by Jessica Garbett | Mar 6, 2015 | HMRC, IR35, PSC, psc guide
There are some scare stories circulating around the new Intermediary Reporting Rules from HMRC. Our view is that there is little to worry about for a typical Whitefield client. The background to this is the so called “Agency Rules” which prevent, in most...
by Jessica Garbett | Mar 2, 2015 | ACCA, accountancy regulation, financial reporting
Should a company transition to FRS 102 this year, or wait until 2016? Entities qualifying as large or medium-sized under Companies Act 2006 will need to transition to FRS 102 The Financial Reporting Standard Applicable in the UK and the Republic of Ireland for...
by Jessica Garbett | Feb 28, 2015 | ACCA, business taxation, employer returns, HMRC, penalties
Employers that have received an in-year late filing penalty for the period 6 October 2014 to 5 January 2015 and were three days late or less should appeal online. HMRC has published an announcement about in-year PAYE filing and payment penalties on GOV.UK. It explains...
by Jessica Garbett | Feb 28, 2015 | HMRC, personal taxatation, Tax Help for Old People
Tax codes can be confusing at the best of times, and especially if you are in receipt of income from more than one source. It is important to check your codes, making sure they are correct, because they are the mechanism by which HMRC instruct employers and pension...
by Jessica Garbett | Feb 26, 2015 | personal taxatation
From April 2015 it will be possible, in some circumstances, to transfer £1,000 of your personal allowances to your spouse/civil partner. It can only happen if the recipient of the transferred allowance is a basic rate taxpayer and involves both parties making a claim...
by Jessica Garbett | Feb 24, 2015 | ACCA, budget, business taxation, capital taxation, HMRC, personal finance, personal taxatation, property taxation
A summary of the key provisions included in the Finance Bill 2015 and measures that have an immediate effect. Tax rates and allowances Personal tax 2015/16: personal allowance increased to £10,600 basic rate threshold increased to £31,785 capital gains tax annual...
by Jessica Garbett | Feb 23, 2015 | ACCA, accountancy regulation, financial reporting
2015 is the year that the old financial standards and guidance from the Financial Reporting Council are replaced by new UK GAAP. Accounts for periods beginning on or after 1 January 2015 must be prepared using the new Standards and the current FRSs, SSAPs, UITF...
by Jessica Garbett | Feb 17, 2015 | pension reform, pensions
With the staging date for many small businesses drawing near, we have published new guidance on Auto Enrolment and practical implementation for Whitefield Clients: https://www.whitefieldtax.co.uk/web/psc-guide/workplace-pension-reform-and-auto-enrolment/ We’ve...
by Jessica Garbett | Feb 10, 2015 | ACCA, VAT
HMRC has issued Revenue & Customs Brief 35/2014: Lok.nStore Group PLC (LnS) decision on calculating deductible VAT. The decision was focused on the use of the Partial Exemption Special Method (PESM) and how fair and reasonable it was when compared to the standard...
by Jessica Garbett | Feb 10, 2015 | IR35
Some useful thoughts in this morning from Taxwise on IR35. In their own words: IR35 – Where are we now? IR35 remains a very hot topic. Following the OTS (Office of Tax Simplification) review of IR35 and the Government’s commitment to keep IR35 and improve the...
by Jessica Garbett | Feb 5, 2015 | ACCA, VAT
New guidance covering the recent changes to the place of supply of digital services from 1 January 2015 is available from the GOV.UK website. The services covered by the changes are digital services otherwise known as broadcasting, telecommunications and electronic...
by Jessica Garbett | Feb 2, 2015 | personal taxatation, Tax Help for Old People
By the time you read this the deadline for filing your 2013/14 Self-Assessment with HMRC will have passed. The last date to file online was 31st January 2015. If you have filed your return and paid your tax you are fine. However those who are less organised, or are...
by Jessica Garbett | Feb 1, 2015 | ACCA, pension reform, pensions
A tax charge may arise if the amount saved in an individual’s various pension schemes exceeds the annual allowance for that year. If there is such a tax charge the individual must disclose it on their self assessment tax return on the additional information pages (for...
by Jessica Garbett | Jan 28, 2015 | ACCA, enquiries and tax disputes, HMRC, personal taxatation
The tax return white space is the innocuous looking ‘any other information’ space at box 19 of the main SA100 tax return. It is more important than it looks, as the case of Charlton and Others v HMRC illustrates. In the case of Charlton and Others v HMRC the taxpayers...
by Jessica Garbett | Jan 24, 2015 | ACCA, HMRC, personal finance, personal taxatation
The high income child benefit tax charge is a unique tax, in that it seeks to claw back a state benefit, namely child benefit through the self-assessment tax system. This tax applies where one of the parents/guardians has income in a tax year of more than £50,000. The...
