personal taxatation Archives - Page 30 of 47 - Whitefield Tax - Isle of Wight Accountants

If the tax return is wrong, who is to blame?

by Jessica Garbett | Aug 26, 2016 | ACCA, HMRC, personal taxatation

Such situations can be complicated – as these two examples demonstrate. The case law involving ‘duty of care’ is extensive and detailed. Rather than wade through all of the historic precedents and try to apply them to ‘wrong tax returns’ it is more interesting to...

Change in end of year reconciliation letter

by Jessica Garbett | Aug 23, 2016 | ACCA, HMRC, personal taxatation

HMRC is testing a change with taxpayers. From 1 August some taxpayers due a refund may see a slight change to the end of year reconciliation letter they receive (P800). HMRC will be testing how this change works with the aim of getting taxpayers to use their Personal...

HMRC’s position on voluntary tax returns

by Jessica Garbett | Aug 9, 2016 | ACCA, HMRC, personal taxatation

HMRC has clarified its position on voluntary tax returns. ‘HMRC’s long-standing policy is to accept voluntary ITSA individual and partnership returns on the same basis as returns received pursuant to a s8 TMA1970 notice, where the clear intention of the person...

Your view: tax coding notice

by Jessica Garbett | Jun 2, 2016 | ACCA, HMRC, personal taxatation

HMRC is seeking your comments on an early draft of Tax Coding Notice (P2). After digesting the information below and also elsewhere online, do you feel it provides sufficient detail for you or your clients to be useful? HMRC says ‘The HMRC Personal Tax Account...

Budget 2016: Micro entrepreneurs’ annual allowance

by Jessica Garbett | May 31, 2016 | ACCA, budget, business taxation, HMRC, personal taxatation

The March 2016 Budget announced that from April 2017 two new allowances of £1,000 each would be introduced for property and trading income. Individuals with property income or trading income below the level of the allowance will no longer need to declare or pay tax on...

Budget 2016: Finance Bill and directors’ loans

by Jessica Garbett | May 24, 2016 | ACCA, budget, business taxation, personal taxatation

The rate of tax charged on directors’ overdrawn loans has increased to 32.5%. A reminder that from 6 April 2016 the rate of tax charged on loans to participators increased to 32.5%. The new rates apply to loans made and benefits conferred by close companies on or...

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If the tax return is wrong, who is to blame?

Change in end of year reconciliation letter

HMRC’s position on voluntary tax returns

Your view: tax coding notice

Budget 2016: Micro entrepreneurs’ annual allowance

Budget 2016: Finance Bill and directors’ loans

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