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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
by Jessica Garbett | Dec 13, 2014 | ACCA, capital taxation, personal taxatation
This worked example looks at the share identification rules that should be followed when there is a disposal of shares in a company, for capital gains tax purposes. Because one batch of shares or securities of the same class in a company are effectively...
by Jessica Garbett | Dec 11, 2014 | ACCA, business taxation, VAT
The EU place of supply VAT rules will change from 1 January 2015. The changes impact on business to customer (B2C) supplies including e-services. From 1 January 2015, the place of taxation for certain supplies will be determined by the location of the customer. To...
by Jessica Garbett | Dec 9, 2014 | ACCA, pension reform
Last month the government announced plans to change the pension rules for workers who leave jobs within two years. Currently workers who leave their jobs within two years of starting can be given a ‘short service refund’ of their pension contributions....
by Jessica Garbett | Dec 7, 2014 | ACCA, business taxation, HMRC, personal taxatation
Legislation was implemented by Finance Act 2013 to place a limit on income tax reliefs from 6 April 2013. Here we look at how this limit will operate. Finance Act 2013, Schedule 3 imposes a limit on the amount of ‘income tax reliefs’ that an individual may...
by Jessica Garbett | Dec 5, 2014 | ACCA, business taxation, HMRC, personal taxatation
With the self-assessment deadline fast approaching, this article considers the way in which trading losses may be utilised for tax purposes. A profitable business will pay tax on its profits but when times are not so good it will need to ensure that any loss relief...
