News and Comment - Page 87 of 94 - Whitefield Tax - Isle of Wight Accountants

Offshore loan schemes under HMRC attack

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...

Successful reasonable excuse appeals

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...

Do I need a receipt?

by Jessica Garbett | Oct 13, 2014 | business taxation, VAT

A query from a client, “Do I need a receipt for a payment by contactless card, eg a travel ticket?” To clear up a myth, you don’t need recipts to claim an expense. However you should have evidence of that expense. Obviously recipts are good evidence,...

Consultation on audit exemption

by Jessica Garbett | Oct 13, 2014 | ACCA, accountancy regulation, business issues, financial reporting

The government is consulting on the implementation of the EU Accounting Directive proposed changes to the audit exemption provisions in Companies Act. The Department for Business, Innovation and Skills (BIS) has launched a consultation on the implementation in the UK...

Transfer of a going concern – HMRC policy change

by Jessica Garbett | Oct 10, 2014 | ACCA, VAT

HMRC has had a change of policy following the First Tier Tribunal (FTT) decision in Robinson Family Ltd [2012] UKFTT 360 (TC). The changes are three-fold and are discussed here policy change by policy change. Surrender of a property lease HMRC has changed its policy...

Bereavement and Tax – It’s changing again

by Jessica Garbett | Oct 9, 2014 | pensions, personal finance, personal taxatation, Tax Help for Old People

There can be a mountain of paperwork to deal with after a bereavement, and everyday matters like dealing with banks, council departments and utility companies can become overwhelming. One area which needs attention in the majority of bereavements is tax. It is also...

The quick guide to IP protection

by Jessica Garbett | Oct 7, 2014 | ACCA, business issues

The quick guide to IP protection Intellectual property may be the most valuable asset a business owns. Here’s how to protect it. Intellectual property may be the most valuable asset a business owns. Here’s how to protect it. When it comes to setting up and running a...

ACCA welcomes proposed new accounting rules for pensions

by Jessica Garbett | Oct 4, 2014 | ACCA, pensions

Statement of Recommended Practice will bring clarity, but lobbying of DWP is important in achieving this. Statement of Recommended Practice will bring clarity, but lobbying of DWP is important in achieving this. A proposed new Statement of Recommended Practice (SORP)...

Automatic enrolment and what you need to know

by Jessica Garbett | Oct 1, 2014 | ACCA, pension reform, pensions

By August this year, more than 21,000 employers had automatically enrolled more than four million staff into a workplace pension, but even bigger numbers are still to come. More than one million small and micro employers with between 1 and 50 staff will need to...

HMRC IR35 forum minutes

by Jessica Garbett | Sep 25, 2014 | IR35, PSC

Minutes of the May HMRC IR35 forum are now out https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/356504/140721_IR35_Forum_Minutes_-7_May_Final__4_.pdf Useful background for our PSC clients. Nothing revolutionary.

Guide to penalties – HMRC and Companies House

by Jessica Garbett | Sep 24, 2014 | business issues, employer returns, psc guide, VAT

No one likes the idea of getting a penalty from HMRC or Companies House. In our new guidance on this topic, we explain the common penalties and how to avoid them.

A challenge to filing VAT online

by Jessica Garbett | Aug 30, 2014 | ACCA, business issues, VAT

It has been mandatory for businesses to file online VAT returns from 1 April 2012 – but not every business agreed. L.H. Bishop Electrical Co. Ltd was the business that first had an issue with online filing and contacted HMRC, which lead to a first-tier tribunal,...

Changes to HMRC VAT toolkits

by Jessica Garbett | Aug 27, 2014 | ACCA, business issues, enquiries and tax disputes, HMRC

HMRC has updated the following three VAT toolkits: VAT partial exemption VAT input VAT output. The toolkits help complete client returns and all toolkits have been updated to include a new facility that allows reference notes to be added and saved or printed. The...

Two EU countries announce rises in VAT rates

by Jessica Garbett | Aug 23, 2014 | ACCA, VAT

Both Luxembourg and Portugal have announced that they will be raising their respective standard rates of VAT from the beginning of 2015. Portugal will be raising it by 0.25% to 23.25% and Luxembourg by 2% to 17%. Even after the proposed increase Luxembourg will...

HMRC Flat rate VAT business category test case

by Jessica Garbett | Aug 21, 2014 | enquiries and tax disputes, VAT

A client query A fellow contract mechanical design engineer has passed the following on to me regarding a recent VAT case of a companies flat rate VAT group being challenged by HMRC. An engineering company which was not acting as an Architect, Civil or Structural...

Offshore loan schemes under HMRC attack

Successful reasonable excuse appeals

Do I need a receipt?

Consultation on audit exemption

Transfer of a going concern – HMRC policy change

Bereavement and Tax – It’s changing again

The quick guide to IP protection

ACCA welcomes proposed new accounting rules for pensions

Automatic enrolment and what you need to know

HMRC IR35 forum minutes

Guide to penalties – HMRC and Companies House

A challenge to filing VAT online

Changes to HMRC VAT toolkits

Two EU countries announce rises in VAT rates

HMRC Flat rate VAT business category test case

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