personal taxatation Archives - Page 36 of 49 - Whitefield Tax - Isle of Wight Accountants

Rental expenses

by Jessica Garbett | Feb 18, 2016 | ACCA, personal taxatation, property taxation

Overview of some of the common tax issues on rental expenditure. The general rule when calculating rental business profits is that expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and...

Accrued income scheme

by Jessica Garbett | Feb 10, 2016 | ACCA, personal finance, personal taxatation

De-mystifying the accrued income scheme. The accrued income scheme was originally introduced to counteract a practice known as bondwashing – converting income into capital gains by disposing of securities when the price obtained reflects a significant element of...

Benefits in kind loans to directors and employees

by Jessica Garbett | Feb 8, 2016 | ACCA, employer returns, personal taxatation

What happens when benefits in kind loans are not exempt from reporting. If the loans are not exempt from reporting they should have been included on the P11d of the employee. The normal method of calculation is to take the average for the year: Take the average of the...

Reasonable excuse – tax returns

by Jessica Garbett | Feb 5, 2016 | ACCA, HMRC, personal taxatation

You can remove tax return-related penalties if there is a reasonable excuse for not submitting the return on time. You can remove tax return-related penalties if there is a reasonable excuse for not submitting the return on time. HMRC does not require supporting...

Statutory residence test

by Jessica Garbett | Feb 3, 2016 | ACCA, personal taxatation, residence and non residence

UK residence and domicile status is important in order to determine an individual’s liability to UK taxes. As a general rule taxpayers who are resident in the UK in a tax year are subject to UK tax on their worldwide income, while non-resident individuals are subject...

Marriage allowance transfer

by Jessica Garbett | Feb 1, 2016 | ACCA, personal taxatation

Change will allow the transfer of £1060 under certain conditions. This change applies from 6 April and allows for the transfer of £1,060 of a personal allowance to a spouse or partner where the transferor’s income is less than £10,600 and the recipient doesn’t pay tax...

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Rental expenses

Accrued income scheme

Benefits in kind loans to directors and employees

Reasonable excuse – tax returns

Statutory residence test

Marriage allowance transfer

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