News and Comment - Page 91 of 101 - Whitefield Tax - Isle of Wight Accountants

Auto Enrolment – updated guidance

by Jessica Garbett | Feb 17, 2015 | pension reform, pensions

With the staging date for many small businesses drawing near, we have published new guidance on Auto Enrolment and practical implementation for Whitefield Clients: https://www.whitefieldtax.co.uk/web/psc-guide/workplace-pension-reform-and-auto-enrolment/ We’ve...

VAT: partial exemption method using floor space

by Jessica Garbett | Feb 10, 2015 | ACCA, VAT

HMRC has issued Revenue & Customs Brief 35/2014: Lok.nStore Group PLC (LnS) decision on calculating deductible VAT. The decision was focused on the use of the Partial Exemption Special Method (PESM) and how fair and reasonable it was when compared to the standard...

Taxwise on IR35

by Jessica Garbett | Feb 10, 2015 | IR35

Some useful thoughts in this morning from Taxwise on IR35. In their own words: IR35 – Where are we now? IR35 remains a very hot topic. Following the OTS (Office of Tax Simplification) review of IR35 and the Government’s commitment to keep IR35 and improve the...

VAT: businesses supplying digital services to private consumers

by Jessica Garbett | Feb 5, 2015 | ACCA, VAT

New guidance covering the recent changes to the place of supply of digital services from 1 January 2015 is available from the GOV.UK website. The services covered by the changes are digital services otherwise known as broadcasting, telecommunications and electronic...

Beware of the ‘Penalty’ shoot-out!

by Jessica Garbett | Feb 2, 2015 | personal taxatation, Tax Help for Old People

By the time you read this the deadline for filing your 2013/14 Self-Assessment with HMRC will have passed. The last date to file online was 31st January 2015. If you have filed your return and paid your tax you are fine. However those who are less organised, or are...

Annual allowance of pension contributions

by Jessica Garbett | Feb 1, 2015 | ACCA, pension reform, pensions

A tax charge may arise if the amount saved in an individual’s various pension schemes exceeds the annual allowance for that year. If there is such a tax charge the individual must disclose it on their self assessment tax return on the additional information pages (for...

Tax return white space

by Jessica Garbett | Jan 28, 2015 | ACCA, enquiries and tax disputes, HMRC, personal taxatation

The tax return white space is the innocuous looking ‘any other information’ space at box 19 of the main SA100 tax return. It is more important than it looks, as the case of Charlton and Others v HMRC illustrates. In the case of Charlton and Others v HMRC the taxpayers...

High income child benefit charge – an ACCA refresher

by Jessica Garbett | Jan 24, 2015 | ACCA, HMRC, personal finance, personal taxatation

The high income child benefit tax charge is a unique tax, in that it seeks to claw back a state benefit, namely child benefit through the self-assessment tax system. This tax applies where one of the parents/guardians has income in a tax year of more than £50,000. The...

Clamping down on tax avoidance

by Jessica Garbett | Jan 23, 2015 | ACCA, business taxation, enquiries and tax disputes, ethics, HMRC, personal taxatation

The Finance Act 2014 contains a number of measures to minimise tax avoidance. In recent years the government has clamped down significantly on tax avoidance schemes, in particular introducing the Disclosure of Tax Avoidance Schemes (DOTAS) which obliges promoters and...

Ten common tax elections and claims

by Jessica Garbett | Jan 22, 2015 | ACCA, business taxation, capital taxation, HMRC, personal taxatation

How to make claims under common tax elections. Main residence nomination s222 (5a) Taxation of Chargeable Gains Act 1992 (TCGA 1992) Taxpayers with two or more residences may choose which property is to be treated as their main residence for capital gains tax purposes...

Lawfulness of Dividends – Jones v HMRC

by Jessica Garbett | Jan 22, 2015 | business taxation, enquiries and tax disputes

Interesting Tax Tribunal report on lawfulness of dividends: http://www.accountingweb.co.uk/blog-post/dividends-not-unlawful-according-tribunal-r-jones-j-jones-v-hmrc The business paid interim dividends, and appears to have both correctly documented these and sought to...

Common tax issues on rental expenditure

by Jessica Garbett | Dec 19, 2014 | ACCA, business taxation, personal taxatation

The general rule when calculating rental business profits is that expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a capital nature. Expenditure incurred before a property...

A New Year and some New Changes to Tax

by Jessica Garbett | Dec 18, 2014 | HMRC, personal taxatation, Tax Help for Old People

Following changes announced in the Chancellor’s Autumn Statement and the last Budget we thought we would highlight some points of interest for the ordinary taxpayer. If you would like more details, please don’t hesitate to contact us. The Personal Allowance (PA), the...

Exploring the deductibility of legal costs

by Jessica Garbett | Dec 17, 2014 | ACCA, business taxation, enquiries and tax disputes

We go ‘back to basics’ as we examine what can be allowed in terms of legal costs. In the course of trading or being in business generally, there will sometimes be incidents that lead to court actions or legal costs. It can be a minefield trying to...

Private residence relief – a review of how it works

by Jessica Garbett | Dec 15, 2014 | ACCA, capital taxation

With the self assessment deadline approaching and with multiple property ownership at a high level, let’s look at the private residence exemption for capital gains tax purposes. Private residence relief applies for capital gains tax purposes if the dwelling...

« Older Entries

Next Entries »

Auto Enrolment – updated guidance

VAT: partial exemption method using floor space

Taxwise on IR35

VAT: businesses supplying digital services to private consumers

Beware of the ‘Penalty’ shoot-out!

Annual allowance of pension contributions

Tax return white space

High income child benefit charge – an ACCA refresher

Clamping down on tax avoidance

Ten common tax elections and claims

Lawfulness of Dividends – Jones v HMRC

Common tax issues on rental expenditure

A New Year and some New Changes to Tax

Exploring the deductibility of legal costs

Private residence relief – a review of how it works

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