by Jessica Garbett | Mar 30, 2015 | personal taxatation, Tax Help for Old People
New legislation coming into effect from the 6th of April 2015 will allow married couples and civil partners to transfer a fixed amount of 10% (for 2015/16, £1060) of the standard personal allowance to their spouse or partner. It will be known as the marriage allowance...
by Jessica Garbett | Mar 29, 2015 | ACCA, VAT
Updates on VAT MOSS and businesses which are alcohol wholesalers. VAT Mini One Stop Shop (VAT MOSS) The place of supply of digital services – otherwise known as broadcasting, telecommunications and electronic services (BTE) – has moved to where the customer is based...
by Jessica Garbett | Mar 28, 2015 | ACCA, accountancy regulation, financial reporting
The new standards apply if your turnover is under £10.2m. Yesterday (19 February) the FRC launched a consultation on three financial reporting exposure drafts (FREDs) that make amendments to UK GAAP and base them on the FRS 102 framework: FRED 58 Draft FRS 105 The...
by Jessica Garbett | Mar 27, 2015 | ACCA, property taxation
From 1 April 2015 the annual charges for the annual tax on enveloped dwellings (ATED) will be increased by 50% above inflation (Consumer Prices Index). The measure ensures that non-natural persons holding residential property in corporate and other ‘envelopes’ and not...
by Jessica Garbett | Mar 26, 2015 | pension reform, pensions
We now have something definitive from The Pension Regulator (TPR) on the multi director/no contract issue, which has been a cause of confirm for a while – was opt out available to companies with more than one officer (director(s) or secretary), or just...
by Jessica Garbett | Mar 25, 2015 | ACCA, capital taxation, residence and non residence
Legislation will be introduced in Finance Bill 2015 to bring non-UK residents within the charge to CGT when they dispose of a UK residential property interest. Non-UK resident individuals and trustees may be able to benefit from private residence relief if they meet...
by Jessica Garbett | Mar 23, 2015 | ACCA, pension reform, pensions
The state pension is being reformed from April 2016 into a single-tier pension – the ‘new state pension’ – for future pensioners. The introduction of the new state pension means that there will no longer be an additional state pension from which to contract-out....
by Jessica Garbett | Mar 20, 2015 | ACCA, business issues
The Charity Commission has issued guidance for trustees considering tax arrangements. It has stated in the guidance that ‘Trustees will …. risk scrutiny and potential investigation by the commission if they engage in tax arrangements which exploit tax...
by Jessica Garbett | Mar 20, 2015 | ACCA, budget, business issues, property taxation
From 1 April 2015 the government is: increasing the business rates discount for smaller retail premises with a rateable value of £50,000 or below to £1,500 to 31 March 2016 doubling small business rate relief for a further year to 31 March 2016 capping the rise in the...
by Jessica Garbett | Mar 20, 2015 | ACCA, budget, pension reform, pensions, personal taxatation
From 6 April 2015 People with defined contribution schemes who are at least 55 years old can make withdrawals up to the value of the funds invested in the scheme. The first 25% will be tax free and the person can choose whether to have the 25% tax free element applied...
by Jessica Garbett | Mar 20, 2015 | ACCA, budget, personal finance, personal taxatation
Help to Buy: ISA The scheme will provide a government bonus to each person who has saved into a Help to Buy: ISA at the point they use their savings to purchase their first home. For every £200 a first time buyer saves, the government will provide a £50 bonus up to a...
by Jessica Garbett | Mar 19, 2015 | ACCA, National Minimum Wage and National Living Wage
The government has accepted the increases in the national minimum wage proposed by the Low Pay Commission. From 1 October 2015 the rates are: the adult rate of the national minimum wage be increased by 3%, or 20 pence, to £6.70 an hour, from 1 October 2015. an...
by Jessica Garbett | Mar 18, 2015 | budget, fairness, HMRC, IR35, personal taxatation, politics
A quick round up of some highlights from the detail of todays budget speech. Our budget newsletter will be emailed tomorrow with some of the other headlines that are well reported in the media, and are mainly post election give aways – jam tomorrow. This continues...
by Jessica Garbett | Mar 15, 2015 | ACCA, business taxation, HMRC, penalties
HMRC is examining its tax penalty regime. Learn how and have your say. HMRC has always stated that it uses penalties to stop people who don’t take care from gaining an unfair advantage. The current penalties regime is supposed to reflect the behaviour of the...
by Jessica Garbett | Mar 10, 2015 | ACCA, accountancy regulation, financial reporting
Analysis of how to treat investment properties under FRS 102. Current accounting treatment Under SSAP 19, investment properties are required to be included on the balance sheet at open market value and are not subject to depreciation. The changes in value should not...
