News and Comment - Page 88 of 101 - Whitefield Tax - Isle of Wight Accountants

Subscriptions and flat rate deductions

by Jessica Garbett | Jul 13, 2015 | ACCA, personal taxatation

The list of allowable fees and subscriptions, including journals for professional organisations, has been updated. As a reminder HMRC states that ‘you can reclaim tax you pay on fees or subscriptions to some approved professional organisations – but only if you must...

Budget 2015 – self employment v company

by Jessica Garbett | Jul 10, 2015 | budget

A client queried today whether the dividend tax changes from Budget 2015 mean that reversion to self employment (schedule D) is better for small company owners? Really its too early to say – we need to see full proposals – and there is a risk of tails...

Summer Budget 2015 (edited)

by Jessica Garbett | Jul 9, 2015 | budget, business taxation, HMRC, personal taxatation

We’ve produced a short summary on the key tax issues from todays budget for a typical Whitefield client, covering: ~ employment allowance ~ IR35 ~ travel and subsistence ~ Corporation Tax and Dividend tax. SummerBudget2015 There are some major changes, but,...

Non Self Assessment Under and Over Payments of Tax 2014-15

by Jessica Garbett | Jul 8, 2015 | HMRC

HMRC have started the process of sending formal statements to taxpayers who may have under or over paid Income Tax for 2014-15. In a recent press release they said: “We are sending P800s that show an overpayment of tax first, followed by a cheque around a fortnight...

Easy Money – Tax on Savings

by Jessica Garbett | Jul 7, 2015 | personal taxatation, Tax Help for Old People

If your summer holiday is going to cost a fortune, you might be looking for ways to replenish your bank account! Why not check to see if you are eligible for the 0% savings rate on your savings income (interest).It’s quite easy to do. First, look to see; If you are...

P2P bad debt relief

by Jessica Garbett | Jul 6, 2015 | ACCA, business taxation, personal taxatation

If a P2P loan is not repaid, then the loss that the lender suffers on that loan will be set against the income that they receive on other P2P loans before that income is taxed. Legislation is proposed for the Finance Bill 2016, but relief is likely to be available for...

Charities’ audit and examination limits

by Jessica Garbett | Jun 25, 2015 | ACCA, business issues, financial reporting

Certain charities may now benefit from recent changes to audit limits. Changes to the audit requirement for charities in England and Wales have been introduced. The government highlighted that the ‘proposals become ‘live’ to 31 March 2015, meaning that...

Appealing against CIS late-filing penalties online

by Jessica Garbett | Jun 18, 2015 | ACCA, business taxation, penalties

How to appeal online against a Construction Industry Scheme (CIS) late-filing penalty using the Penalty and Appeals Service (PAS). What is the change? From 16 June 2015 contractors and their authorised representatives will be able to use HMRC’s Online Penalty Appeal...

VAT – understanding the flat rate scheme

by Jessica Garbett | Jun 11, 2015 | ACCA, VAT

A summary of eligibility and how to implement and manage the flat rate scheme. The flat rate scheme is designed to help small businesses by applying a single percentage rate to the turnover in a VAT period. The main benefit of the scheme is the time saved recording...

Problems paying for your tax?

by Jessica Garbett | Jun 10, 2015 | HMRC, Tax Help for Old People

Many people who are unable to pay their tax on time will worry about the potential consequences, but the worst thing is to simply ignore the matter and hope it will just go away. The situation may not be as bad as you think and the golden rule is to act quickly. If...

Renting a house when working away from home

by Jessica Garbett | Jun 5, 2015 | business taxation, enquiries and tax disputes, expense payments, penalties, personal taxatation

The existence of HMRC rules around subsistence and accommodation when working away from home are well know, even if people often need to check the detail. A question that arises sometimes is “Can I claim for a house rent/flat rent whilst I am working away from...

Benefits in kind of loans to directors and employees

by Jessica Garbett | Jun 4, 2015 | ACCA, business taxation, employer returns, personal taxatation

How do I calculate the benefit arising on a director or employee loan? What are the exemptions? Calculation Normal method is to take the average for the year: Take the average of the loan outstanding at 5 April at beginning of the year and 5 April at the end of the...

Understanding the latest pension changes

by Jessica Garbett | May 21, 2015 | ACCA, pension reform, pensions, personal finance

We examine changes to pensions from April 2015 through to April 2016. From 6 April 2015 People with defined contribution schemes who are at least 55 years old can make withdrawals up to the value of the funds invested in the scheme. The first 25% will be tax free and...

Residential Let Property and Furnished Holiday Lets – an update

by Julie Barrett | May 20, 2015 | business taxation, personal taxatation, property taxation

Residential let property The rules on claiming some expenses against rental income changed in 2013/14. Prior to that, whilst the initial costs of things like furniture, white goods, carpets etc was never allowable, you could claim for the replacement of such items....

Employment Status

by Jessica Garbett | May 20, 2015 | employment status

We’ve updated our guidance on Employment Status. Worth a read if this is of interest to you.

Subscriptions and flat rate deductions

Budget 2015 – self employment v company

Summer Budget 2015 (edited)

Non Self Assessment Under and Over Payments of Tax 2014-15

Easy Money – Tax on Savings

P2P bad debt relief

Charities’ audit and examination limits

Appealing against CIS late-filing penalties online

VAT – understanding the flat rate scheme

Problems paying for your tax?

Renting a house when working away from home

Benefits in kind of loans to directors and employees

Understanding the latest pension changes

Residential Let Property and Furnished Holiday Lets – an update

Employment Status

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