25, 2017 | ACCA, HMRC, personal taxatation
The Scottish government has previously revealed plans to introduce tax thresholds and rates that are different from those used in England and Wales. HMRC has, as you would expect, been issuing P9X, containing rates, thresholds and tax code increases required by...
by Jessica Garbett | Feb 24, 2017 | ACCA, business issues, property taxation
Summarising the changes coming into effect in April. In 2015 the government launched a wide-ranging review of national business rates which was designed to pave the way for changes to how businesses across England pay the tax. The outcome of this review was to...
by Jessica Garbett | Feb 23, 2017 | ACCA, business issues, pension reform, pensions
Re-enrolment has started for many businesses and the final group of micro-businesses will be enrolled. The Pension Regulator has highlighted that compliance remains positive; over 370,000 employers have enrolled workers and over 300,000 workers have been re-enrolled,...
by Jessica Garbett | Feb 22, 2017 | ACCA, business taxation
People often ask what is/is not a car for capital allowances and other purposes. Here’s a timely recap on the rules and how they are applied. Basics A business can claim capital allowances on cars bought and used in the business. However, the first issue is – what is...
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...
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...
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...
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 –...
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...
