News and Comment - Page 79 of 101 - Whitefield Tax - Isle of Wight Accountants

Change in end of year reconciliation letter

by Jessica Garbett | Aug 23, 2016 | ACCA, HMRC, personal taxatation

HMRC is testing a change with taxpayers. From 1 August some taxpayers due a refund may see a slight change to the end of year reconciliation letter they receive (P800). HMRC will be testing how this change works with the aim of getting taxpayers to use their Personal...

Register of people with significant control – What to do when you are unable to get information for the PSC Register

by Jessica Garbett | Aug 19, 2016 | ACCA, business issues

The directors of a company or members of an LLP are responsible for complying with the requirements to keep a register of People with Significant Control (PSC). They must take reasonable steps to determine whether any individual or any legal entity meets the...

Extracting funds from a limited company – HMRC has renewed its interest in how businesses extract funds

by Jessica Garbett | Aug 16, 2016 | ACCA, business taxation, HMRC

A common scenario at any stage in the life of a private limited company would be shareholders contemplating retirement and therefore extraction of funds is on the agenda. Sounds straightforward enough? Accountants advising clients know that this issue is far from...

FRS 102 – revaluation reserve – Concerns and confusion over revaluation reserves

by Jessica Garbett | Aug 12, 2016 | ACCA, financial reporting

Revaluation reserves are no longer the correct treatment for changes in fair value for Investment Properties. FRS 102 paragraph 16.7 states ‘Changes in fair value are recognised in profit or loss.’ It is important here to also recognise that the definition of an...

HMRC’s position on voluntary tax returns

by Jessica Garbett | Aug 9, 2016 | ACCA, HMRC, personal taxatation

HMRC has clarified its position on voluntary tax returns. ‘HMRC’s long-standing policy is to accept voluntary ITSA individual and partnership returns on the same basis as returns received pursuant to a s8 TMA1970 notice, where the clear intention of the person...

HMRC’s improved security verification procedure

by Jessica Garbett | Aug 9, 2016 | ACCA, HMRC

Online security being beefed up by HMRC. In March, HMRC introduced 2 Step Verification (2SV) which involves using a code sent to a mobile or landline phone along with the usual login details in a trial for business customers registered for self-assessment. HMRC has...

Investment properties – practical issues adopting new UK GAAP

by Jessica Garbett | Jul 26, 2016 | ACCA, financial reporting

The main differences between FRSSE 2015, FRS 105 and FRS 102 and the new UK GAAP regime for transfers between investment properties and other classes of assets. Definitions In substance, the definition of investment property under the old and new standards is broadly...

The rising costs of taking loans from your company

by Jessica Garbett | Jul 19, 2016 | ACCA, business issues, business taxation

The tax implications of taking a director’s loan. HMRC introduced provisions a number of years ago which targeted company directors who took loans from their personal companies. Prior to these provisions they could effectively avoid income tax and national insurance...

Automatic enrolment and small employers

by Jessica Garbett | Jul 14, 2016 | ACCA, pension reform

Nobody to put into a pension scheme? You still have duties. Businesses who employ only one member of staff (who is employed on a temporary basis, who earns under the qualifying earnings threshold of £10,000 and who does not need to be automatically enrolled into a...

Implementing FRS 102 – problem areas and how to account for them

by Jessica Garbett | Jul 12, 2016 | ACCA, financial reporting

This article highlights a number of FRS 102 issues raised by members where ‘new’ UK GAAP under FRS 102 is different from the previous treatment. It shows the accounting entries (and exemptions from FRS 102 where applicable) and also explains the tax consequences of...

Companies House Confirmation Statement for Whitefield Clients

by Jessica Garbett | Jul 12, 2016 | administration, business issues

Following on from the information which we sent by email last week about the new Confirmation Statement, which replaces the Annual Return, there has been some misunderstanding about the filing of the new style Confirmation Statement. This is replacing the Annual...

People with significant control (PSC)

by Jessica Garbett | Jul 5, 2016 | ACCA, business issues

The 30 June deadline for registering information in the PSC register is fast approaching. With just a few days to go, many companies and LLPs are likely to be still gathering in the information for the PSC register. It is important that the register contains the...

PAYE late filing penalties

by Jessica Garbett | Jun 30, 2016 | ACCA, employer returns

HMRC has issued a statement about its three day easement and risk-assessed approach to late filing. HMRC has said that following a review of the three day easement and risk-assessed approach adopted last tax year – which has seen a significant reduction in returns...

Parking at our offices

by Jessica Garbett | Jun 29, 2016 | administration

Just a reminder that the car park attached to the Wheatsheaf Pub is a private one, and not a public one. It is not available for people visiting our offices, and pub management have indicated they are taking enforcement action on unauthorised parking. There is...

Post Brexit: a word on tolerance

by Jessica Garbett | Jun 29, 2016 | administration, ethics, musings

I originally published these thoughts on the website for my yoga business, but in modified form they are just as valid here. No matter whether you were “in” or “out”, I think we can all agree the fallout from last Thursdays vote has been surprising; the Prime Minister...

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Next Entries »

Change in end of year reconciliation letter

Register of people with significant control – What to do when you are unable to get information for the PSC Register

Extracting funds from a limited company – HMRC has renewed its interest in how businesses extract funds

FRS 102 – revaluation reserve – Concerns and confusion over revaluation reserves

HMRC’s position on voluntary tax returns

HMRC’s improved security verification procedure

Investment properties – practical issues adopting new UK GAAP

The rising costs of taking loans from your company

Automatic enrolment and small employers

Implementing FRS 102 – problem areas and how to account for them

Companies House Confirmation Statement for Whitefield Clients

People with significant control (PSC)

PAYE late filing penalties

Parking at our offices

Post Brexit: a word on tolerance

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