Coming Soon, New Tax on Dividends

April 2016 sees the (non-reclaimable) 10% tax credit that has been carried with dividends since April 1999 scrapped and replaced with a new tax-free dividend allowance.

Treatment of Tax Interest Changing

At present, in general, banks and building societies deduct 20% tax from the interest earned on non-ISA savings before paying the interest to the account holder.

Company cars and benefits in kind

This increase will take effect from 6 April 2017 for cars with no registered CO2 emissions which are unable to produce CO2 under any circumstances by being driven, and from 6 April 2019 for all other cars.

The Last Tax Return?

Is January 2016 the last fixed tax submission date? By early 2016, 5m small businesses and 10m individuals will have access to their own digital tax account

Latest News Stories from ACCA – July

These links will take you to the ACCA website. Late filing penalties – HMRC helpsheet available Pension schemes and inheritance tax Access government support for exporters

Latest News Stories From ACCA

These links will take you to the ACCA website. Not-for-profits – the Cinderella of the accounting world HMRC’s alternative dispute resolution offers a simpler way forward Travel costs – deductible or not deductible? Inheritance tax update Pensions: eight things you need to know

A guide to the budget 2014

This is a basic guide, prepared by ACCA’s Technical Advisory team, for members and their colleagues or clients. It is an introduction only and should not be used as a definitive guide, since individual circumstances may vary. Specific advice should be obtained, where necessary. Guide To Budget 2014

Private residence relief reducing

The period that private residence relief impacts on capital gains tax will be reduced from 6 April 2014. Private residence relief – or principal private residence relief – applies for capital gains tax purposes if the dwelling house or part of the dwelling house has been the individual’s only or main residence during some period of ownership. If during the period …

Pensions auto enrolment: an update

Auto enrolment is well underway. Updated guidance outlines when it will impact on businesses of different sizes and what steps they should take. The Pensions Regulator has detailed guidance on the various steps and processes involved with automatic enrolment. This runs to over 250 pages which gives an indication of the complexity of these new regulations and the work involved …

Claiming relief for losses

Supreme Court case clarifies the correct procedures that clients seeking to claim relief on losses should follow. Mr Rouse and Mr Cotter sought relief for losses and elected to relieve the losses by offsetting them against the income tax for the previous year. They made the election by including the relief in the tax return (pre-printed form) for the earlier …