News and Comment - Page 93 of 101 - Whitefield Tax - Isle of Wight Accountants

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...

Offshore tax evasion – new HMRC consultation

by Jessica Garbett | Nov 9, 2014 | ACCA, HMRC, residence and non residence

The government continues its crackdown on those seeking to illegally evade their UK tax liability by using offshore tax shelters. £1.5bn has been recovered from offshore tax evaders over the past two years and the government is continuing with measures to improve tax...

VAT number publication scams

by Jessica Garbett | Nov 6, 2014 | HMRC

Jut a quick note about scams currently circulating. Most people are aware of the risks from pishing emails, and false email from HMRC and Companies House are two common occurrences. However there are also a number of postal scams, normally around things like...

The competitiveness of the UK’s tax administration

by Jessica Garbett | Nov 3, 2014 | ACCA, business taxation, HMRC, personal taxatation

The OTS has published the final report on its review of the competitiveness of UK tax administration, making 50 recommendations for improvements. The Office of Tax Simplification (OTS) has published a report on UK tax administration competitiveness. The report...

Acca on Auto Enrolment Staging Dates

by Jessica Garbett | Nov 1, 2014 | ACCA, pension reform

Many small employers now require help to complete their automatic enrolment responsibilities, with small and micro employers needing to be ready to provide a pension for their workers by the summer of 2015. Thousands of employers will soon be approaching you to help...

Landlords and tenants right to live in UK

by Jessica Garbett | Oct 28, 2014 | ACCA, business issues, personal finance, personal taxatation, property taxation

From 1 December 2014, a number of landlords will need to check that someone has the right to live in the UK before letting a property to them. This includes taking in lodgers or sub-letting a property. The ‘right to rent’ checks apply to: landlords in Birmingham,...

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Next Entries »

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

Offshore tax evasion – new HMRC consultation

VAT number publication scams

The competitiveness of the UK’s tax administration

Acca on Auto Enrolment Staging Dates

Landlords and tenants right to live in UK

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