by Jessica Garbett | Mar 16, 2016 | business issues, National Minimum Wage and National Living Wage
We’ve added a briefing to our website on National Minimum Wage and the New National Living Wage which comes in this April. National Living Wage/National Minimum Wage
by Jessica Garbett | Mar 14, 2016 | ACCA, business issues, property taxation
The government introduced further obligations on landlords and managing agents to check that tenants and lodgers are legally eligible to rent property in England. On 1 February 2016 the government introduced further obligations on landlords and managing agents to...
by Jessica Garbett | Mar 9, 2016 | ACCA, business taxation, fee protection, HMRC, personal taxatation
HMRC has introduced a new approach to handling repayment queries. The beginning of the calendar year has seen a flurry of enquiry letters issued by the HMRC Repayment Credibility Team. Typically the taxpayers receiving the letters have multiple streams of PAYE and...
by Jessica Garbett | Mar 7, 2016 | ACCA, business taxation, enquiries and tax disputes, HMRC, personal taxatation
Tax penalties and reasonable excuses. Practitioners are not under a duty to make enquiries to identify irregularities which are unrelated to the work they have been engaged by clients to undertake. Notwithstanding this, members may give clients information about how...
by Jessica Garbett | Mar 2, 2016 | ACCA, business issues, pension reform, pensions
The government will publish a response to the consultation on technical changes for auto enrolment in early March 2016 with a view to making the regulations in the same month. The regulations would come into force in April 2016 and would amend the existing...
by Jessica Garbett | Feb 29, 2016 | ACCA, business taxation, HMRC, personal taxatation
HMRC has published its myth buster which highlighted the chasm that exists between businesses and their advisers and HMRC. It has also been holding meetings around the country to further explain the policy. There is still very little detail on the proposal and this is...
by Jessica Garbett | Feb 29, 2016 | ACCA, pension reform, pensions, personal taxatation
Since April 2015 there has been greater choice about how to withdraw funds from defined contribution pension schemes. Flexi-access drawdown People over 55 years of age can now start to withdraw money from a pension scheme. The first 25% of any withdrawal is tax free...
by Jessica Garbett | Feb 25, 2016 | ACCA, capital taxation, personal taxatation
Guidance on how and when to use form 17 with regards to jointly owned property. Owning a property in joint names can be used as a tax planning tool as each joint owner can use the annual capital gains tax allowance when the property is sold. Purchasing a property in...
by Jessica Garbett | Feb 22, 2016 | ACCA, capital taxation, property taxation, residence and non residence
Guidance on calculating taxable gain or loss. From 6 April 2015, a non-resident individual needs to inform HMRC if they have sold or disposed of UK residential property. The return is due within 30 days of conveyance and must be done electronically. The disposal...
by Jessica Garbett | Feb 21, 2016 | dividends, personal finance, personal taxatation
We’ve added a page to our website with up to date guidance on how Savings and Dividend income is taxed, and changes relevant to 16/17 https://www.whitefieldtax.co.uk/tax-on-savings/
by Jessica Garbett | Feb 18, 2016 | ACCA, personal taxatation, property taxation
Overview of some of the common tax issues on rental expenditure. The general rule when calculating rental business profits is that expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and...
by Jessica Garbett | Feb 16, 2016 | ACCA, business taxation, property taxation
In April ATED will apply to a new banding of properties, those between £500,000 and less than £1m. The annual charge will be £3,500. The current bandings are: Chargeable amounts Property value Annual charge More than £1m but not more than £2m £7,000 More than £2m but...
by Jessica Garbett | Feb 15, 2016 | ACCA, capital taxation, property taxation
How and when private residence relief can be claimed. Private residence relief applies for capital gains tax purposes if the dwelling house or part of the dwelling house has been the individual’s only or main residence during some period of ownership. If an individual...
by Jessica Garbett | Feb 12, 2016 | ACCA, business taxation
Guidance and examples for how farmers may obtain tax relief by averaging the profits of consecutive years. The rules relating to the averaging of profits relating to farmers and creative artists are in Income Tax (Trading and Other Income) Act 2005 (ITOIA 2005), Part...
by Jessica Garbett | Feb 11, 2016 | business issues
During the year ahead there will be new obligations on small companies to keep a register of “Persons with Significant Control” – separate to, and as well as, the existing registers such as Register of Shareholders. This register can be kept...
