ACCA: CGT and the disposal of residential properties

by Jessica Garbett | Feb 8, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Detailed guidance on how to use the real time CGT service when disposing of residential properties Since 6 April 2020, UK residents within...

ACCA: Gifts and inheritance tax

by Jessica Garbett | Feb 6, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Examining three types of individual transfers which might be subject to IHT The politics of inheritance tax (IHT) are among the most...

ACCA: Welcome delay to MTD for ITSA

by Jessica Garbett | Feb 1, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA ACCA welcomes announcement that this major change will now be mandated from 2026 On 19 December 2022, the UK government announced that Making...

ACCA: Top ten common tax elections and claims

by Jessica Garbett | Jan 23, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Keep up-to-date to minimise the risk of missed deadlines Some of these claims have strict time limits, which should be given due...

ACCA: Using provisional or estimated figures for self-assessment

by Jessica Garbett | Jan 20, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA Ensure you are fully aware of HMRC’s current stance As the self-assessment deadline approaches, a common area of concern will be the use of...

ACCA – Basis period reforms – handling the transition

by Jessica Garbett | Jan 20, 2023 | Uncategorized

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA ACCA on Examining the impact of abolishing ‘basis period’ from 2024-25 – applies to Sole Traders and Partnerships Part 4 of Finance Act...

ACCA – Associated companies and the small profits corporation tax rate

by Jessica Garbett | Jan 11, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA A summary of changes coming in April 2023 As at 1 April 2023, companies with taxable profits over 250,000 will pay corporation tax at the...

ACCA – Exceptions to the 60-day Residential Property CGT rules

by Jessica Garbett | Jan 6, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA In which circumstances do you not need to report or pay capital gains tax within 60 days following the sale of Residential Property? Since 6...

ACCA – Income and expenses – helpful hints for the tax return

by Jessica Garbett | Jan 4, 2023 | Tax News

We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA WIth peak tax return filing season on us, here are ACCAs top tips on tax adjustments Taxable and non-taxable receipts Income tax is charged...

Making Tax Digital for Income Tax Self Assessment Postponed to April 2026

by Jessica Garbett | Dec 19, 2022 | Tax News

Breaking news today, 19th December 2022.  Making Tax Digital for Income Tax Self Assessment (MTDfITSA) Postponed to April 2026. Gov.uk  – Government announces phased mandation of Making Tax Digital for ITSA The original date was April 2024, from which time: Sole...

ACCA – Autumn Statement 2022 – MTD for residential property landlords

by Jessica Garbett | Dec 8, 2022 | Tax News

MTD for residential property landlords OTS issues key recommendations following wide ranging survey We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA On 1 November 2022, The Office of Tax...

ACCA – Autumn Statement 2022 – Non-domestic rates

by Jessica Garbett | Dec 7, 2022 | Tax News

Non-domestic rates Planned revaluation to proceed in April We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA The Chancellor confirmed that the planned revaluation for England will proceed in...

ACCA – Autumn Statement 2022 – Inheritance Tax Changes

by Jessica Garbett | Dec 7, 2022 | Tax News

Inheritance tax and residence nil-rate bands Thresholds to be maintained at current level until April 2028 The inheritance tax nil-rate bands are already set at current levels until April 2026 and will stay fixed at these levels for a further two years until April...

ACCA – Autumn Statement 2022 – Capital Gains Tax Changes

by Jessica Garbett | Dec 6, 2022 | Tax News

Capital gains tax: annual exempt amount reduced Annual exemption to change over the next two years We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA The annual exemption amount for capital...

ACCA – Autumn Statement 2022 – Corporation Tax Changes

by Jessica Garbett | Dec 6, 2022 | Tax News

Corporation tax planned increase The increase to 25% will go ahead in April 2023 We are sharing this update from ACCA, our professional body, for the interest of clients and contacts. The content is (c) ACCA From April 2023, the planned increase in the corporation tax...