by Jessica Garbett | Mar 25, 2016 | ACCA, business taxation
Rate of tax charged on loans to participators will increase. From 6 April 2016 the rate of tax charged on loans to participators (currently 25%) will increase to 32.5%. The current law is contained in section 455 and section 464A of Corporation Tax Act 2010. The new...
by Jessica Garbett | Mar 24, 2016 | HMRC, personal taxatation
This in from HMRC today, in their own words: From 29th March 2016, HMRC will start to offer more Self Assessment customers “2 Step Verification” when logging into their Tax Account. This means customers will, if they wish, be able to link their mobile phone with their...
by Jessica Garbett | Mar 24, 2016 | ACCA, budget, personal taxatation, property taxation
The measures impacting landlords are significant, as they affect the purchase price and allowable deductions. In summary these are: Restriction on mortgage interest deduction Landlords will no longer be able to deduct all of their finance costs from their property...
by Jessica Garbett | Mar 23, 2016 | ACCA, business taxation, employer returns, personal taxatation
The HMRC manual changes to take account of Section 323A ITEPA 2003 sets out a statutory exemption for trivial benefits. Under this exemption, ‘if an employer provides a benefit to its employees, the benefit is exempt from tax as employment income if all the...
by Jessica Garbett | Mar 23, 2016 | ACCA, personal taxatation
From 6 April 2016, taxpayers pay the Scottish rate of income tax if they live in Scotland. This means that some of their income tax will be paid to the Scottish government. Employees’ and pensioners’ tax code will have the letter ‘S’. This should be at the beginning...
by Jessica Garbett | Mar 22, 2016 | ACCA, budget, business taxation, personal taxatation
Purchasing a company car – check the benefits in kind increases. This increase will take effect from 6 April 2017 for cars with no registered CO2 emissions which are unable to produce CO2 under any circumstances by being driven, and from 6 April 2019 for all other...
by Jessica Garbett | Mar 21, 2016 | ACCA, business issues
Government guidance on ‘people with significant control regulations’ has been issued. Companies and LLPs will be required to keep a PSC register from 6 April 2016. They will need to send the information to Companies House with their confirmation statement from 30th...
by Jessica Garbett | Mar 21, 2016 | ACCA, budget, business taxation
Loses can be offset against profits from April 2017. The chancellor announced that companies that incur losses on or after 1 April 2017 and carry them forward, will be able to use those loses against profits from other income streams or from other companies within a...
by Jessica Garbett | Mar 20, 2016 | ACCA, budget, business issues, business taxation, HMRC
Comments on ‘making tax digital’ were vague. Find out the latest, plus the revealing thoughts of one ACCA practitioner. Hidden away there was a comment that ‘from 2018 businesses, self-employed people and landlords who are keeping their records digitally and providing...
by Jessica Garbett | Mar 19, 2016 | ACCA, budget, capital taxation
Legislation will be introduced to reduce the 18% and 28% rates of CGT. Legislation will be introduced in the Finance Bill 2016 to reduce the 18% and 28% rates in those provisions to 10% and 20% respectively. It has been stated that this ‘will be subject to exclusions...
by Jessica Garbett | Mar 18, 2016 | ACCA, budget, IR35
On 14 March David Gauke said: ‘The government is considering responses to the discussion document published last July on how to improve the effectiveness of the existing intermediaries’ legislation (IR35). As set out in the discussion document, the government’s...
by Jessica Garbett | Mar 18, 2016 | ACCA, budget, business taxation
Van benefit charge for zero-emission vehicles remains at 20% rate. When a van is made available to an employee by reason of his employment and is also made available for private use (other than for restricted private use), then a benefit in kind will arise. The...
by Jessica Garbett | Mar 17, 2016 | ACCA, budget
The Chancellor is finally thinking small first ACCA gives its view on the Chancellor’s eighth budget Any bad news was kept to a minimum with the referendum so close, but there was a clear focus on small businesses and young people, although it is less clear where the...
by Jessica Garbett | Mar 16, 2016 | budget, business issues, business taxation, capital taxation, dividends, financial reporting, IR35, pension reform, pensions, personal finance, personal taxatation, property taxation, PSC
We’ve added a briefing on todays 2016 Spring Budget and other current technical issues 20136 03 technical briefing
by Jessica Garbett | Mar 16, 2016 | business taxation, dividends, personal finance, personal taxatation
We’ve added a new briefing to our website on Tax on Savings and Dividends, pertinent with the new Personal Savings Allowance, and the New Dividend Tax, both coming in this April. Tax on Savings and Dividends