by Jessica Garbett | Nov 24, 2014 | ACCA, VAT
ECJ ruling could have major impact on the treatment of VAT The Court of Justice of the European Union (ECJ) has issued a ruling on Skandia America Corporation that will have a wider impact within the European Union (EU). In its simplest interpretations, this case has...
by Jessica Garbett | Nov 21, 2014 | ACCA, capital taxation, HMRC
The main changes to the Finance Act 2014 apply from 6 April 2014 onwards. The Finance Act 2014, Schedule 25 contains four separate provisions relating to inheritance tax: paragraph 2 freezes the nil-rate band at its current level until 5 April 2018 paragraph 3 closes...
by Jessica Garbett | Nov 18, 2014 | ACCA, capital taxation, personal finance
The Inheritance Tax and Trustees’ Powers Act 2014 came into force on 1 October 2014. Its main provision is to alter the intestacy rules previously contained in the Administration of Estates Act 1925. These applied when a person had died without making a valid will....
by Jessica Garbett | Nov 15, 2014 | ACCA, accountancy regulation, financial reporting
Charities SORP 2005 has been replaced by two new Charities SORPs. One of these is based on the FRSSE 2015, for use by charities that choose to adopt it and qualify as small under the Companies Act 2006. The other is based on FRS 102 and is for any size of charity. The...
by Jessica Garbett | Nov 15, 2014 | ACCA, accountancy regulation, financial reporting
The LLP SORP was issued on 14 July 2014, and is effective for periods beginning on or after 1 January 2015, though early adoption is permitted. The new SORP no longer uses the old references to UK GAAP, but instead uses the terminology of FRS 102. When the new SORP...
by Jessica Garbett | Nov 12, 2014 | ACCA, accountancy regulation, financial reporting
The era of the new UK GAAP begins on 1 January 2015 and for many will change again from 1 January 2016. Reporting entities have to choose which of the reporting standards that they are allowed to adopt is best suited to their circumstances. For accounting periods...
by Jessica Garbett | Nov 9, 2014 | ACCA, HMRC, residence and non residence
The government continues its crackdown on those seeking to illegally evade their UK tax liability by using offshore tax shelters. £1.5bn has been recovered from offshore tax evaders over the past two years and the government is continuing with measures to improve tax...
by Jessica Garbett | Nov 6, 2014 | HMRC
Jut a quick note about scams currently circulating. Most people are aware of the risks from pishing emails, and false email from HMRC and Companies House are two common occurrences. However there are also a number of postal scams, normally around things like...
by Jessica Garbett | Nov 3, 2014 | ACCA, business taxation, HMRC, personal taxatation
The OTS has published the final report on its review of the competitiveness of UK tax administration, making 50 recommendations for improvements. The Office of Tax Simplification (OTS) has published a report on UK tax administration competitiveness. The report...
by Jessica Garbett | Nov 1, 2014 | ACCA, pension reform
Many small employers now require help to complete their automatic enrolment responsibilities, with small and micro employers needing to be ready to provide a pension for their workers by the summer of 2015. Thousands of employers will soon be approaching you to help...
by Jessica Garbett | Oct 28, 2014 | ACCA, business issues, personal finance, personal taxatation, property taxation
From 1 December 2014, a number of landlords will need to check that someone has the right to live in the UK before letting a property to them. This includes taking in lodgers or sub-letting a property. The ‘right to rent’ checks apply to: landlords in Birmingham,...
by Jessica Garbett | Oct 25, 2014 | ACCA, VAT
The latest changes to VAT rates from countries within the European Union. Denmark From 1 January 2015 the Danish authorities will allow companies 100% input VAT recovery on hotel accommodation costs. This applies uniformly to resident and non-resident companies as...
by Jessica Garbett | Oct 22, 2014 | ACCA, personal finance, personal taxatation, residence and non residence
In August changes took effect around how money brought into the UK or used in the UK under a loan facility secured by foreign income or gains is treated. A taxpayer who is resident but not domiciled in the UK can elect to pay tax on the remittance basis, ie he is...
by Jessica Garbett | Oct 19, 2014 | ACCA, business taxation, enquiries and tax disputes
Offshore loan schemes used by contractors are under attack by HMRC, following the successful outcome of Philip Boyle v HMRC at the First-Tier Tribunal. HMRC is giving the 16,000 or so users of these schemes the opportunity to bring their affairs up to date on...
by Jessica Garbett | Oct 16, 2014 | ACCA, business taxation, employer returns, enquiries and tax disputes, personal taxatation, RTI
Few taxpayers win reasonable excuse appeal cases. These examples buck the trend. Reasonable excuse continues to be important; recent cases have shown many instances where the taxpayer has lost. However, it is possible to win, particularly where there has been an...
