News and Comment - Page 75 of 101 - Whitefield Tax - Isle of Wight Accountants

National minimum and living wage increases – April 2017

by Jessica Garbett | Feb 17, 2017 | business issues, National Minimum Wage and National Living Wage

There are changes to National Minimum Wage and National Living Wage from 1 April 2017: Year 25 and over rate (NLW) 21 to 24- Adult rate 18 to 20- Development rate (NMW) Under 18 – Young worker rate (NMW) Apprentice rate (NMW) October 2016 (current rate) £7.20 £6.95...

Cybersecurity – make sure that you are not the weakest link!

by Jessica Garbett | Feb 13, 2017 | ACCA, business issues

Cyber fraud is a significant business risk. Apply this practical guidance to minimise the threat. HMRC’s recent announcement that it will have stopped half a billion phishing emails a year from ever reaching taxpayers highlights the scale of the threat to large and...

Public Sector IR35 changes – Examples

by Jessica Garbett | Feb 11, 2017 | business taxation, employment status, IR35, personal taxatation, PSC, psc guide

Further to our post earlier this week, we have now updated our website with enhanced guidance on the new Public Sector IR35 regime and some examples with figures in them. See our guidance here and examples here

Pimlico Plumbers – and how not to do employment status

by Jessica Garbett | Feb 10, 2017 | business issues, employment status, enquiries and tax disputes

Theres a report today (BBC link – Court of Appeal Link) of a self employed Plumber contracting to the well known “Pimlico Plumbers” winning a tribunal action and subsequent appeal on the question of whether his entitlement to employment rights. This...

Public Sector IR35 changes

by Jessica Garbett | Feb 7, 2017 | IR35

As most people will know, there are new rules around IR35 in Public Sector contracts form April 2017. HMRC published some new guidance last week and there was a technical guide note published last autumn – “technical note” doesn’t do this...

Investors’ relief – How and when to use IR, including worked examples

by Jessica Garbett | Feb 6, 2017 | ACCA, business taxation

In the Finance Act 2016 the Chancellor extended the 10% entrepreneurs’ relief tax rate to investors who are not employees and so would not normally qualify for entrepreneurs’ relief. Similarly to entrepreneurs’ relief, the investors’ relief reduces the capital...

Considering investing in plant or equipment?

by Jessica Garbett | Feb 2, 2017 | business taxation

Business owners may be considering their options for investment in new equipment especially if their trading year end is March, as is often the case. There are a number of considerations: Cash flow, can the business afford the cost or fund loan or other financing...

Making Tax Digital – HMRC Consultation Response

by Jessica Garbett | Jan 31, 2017 | business taxation, HMRC, personal taxatation

Back in the autumn we were promised a response from HMRC to their summer 2016 MTD consultations during January 2017. Well the days have gone by, and about 4pm this afternoon an email from HMRC arrived announcing the response was up. Well, its still January, just....

Tax Year End Pishing Scam

by Jessica Garbett | Jan 31, 2017 | business issues, HMRC

With the 31st January Self Assessment deadline on us, what better time for the scammers to try and work their magic? Here is an example of one a client received earlier today. Please be on your guard for scam emails. Things to look for: Check the sending address is a...

New tax-free childcare for employed and self-employed parents

by Jessica Garbett | Jan 30, 2017 | ACCA, personal finance, personal taxatation

Tax-free childcare is a new government initiative which is due to be rolled out from early 2017. Tax-free childcare is a new government initiative which will replace the existing childcare voucher scheme in April 2018. How does it work? For every 80p you or someone...

HMRC clarify rules on claiming pre-trading VAT inputs

by Jessica Garbett | Jan 26, 2017 | ACCA, VAT

Brush up on Regulation 111, which can often be a particular benefit for new businesses. Overview UK law allows a business registering for VAT to recover tax it has incurred on goods and services before their effective date of registration (EDR). This allows the...

Making Tax Digital – the latest key points

by Jessica Garbett | Jan 23, 2017 | ACCA, business taxation, HMRC, personal taxatation

A summary of the points that matter most to practitioners in the recent Treasury Committee MTD report. The House of Commons Treasury Committee took the unusual step of publishing its report on Making Tax Digital ahead of the expected government draft legislation, and...

Major changes to Flat Rate (FRS) VAT

by Susan Albest | Jan 16, 2017 | VAT

As announced by the Chancellor in his Autumn statement, there are set to be major changes to the way Flat Rate VAT is to be operated, with effect from 1 April 2017. Small businesses using FRS VAT who routinely purchase goods or materials in the course of business will...

Auto Enrolment Exemptions

by Jessica Garbett | Jan 13, 2017 | pension reform

The Pensions Regular has put a new page of guidance on their website about exemptions from Auto Enrolment, especially for small director only companies. The guidance is here

Money purchase annual allowance

by Jessica Garbett | Jan 4, 2017 | ACCA, pension reform

Consultation open on proposal to set allowance at £4,000. Reducing the money purchase annual allowance: consultation has been issued and is open for comment until 15 February 2017. It proposes to reduce the money purchase annual allowance from April 2017. The...

National minimum and living wage increases – April 2017

Cybersecurity – make sure that you are not the weakest link!

Public Sector IR35 changes – Examples

Pimlico Plumbers – and how not to do employment status

Public Sector IR35 changes

Investors’ relief – How and when to use IR, including worked examples

Considering investing in plant or equipment?

Making Tax Digital – HMRC Consultation Response

Tax Year End Pishing Scam

New tax-free childcare for employed and self-employed parents

HMRC clarify rules on claiming pre-trading VAT inputs

Making Tax Digital – the latest key points

Major changes to Flat Rate (FRS) VAT

Auto Enrolment Exemptions

Money purchase annual allowance

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