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

Insolvency creditor rules to change

by Jessica Garbett | Dec 3, 2018 | ACCA, budget, business issues

Government announces crackdown to minimise possible tax abuse. In Budget 2018 the government announced that from 6 April 2020 it will change the insolvency rules. Now, when a business enters insolvency, more of the taxes such as VAT and PAYE/NIC which have been...

VAT MOSS under a no-deal Brexit

by Jessica Garbett | Nov 20, 2018 | ACCA, budget, VAT

How the VAT Mini One Stop Shop scheme will work in a no-deal Brexit scenario. The guidance issued by the government to businesses and consumers on how to prepare if the UK leaves the EU with no deal covers a number of areas, including VAT Mini One Stop Shop (MOSS)....

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...

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Insolvency creditor rules to change

VAT MOSS under a no-deal Brexit

Capital allowances – increases and a reduction

VAT: treatment of vouchers

Qualifying period for entrepreneurs’ relief extended

IHT: changes to residence nil rate band

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