News and Comment - Page 89 of 95 - Whitefield Tax - Isle of Wight Accountants

Corporation tax: substantial shareholding exemption

by Jessica Garbett | Aug 17, 2014 | ACCA, business issues

The substantial shareholding exemption exempts the disposal of certain shares in subsidiaries from corporation tax on any capital gain. Most practitioners will be aware of the generous entrepreneurs’ relief available for individuals and trusts for capital gains tax...

Are fines ever tax deductible?

by Jessica Garbett | Aug 13, 2014 | ACCA, enquiries and tax disputes, HMRC

F1 team argues over whether a £32m fine should be tax deductible. In June, Formula 1 racing giant, McLaren, went before the Upper Tribunal claiming that a £32m fine imposed by the sport’s governing body – the Fédération Internationale de l’Automobile (FIA) – in 2007...

New UK GAAP: deferred tax

by Jessica Garbett | Aug 10, 2014 | ACCA, financial reporting

FRS 102 and new UK GAAP are getting closer with the implementation date of 1 January 2015 now less than six months away. Changes could impact on profits and net assets. It is important to get to grips with the main areas that will change under the new GAAP. Apart...

Preparing firms for flexible working

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

Employees now have the right to request flexible working. What does this mean for small businesses? There have been changes to the right to flexible working from 30 June 2014. The changes are hard to miss with both politicians and business communities publically...

Savings All Round

by Jessica Garbett | Aug 7, 2014 | personal finance, Tax Help for Old People

The spring budget stated that millions of us would benefit from changes to our savings. Well, they started in June and continue through to April 2015. These changes are designed to help those on lower incomes and we thought this month’s article would serve as a timely...

Tax implications of the new UK GAAP

by Jessica Garbett | Aug 4, 2014 | ACCA, business issues, financial reporting, HMRC

Businesses should be readying themselves for the transition to the new UK GAAP. Here we look at the main tax changes that will arise. Overview As things stand at the moment, entities are faced with quite a choice, when deciding which standard will be followed while...

CGT on property held by non-UK residents

by Jessica Garbett | Aug 2, 2014 | ACCA, capital taxation

The government has issued a consultation document on implementing a capital gains tax charge on non-residents disposing of UK property. The charge is to take effect from April 2015. The initial consultation period has closed and the government is considering the...

New SORPs for Charities and LLPs

by Jessica Garbett | Aug 1, 2014 | ACCA, financial reporting

Charities SORP The FRC approved the SORP for the new Financial Reporting Standard (FRS 102) and the SORP for Financial Reporting Standard for Smaller Entities (FRSSE). Access the new SORP via ACCA’s Technical Advisory webpages The Consultative Committee of...

True and fair statement published by FRC

by Jessica Garbett | Jul 31, 2014 | ACCA, financial reporting

The Financial Reporting Council (FRC) has published a statement to confirm that the requirement to present a true and fair view remains of fundamental importance in IFRS and UK GAAP, including the new UK standards FRS 100 -103. The FRC’s statement reflects...

Pension schemes and inheritance tax

by Jessica Garbett | Jul 26, 2014 | ACCA, pension reform, pensions, personal finance

Making the right choice and knowing the risks are important when considering options for a pension. For registered pension schemes, the inheritance tax treatment will depend upon the choices made by the individual concerned. The general rule is that if the individual...

VAT notices updated

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

For the most up-to-date information on VAT notices ACCA has produced a summary of VAT Notices, categorised into groups to demonstrate the additional notices available that you may not be aware of. The summary has just been updated; view the latest changes and current...

VAT across Europe

by Jessica Garbett | Jul 21, 2014 | ACCA

A useful summary of the VAT regimes – including rates and thresholds – across Europe is available on the ACCAs website: European VAT analysis

Finance Bill proposes further changes to the taxation of trusts

by Jessica Garbett | Jul 21, 2014 | ACCA, capital taxation, personal finance

Further ‘simplifications’ around the taxation of trusts in the pipeline. Prior to 22 March 2006, the taxation of trusts was relatively simple: there were settlements with an interest in possession and discretionary trusts. A special type of discretionary trust was an...

Access government support for exporters

by Jessica Garbett | Jul 16, 2014 | ACCA, business issues

Government agency focused on helping SMEs grow their export business. UK Export Finance (UKEF) is working to deliver the government’s export strategy. It helps exporters by providing guarantees and insurance policies to complement those on offer in the private sector...

RTI Late filing penalties – HMRC helpsheet available

by Jessica Garbett | Jul 11, 2014 | ACCA, employer returns, RTI

Following customer feedback, HMRC has published a short guide to help businesses prepare for the introduction of RTI late filing penalties from October 2014. The help sheet will be of interest to employers, including companies/PSCs in respect of director only schemes....

Corporation tax: substantial shareholding exemption

Are fines ever tax deductible?

New UK GAAP: deferred tax

Preparing firms for flexible working

Savings All Round

Tax implications of the new UK GAAP

CGT on property held by non-UK residents

New SORPs for Charities and LLPs

True and fair statement published by FRC

Pension schemes and inheritance tax

VAT notices updated

VAT across Europe

Finance Bill proposes further changes to the taxation of trusts

Access government support for exporters

RTI Late filing penalties – HMRC helpsheet available

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