by Jessica Garbett | Mar 20, 2015 | ACCA, business issues
The Charity Commission has issued guidance for trustees considering tax arrangements. It has stated in the guidance that ‘Trustees will …. risk scrutiny and potential investigation by the commission if they engage in tax arrangements which exploit tax...
by Jessica Garbett | Mar 20, 2015 | ACCA, budget, business issues, property taxation
From 1 April 2015 the government is: increasing the business rates discount for smaller retail premises with a rateable value of £50,000 or below to £1,500 to 31 March 2016 doubling small business rate relief for a further year to 31 March 2016 capping the rise in the...
by Jessica Garbett | Mar 20, 2015 | ACCA, budget, pension reform, pensions, personal taxatation
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 the person can choose whether to have the 25% tax free element applied...
by Jessica Garbett | Mar 20, 2015 | ACCA, budget, personal finance, personal taxatation
Help to Buy: ISA The scheme will provide a government bonus to each person who has saved into a Help to Buy: ISA at the point they use their savings to purchase their first home. For every £200 a first time buyer saves, the government will provide a £50 bonus up to a...
by Jessica Garbett | Mar 19, 2015 | ACCA, National Minimum Wage and National Living Wage
The government has accepted the increases in the national minimum wage proposed by the Low Pay Commission. From 1 October 2015 the rates are: the adult rate of the national minimum wage be increased by 3%, or 20 pence, to £6.70 an hour, from 1 October 2015. an...
by Jessica Garbett | Mar 18, 2015 | budget, fairness, HMRC, IR35, personal taxatation, politics
A quick round up of some highlights from the detail of todays budget speech. Our budget newsletter will be emailed tomorrow with some of the other headlines that are well reported in the media, and are mainly post election give aways – jam tomorrow. This continues...
by Jessica Garbett | Mar 15, 2015 | ACCA, business taxation, HMRC, penalties
HMRC is examining its tax penalty regime. Learn how and have your say. HMRC has always stated that it uses penalties to stop people who don’t take care from gaining an unfair advantage. The current penalties regime is supposed to reflect the behaviour of the...
by Jessica Garbett | Mar 10, 2015 | ACCA, accountancy regulation, financial reporting
Analysis of how to treat investment properties under FRS 102. Current accounting treatment Under SSAP 19, investment properties are required to be included on the balance sheet at open market value and are not subject to depreciation. The changes in value should not...
by Jessica Garbett | Mar 6, 2015 | HMRC, IR35, PSC, psc guide
There are some scare stories circulating around the new Intermediary Reporting Rules from HMRC. Our view is that there is little to worry about for a typical Whitefield client. The background to this is the so called “Agency Rules” which prevent, in most...
by Jessica Garbett | Mar 2, 2015 | ACCA, accountancy regulation, financial reporting
Should a company transition to FRS 102 this year, or wait until 2016? Entities qualifying as large or medium-sized under Companies Act 2006 will need to transition to FRS 102 The Financial Reporting Standard Applicable in the UK and the Republic of Ireland for...
by Jessica Garbett | Feb 28, 2015 | ACCA, business taxation, employer returns, HMRC, penalties
Employers that have received an in-year late filing penalty for the period 6 October 2014 to 5 January 2015 and were three days late or less should appeal online. HMRC has published an announcement about in-year PAYE filing and payment penalties on GOV.UK. It explains...
by Jessica Garbett | Feb 28, 2015 | HMRC, personal taxatation, Tax Help for Old People
Tax codes can be confusing at the best of times, and especially if you are in receipt of income from more than one source. It is important to check your codes, making sure they are correct, because they are the mechanism by which HMRC instruct employers and pension...
by Jessica Garbett | Feb 26, 2015 | personal taxatation
From April 2015 it will be possible, in some circumstances, to transfer £1,000 of your personal allowances to your spouse/civil partner. It can only happen if the recipient of the transferred allowance is a basic rate taxpayer and involves both parties making a claim...
by Jessica Garbett | Feb 24, 2015 | ACCA, budget, business taxation, capital taxation, HMRC, personal finance, personal taxatation, property taxation
A summary of the key provisions included in the Finance Bill 2015 and measures that have an immediate effect. Tax rates and allowances Personal tax 2015/16: personal allowance increased to £10,600 basic rate threshold increased to £31,785 capital gains tax annual...
by Jessica Garbett | Feb 23, 2015 | ACCA, accountancy regulation, financial reporting
2015 is the year that the old financial standards and guidance from the Financial Reporting Council are replaced by new UK GAAP. Accounts for periods beginning on or after 1 January 2015 must be prepared using the new Standards and the current FRSs, SSAPs, UITF...
