News and Comment - Page 84 of 101 - Whitefield Tax - Isle of Wight Accountants

Annual tax on enveloped dwellings (ATED)

by Jessica Garbett | Feb 16, 2016 | ACCA, business taxation, property taxation

In April ATED will apply to a new banding of properties, those between £500,000 and less than £1m. The annual charge will be £3,500. The current bandings are: Chargeable amounts Property value Annual charge More than £1m but not more than £2m £7,000 More than £2m but...

Private residence relief

by Jessica Garbett | Feb 15, 2016 | ACCA, capital taxation, property taxation

How and when private residence relief can be claimed. Private residence relief applies for capital gains tax purposes if the dwelling house or part of the dwelling house has been the individual’s only or main residence during some period of ownership. If an individual...

Farmers’ averaging profits

by Jessica Garbett | Feb 12, 2016 | ACCA, business taxation

Guidance and examples for how farmers may obtain tax relief by averaging the profits of consecutive years. The rules relating to the averaging of profits relating to farmers and creative artists are in Income Tax (Trading and Other Income) Act 2005 (ITOIA 2005), Part...

Persons with Significant Control register implications for private companies

by Jessica Garbett | Feb 11, 2016 | business issues

During the year ahead there will be new obligations on small companies to keep a register of “Persons with Significant Control” – separate to, and as well as, the existing registers such as Register of Shareholders. This register can be kept...

Accrued income scheme

by Jessica Garbett | Feb 10, 2016 | ACCA, personal finance, personal taxatation

De-mystifying the accrued income scheme. The accrued income scheme was originally introduced to counteract a practice known as bondwashing – converting income into capital gains by disposing of securities when the price obtained reflects a significant element of...

Benefits in kind loans to directors and employees

by Jessica Garbett | Feb 8, 2016 | ACCA, employer returns, personal taxatation

What happens when benefits in kind loans are not exempt from reporting. If the loans are not exempt from reporting they should have been included on the P11d of the employee. The normal method of calculation is to take the average for the year: Take the average of the...

Reasonable excuse – tax returns

by Jessica Garbett | Feb 5, 2016 | ACCA, HMRC, personal taxatation

You can remove tax return-related penalties if there is a reasonable excuse for not submitting the return on time. You can remove tax return-related penalties if there is a reasonable excuse for not submitting the return on time. HMRC does not require supporting...

Statutory residence test

by Jessica Garbett | Feb 3, 2016 | ACCA, personal taxatation, residence and non residence

UK residence and domicile status is important in order to determine an individual’s liability to UK taxes. As a general rule taxpayers who are resident in the UK in a tax year are subject to UK tax on their worldwide income, while non-resident individuals are subject...

Marriage allowance transfer

by Jessica Garbett | Feb 1, 2016 | ACCA, personal taxatation

Change will allow the transfer of £1060 under certain conditions. This change applies from 6 April and allows for the transfer of £1,060 of a personal allowance to a spouse or partner where the transferor’s income is less than £10,600 and the recipient doesn’t pay tax...

Tax return reminder – fees and subscriptions

by Jessica Garbett | Jan 28, 2016 | ACCA, personal taxatation

What fees and subscriptions are allowable for an employee for tax purposes? A fee or sub is allowable if: it appears in this list and is a statutory fee or contribution where employees pay this out of their earnings from an employment and are required to pay this as a...

Tax return white space

by Jessica Garbett | Jan 27, 2016 | ACCA, enquiries and tax disputes, HMRC, personal taxatation

The ‘any other information’ box on SA100 can be surprisingly useful. 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...

Self assessment tax returns – useful HMRC links

by Jessica Garbett | Jan 26, 2016 | ACCA, business taxation, personal taxatation

A list of relevant HMRC links. How to fill in your tax return Residence, remittance basis etc. notes Capital gains summary notes UK property notes Additional information notes Tax-free and taxable state benefits Rent a room in your home Income tax relief –...

Self assessment – real-life scenarios

by Jessica Garbett | Jan 25, 2016 | ACCA, personal taxatation

With the self-assessment deadline fast approaching, we present three tax driven examples based on real-life scenarios. 1. Treatment of child benefit in a household earning above £50k in self-assessment Scenario: An individual earning less than £50,000 has been...

Understanding competition law

by Jessica Garbett | Jan 14, 2016 | ACCA, business issues

CMA launches support to help small businesses understand competition law. The Competition and Markets Authority (CMA) has launched a suite of materials, including eight animated films and a quiz, to help small businesses understand competition law and how it affects...

Scottish rate of income tax

by Jessica Garbett | Jan 12, 2016 | ACCA, employer returns, personal taxatation

HMRC preparing to issue tax codes beginning with an S. The Scottish government will publish its Budget on 16 December 2015. It will include proposals for the Scottish rate of income tax, which would apply from April 2016. What is the impact? Whether or not a person is...

Annual tax on enveloped dwellings (ATED)

Private residence relief

Farmers’ averaging profits

Persons with Significant Control register implications for private companies

Accrued income scheme

Benefits in kind loans to directors and employees

Reasonable excuse – tax returns

Statutory residence test

Marriage allowance transfer

Tax return reminder – fees and subscriptions

Tax return white space

Self assessment tax returns – useful HMRC links

Self assessment – real-life scenarios

Understanding competition law

Scottish rate of income tax

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