News and Comment - Page 80 of 94 - Whitefield Tax - Isle of Wight Accountants

Summer Budget: wear and tear allowance

by Jessica Garbett | Aug 10, 2015 | ACCA, budget, business taxation, personal taxatation, property taxation

Wear and tear allowance to be replaced with a new relief. Landlords can currently claim a wear and tear allowance when they rent out furnished residential property to cover the cost of replacing furnishings. This wear and tear allowance is calculated as 10% of the...

So Many Changes! Looking at recent personal tax changes

by Jessica Garbett | Aug 7, 2015 | budget, personal taxatation, Tax Help for Old People

The most recent budget announced some interesting changes; combine them with those announced earlier in the year and also in 2014, and we can all be forgiven for becoming confused. Here, we look at the ones that affect most of us, not exhaustive, along with the dates...

Changes to VAT treatment for prompt payment discounts

by Jessica Garbett | Aug 6, 2015 | ACCA, VAT

Changes to the VAT treatment of prompt payment discounts for all supplies of goods and services came into effect from 1 April 2015. A Prompt Payment Discount (PPD) is an offer by a supplier to their customer of a reduction in the price of goods and/or services...

Is fundamental reform of IR35 on the horizon? HMRC consultation

by Jessica Garbett | Aug 3, 2015 | ACCA, budget, IR35, PSC

The government has no plans to abolish IR35. Instead, you have an opportunity to comment on how to reform the legislation. Intermediaries Legislation (IR35): discussion document highlights that the abolition of IR35 is not considered to be an option for the government...

ACCA head of taxation, responds to George Osborne’s summer Budget

by Jessica Garbett | Aug 1, 2015 | ACCA, budget, politics

Chas Roy-Chowdhury, ACCA head of taxation, responds to George Osborne’s summer Budget. Inheritance tax The Chancellor should have been bolder in his first Budget in a Conservative majority government. The change to inheritance tax is a positive step, although he could...

Summer Budget: tax treatment of interest paid on property income

by Jessica Garbett | Jul 30, 2015 | ACCA, budget, personal taxatation, property taxation

New measure will restrict relief for finance costs on residential properties to the basic rate of income tax. This measure will restrict relief for finance costs on residential properties to the basic rate of income tax and will be introduced over four years from 6...

ACCA on 2015 Budgets (so far)

by Jessica Garbett | Jul 27, 2015 | ACCA, budget

In ACCAs own words A guide to the 2015 Budgets This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It is an introduction only and should not be used as a definitive guide, since individual...

Reclaiming VAT input tax prior to registration

by Jessica Garbett | Jul 23, 2015 | VAT

Once you have registered your business for VAT the first thing you should consider is the possibility of reclaiming input tax on purchases of goods and services prior to registration. This article summarises the issues you will need to consider for the two categories:...

Is an end to late payment on the cards? Trade credit needs a boost, says ACCA.

by Jessica Garbett | Jul 21, 2015 | ACCA, business issues

Policymakers involved in SME financing need to rethink how they manage and regulate trade credit and late payment, says ACCA in the final instalment of our three part research into late payment called Ending Late Payment. ACCA believes that governments and their...

Charity GAAP changes

by Jessica Garbett | Jul 20, 2015 | ACCA, business issues

Due to changes in company accounting, changes are to be made to UK Generally Accepted Accounting Practice (GAAP). These changes will take effect from 1 January 2016. The role of the Statement of Recommended Practice (SORP) is to provide guidance on the application of...

Scottish Rate of Income Tax

by Jessica Garbett | Jul 15, 2015 | HMRC

From April 2016, the Scottish Parliament has devolved powers to set the Scottish Rate of Income Tax (SRIT). Within the last few weeks it has been widely publicised that this may mean a higher rate of Income Tax in Scotland as compared to the Income Tax rates in other...

Time to Pay Arrangements – Mandatory Direct Debit

by Jessica Garbett | Jul 14, 2015 | HMRC

This in from HMRC today in their own words: I want to give you advance notice about a change to the way HMRC will expect customers to pay future agreed time to pay arrangements. As you may know we can use discretionary powers to agree to payment of a debt by...

Subscriptions and flat rate deductions

by Jessica Garbett | Jul 13, 2015 | ACCA, personal taxatation

The list of allowable fees and subscriptions, including journals for professional organisations, has been updated. As a reminder HMRC states that ‘you can reclaim tax you pay on fees or subscriptions to some approved professional organisations – but only if you must...

Budget 2015 – self employment v company

by Jessica Garbett | Jul 10, 2015 | budget

A client queried today whether the dividend tax changes from Budget 2015 mean that reversion to self employment (schedule D) is better for small company owners? Really its too early to say – we need to see full proposals – and there is a risk of tails...

Summer Budget 2015 (edited)

by Jessica Garbett | Jul 9, 2015 | budget, business taxation, HMRC, personal taxatation

We’ve produced a short summary on the key tax issues from todays budget for a typical Whitefield client, covering: ~ employment allowance ~ IR35 ~ travel and subsistence ~ Corporation Tax and Dividend tax. SummerBudget2015 There are some major changes, but,...

Summer Budget: wear and tear allowance

So Many Changes! Looking at recent personal tax changes

Changes to VAT treatment for prompt payment discounts

Is fundamental reform of IR35 on the horizon? HMRC consultation

ACCA head of taxation, responds to George Osborne’s summer Budget

Summer Budget: tax treatment of interest paid on property income

ACCA on 2015 Budgets (so far)

Reclaiming VAT input tax prior to registration

Is an end to late payment on the cards? Trade credit needs a boost, says ACCA.

Charity GAAP changes

Scottish Rate of Income Tax

Time to Pay Arrangements – Mandatory Direct Debit

Subscriptions and flat rate deductions

Budget 2015 – self employment v company

Summer Budget 2015 (edited)

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