by Jessica Garbett | Jan 11, 2016 | ACCA, business taxation, HMRC, personal taxatation
HMRC will issue a paper statement and a payslip (providing the person has not opted for digital only communications from HMRC) to individuals who file a self assessment return before midnight on 31 December. They will not be issued for returns filed after this date....
by Jessica Garbett | Jan 7, 2016 | ACCA, business taxation, personal taxatation
Dividend waivers can be an effective tool in tax planning – if executed correctly. A dividend is a payment from a limited company’s profits to its shareholders. The amount each shareholder receives will depend on the percentage they own in the company. When a...
by Jessica Garbett | Jan 6, 2016 | ACCA, business taxation, personal taxatation
Under Income Tax Act 2007 (ITA) s383, interest paid on ‘qualifying loans’ is deductible in the tax computation. Interest is deducted first from non-savings income, then from interest on income and the remaining amount will be set against any dividend income. Relief is...
by Jessica Garbett | Jan 4, 2016 | ACCA, HMRC, personal taxatation
Is January 2016 the last fixed tax submission date? The government has announced that ‘by early 2016 five million small businesses and ten million individuals will have access to their own digital tax account, and by the end of the next Parliament every individual and...
by Jessica Garbett | Dec 23, 2015 | administration
A short note to wish clients and contacts a Happy Christmas and New Year, We are closed from today till 4 January 2016, most staff are picking up email during the break for urgent issues. We are now moved into our new home at Arnold House, 2 New Road, Brading, Isle...
by Jessica Garbett | Dec 21, 2015 | ACCA, accountancy regulation, financial reporting
In November 2014 the Financial Reports of Pension Schemes: A Statement of Recommended Practice (2015) was issued. This SORP is applied for all pension scheme years commencing on or after 1 January 2015 or earlier if a scheme adopts FRS 102. The main changes due to...
by Jessica Garbett | Dec 17, 2015 | employment status, IR35, PSC
Hot off the press, a report from IPSE about IR35 forum this week: “HMRC have confirmed their proposal to change IR35 legislation has been shelved for the next year at least. This follows the campaign led by IPSE, urging Government to rethink potential changes to...
by Jessica Garbett | Dec 17, 2015 | ACCA, business issues, pension reform, pensions
The Pensions Regulator has launched a new interactive step by step online guide aimed at employers. It is designed specifically to help small and micro employers meet their legal obligations. By answering some simple questions they’ll be able to quickly find out if...
by Jessica Garbett | Dec 15, 2015 | administration
Just a reminder we are on the move this week. Our existing Rowborough Manor office shuts 3pm Wednesday, although with builders on site already for the buildings next incarnation, best advise is to keep away! We move on Thursday, and re-open Friday 18 December 2015,...
by Jessica Garbett | Dec 14, 2015 | ACCA, budget
Plenty of good news, but is it based on solid foundations? The Chancellor delivered an Autumn Statement and Spending Review that was full of good news, but very little detail about how they will be funded. Chas Roy-Chowdhury, ACCA head of taxation, says: ‘The...
by Jessica Garbett | Nov 26, 2015 | budget
Please note this content was written contemporaneously, and may well now be superseded Autumn Statement 25 November 2015 The autumn statement is an opportunity for the government to review and declare it’s spending for the next year. Most of the press commentary,...
by Susan Albest | Nov 25, 2015 | budget, business issues, business taxation, capital taxation, HMRC, IR35, personal finance, personal taxatation, property taxation
Please note this content was written contemporaneously, and may well now be superseded Nothing stunning came out of the Chancellor’s Autumn statement. A few bits that will affect some clients : * Stamp Duty Land Tax (SDLT) to be increased by 3% on all buy to let...
by Jessica Garbett | Nov 20, 2015 | ACCA, accountancy regulation, financial reporting
The withdrawal of the FRSSE in 2016 will herald significant changes for micro and small entities. In July 2015, the Financial Reporting Council finalised its overhaul of UK GAAP, introducing a new financial reporting framework for micro and small reporting entities...
by Jessica Garbett | Nov 15, 2015 | ACCA, business taxation, personal taxatation, property taxation
Understanding the impact on taxpayers of the Chancellor’s move to offset mortgage interest at basic rate only. In his summer budget George Osborne announced that landlords will only be able to offset mortgage interest at the basic rate of tax (20%) by 2020. This will...
by Jessica Garbett | Nov 12, 2015 | ACCA, business taxation, dividends, salary levels
The impact of new tax legislation relating to dividend income on owners of SMEs. Until now the most business efficient way of extracting company profits by its director-shareholder was to draw a minimal salary and have the cashflow flexibility to draw dividends...
