budget Archives - Page 17 of 32 - Whitefield Tax - Isle of Wight Accountants

Capital allowances – increases and a reduction

by Jessica Garbett | Nov 16, 2018 | ACCA, budget, business taxation

Changes to encourage investment were a theme of the Budget. Temporary two year increase in AIA limit for plant and machinery Companies will be able to claim £1m as AIA for expenditure incurred from 1 January 2019 to 31 December 2020. Special rate WDA reduction from 8%...

VAT: treatment of vouchers

by Jessica Garbett | Nov 14, 2018 | ACCA, budget, VAT

Rules for the tax treatment of vouchers will be simplified from January. The government will implement an EU Directive on the VAT treatment of vouchers in time for the required date of 1 January 2019. This will simplify the rules for the tax treatment of vouchers,...

Qualifying period for entrepreneurs’ relief extended

by Jessica Garbett | Nov 13, 2018 | ACCA, budget, business taxation, capital taxation

Minimum qualifying period extended from one to two years. Legislation will be introduced in Finance Bill 2018-19 for disposal made on or after 6 April 2019, to increases this minimum period throughout which certain conditions must be met to be eligible for...

IHT: changes to residence nil rate band

by Jessica Garbett | Nov 9, 2018 | ACCA, budget, capital taxation

The value of any part of a residence that is inherited by an exempt beneficiary will be taken into account. Legislation will be introduced in Finance Bill 2018/19 to ensure that for deaths applying on or after 29 October 2018, the value of any part of a residence...

Extension of Reverse IR35 Compliance to Private Sector from April 2020

by Jessica Garbett | Nov 7, 2018 | budget, IR35

In last weeks budget it was announced that Government / HMRC are pressing ahead with introducing reverse IR35 compliance in the Private Sector. Broadly: Engagers rather than Contractors will be responsible for determining the IR35 status of an Engagement, i.e....

Crackdown on tax abuse for insolvent companies

by Jessica Garbett | Nov 7, 2018 | ACCA, budget, business issues

Move expected to produce an extra £185million in taxes for the government. From 6 April 2020, the government will change the rules so that when a business enters insolvency, more of the taxes paid in good faith by its employees and customers, but held in trust by the...

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Capital allowances – increases and a reduction

VAT: treatment of vouchers

Qualifying period for entrepreneurs’ relief extended

IHT: changes to residence nil rate band

Extension of Reverse IR35 Compliance to Private Sector from April 2020

Crackdown on tax abuse for insolvent companies

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