News and Comment - Page 92 of 101 - Whitefield Tax - Isle of Wight Accountants

CGT share matching rules – a worked example

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...

MOSS comes in from 1 January 2015 – business to consumer supplies in EU

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...

Pension changes for frequent movers

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....

Limit on income tax reliefs – Examining how the limit on income tax reliefs from 6 April 2013 (part of Finance Act 2013) will operate

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...

Trading loss relief for sole traders and partnerhips

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...

Significant changes to employment law

by Jessica Garbett | Dec 3, 2014 | ACCA, business issues

An overview of recent developments surrounding overtime and holiday pay and shared parental leave. Overtime and holiday pay An important decision has been released concerning overtime pay and whether it needs to be included in the holiday pay calculation. The decision...

Collecting overdue tax through tax codes

by Jessica Garbett | Dec 1, 2014 | ACCA, employer returns, HMRC, personal taxatation

From April 2015 HMRC is increasing the amount of overdue tax it can recover through a taxpayer’s Pay As You Earn (PAYE) tax code. Before 6 April 2015 HMRC can collect debts of up to £3,000 by adjusting a taxpayer’s PAYE code. This applies if the taxpayer...

Common errors in tax returns and related accounts

by Jessica Garbett | Nov 30, 2014 | ACCA, business taxation, enquiries and tax disputes, HMRC, personal taxatation

Taxable and non-taxable receipts Income tax is charged on the profit of a trade, profession or vocation. In order to be taxable the receipt must represent ‘the profits of’ the trade under S5 ITTOIA 2005. An incoming payment is not necessarily a trade...

How and when to apply FRS 101

by Jessica Garbett | Nov 27, 2014 | ACCA, accountancy regulation, financial reporting

1 January 2015 is rapidly approaching, and after the many months of talking about it, UK GAAP will finally change. From 1 January 2015, all the existing FRSs, SSAPs and UITF abstracts will be obsolete, and in their place will stand FRS 102 and FRSSE 2015, with the...

Could the VAT treatment of financial services be significantly widened?

by Jessica Garbett | Nov 24, 2014 | ACCA, VAT

ECJ ruling could have major impact on the treatment of VAT The Court of Justice of the European Union (ECJ) has issued a ruling on Skandia America Corporation that will have a wider impact within the European Union (EU). In its simplest interpretations, this case has...

Changes to discretionary trusts – A summary of four key changes in the Finance Act 2014

by Jessica Garbett | Nov 21, 2014 | ACCA, capital taxation, HMRC

The main changes to the Finance Act 2014 apply from 6 April 2014 onwards. The Finance Act 2014, Schedule 25 contains four separate provisions relating to inheritance tax: paragraph 2 freezes the nil-rate band at its current level until 5 April 2018 paragraph 3 closes...

Changes to Intestacy

by Jessica Garbett | Nov 18, 2014 | ACCA, capital taxation, personal finance

The Inheritance Tax and Trustees’ Powers Act 2014 came into force on 1 October 2014. Its main provision is to alter the intestacy rules previously contained in the Administration of Estates Act 1925. These applied when a person had died without making a valid will....

Charities SORP revised

by Jessica Garbett | Nov 15, 2014 | ACCA, accountancy regulation, financial reporting

Charities SORP 2005 has been replaced by two new Charities SORPs. One of these is based on the FRSSE 2015, for use by charities that choose to adopt it and qualify as small under the Companies Act 2006. The other is based on FRS 102 and is for any size of charity. The...

LLP SORP revised

by Jessica Garbett | Nov 15, 2014 | ACCA, accountancy regulation, financial reporting

The LLP SORP was issued on 14 July 2014, and is effective for periods beginning on or after 1 January 2015, though early adoption is permitted. The new SORP no longer uses the old references to UK GAAP, but instead uses the terminology of FRS 102. When the new SORP...

The dawn of the new UK GAAP – requirements and options

by Jessica Garbett | Nov 12, 2014 | ACCA, accountancy regulation, financial reporting

The era of the new UK GAAP begins on 1 January 2015 and for many will change again from 1 January 2016. Reporting entities have to choose which of the reporting standards that they are allowed to adopt is best suited to their circumstances. For accounting periods...

« Older Entries

Next Entries »

CGT share matching rules – a worked example

MOSS comes in from 1 January 2015 – business to consumer supplies in EU

Pension changes for frequent movers

Limit on income tax reliefs – Examining how the limit on income tax reliefs from 6 April 2013 (part of Finance Act 2013) will operate

Trading loss relief for sole traders and partnerhips

Significant changes to employment law

Collecting overdue tax through tax codes

Common errors in tax returns and related accounts

How and when to apply FRS 101

Could the VAT treatment of financial services be significantly widened?

Changes to discretionary trusts – A summary of four key changes in the Finance Act 2014

Changes to Intestacy

Charities SORP revised

LLP SORP revised

The dawn of the new UK GAAP – requirements and options

Register for our Newsletter

Whats Current?

Latest News

Search News by Date or Category

From our daughter business YogaTax