News and Comment - Page 82 of 94 - Whitefield Tax - Isle of Wight Accountants

Lunch for the Self Employed

by Jessica Garbett | May 6, 2015 | business issues, HMRC, personal taxatation, yoga

Travel expenses for employees – including – company directors – get a lot of press. But what about the self employed – sole traders and business partners? Quite often HMRC tackle self employed travel expenses, the latest being the Samadian...

New guidance on auto enrolment

by Jessica Garbett | May 5, 2015 | ACCA, pension reform, pensions

Guidance for companies with no staff and a new online guide from The Pensions Regulator. The Pensions Regulator has highlighted the following in short briefings: Automatic enrolment: Companies with no staff – what action to take? It states that companies with no staff...

New FREDs and UK GAAP

by Jessica Garbett | Apr 28, 2015 | ACCA, financial reporting

New standards launched for small entities under £10.2m, with practitioners urged to respond to a related FRC consultation. The FRC has launched a consultation on three Financial Reporting Exposure Drafts (FREDs) that make amendments to UK GAAP and bases them on the...

Changes to enterprise investment schemes

by Jessica Garbett | Apr 27, 2015 | ACCA, business taxation

Changes to enterprise investment schemes (EIS) and venture capital trusts (VCTs) will be introduced to comply with the latest state aid rules and increase support for high growth companies. Seed enterprise investment schemes (SEIS) will be affected by the new rules,...

Charities audit and examination limits

by Jessica Garbett | Apr 21, 2015 | ACCA, financial reporting

The latest changes to audit requirements for charities in England, Scotland and Wales. Changes to the audit requirement for charities in England and Wales have been introduced. The government highlighted that the ‘proposals became “live” to 31 March 2015, meaning that...

Small company limits

by Jessica Garbett | Apr 21, 2015 | ACCA, financial reporting

Details of new threshold limits for small companies. Statutory Instrument 2015 no. 98 The Companies, Partnerships and Group (accounts and reports) Regulations 2015 sets out the new threshold limits. The thresholds for a small company are: Turnover £ Balance sheet...

Capital gains tax: restricting entrepreneurs’ relief on associated disposals

by Jessica Garbett | Apr 20, 2015 | ACCA, capital taxation

From 18 March 2015 entrepreneurs’ relief (ER) will not be available to reduce capital gains tax (CGT) on gains which accrue on personal assets used in a business carried on by a company or a partnership, unless they are disposed of in connection with a disposal...

Pension Flexibility – ‘Use them like a bank account’?

by Jessica Garbett | Apr 14, 2015 | pension reform, pensions, personal finance, Tax Help for Old People

Pension Flexibility – ‘Use them like a bank account’ Changes introduced from 6 April 2015 allow people to access their pension savings more freely and easily than before. If you would like more information on the main changes, ask Tax Help for Older People for their...

Class 2 NIC collection

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

From the 2015-16 tax year onwards the collection of Class 2 NICs will be through self-assessment (SA), allowing the self-employed to pay their income tax and Class 2 and Class 4 NICs together through one process. From 6 April 2015 the self-employed will report their...

Improving the operation of the Construction Industry Scheme

by Jessica Garbett | Apr 13, 2015 | ACCA, business taxation, HMRC

The Income Tax (Construction Industry Scheme) (Amendment) Regulations 2015 amend the Income Tax (Construction Industry Scheme) Regulations 2005 to remove the obligation to file a return in cases where the contractor has not paid any subcontractors in a tax month and...

Class 2 NIC collection

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

From the 2015-16 tax year onwards the collection of Class 2 NICs will be through self-assessment (SA), allowing the self-employed to pay their income tax and Class 2 and Class 4 NICs together through one process. From 6 April 2015 the self-employed will report their...

Isle of Wight Business and Politics

by Jessica Garbett | Apr 8, 2015 | isle of wight, politics

Two interesting articles in recent days. First the IW County Press carrying an article Data shows Isle of Wight businesses struggling this is based on statistics from Inform Direct, a business information provider. As always the accuracy of data like this needs to be...

Income tax: statutory exemption for trivial benefits-in-kind

by Jessica Garbett | Apr 6, 2015 | ACCA, employer returns, expense payments, HMRC

From 6 April 2015 any employer who provides to their employees certain low value benefits-in-kind (BiKs) will, in some circumstances, become exempt from income tax. The exemption provides a number of conditions that must be met for a BiK to qualify as trivial,...

NICs: employment allowance extension to personal carers

by Jessica Garbett | Apr 2, 2015 | ACCA, business taxation

From 6 April 2015 the ‘employment allowance’ relief will be available to individuals who employ care and support workers. Employers will be entitled to deduct up to £2,000 per annum from their liability to pay secondary Class 1 (‘employer’) National Insurance...

Research and development: increase tax credit

by Jessica Garbett | Mar 30, 2015 | ACCA, business taxation

Legislation will be introduced in Finance Bill 2015 to amend the R&D provisions in CTA 2009 in order to increase the rate of the expenditure credit from 10% to 11% and the rate of the SME scheme from 225% to 230%. R&D tax credits are a key element in the...

Lunch for the Self Employed

New guidance on auto enrolment

New FREDs and UK GAAP

Changes to enterprise investment schemes

Charities audit and examination limits

Small company limits

Capital gains tax: restricting entrepreneurs’ relief on associated disposals

Pension Flexibility – ‘Use them like a bank account’?

Class 2 NIC collection

Improving the operation of the Construction Industry Scheme

Class 2 NIC collection

Isle of Wight Business and Politics

Income tax: statutory exemption for trivial benefits-in-kind

NICs: employment allowance extension to personal carers

Research and development: increase tax credit

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