Introducing your Virtual Tax partner
The Practical Tax Database provides the core to this interactive webservice. It is a unique bank of tax and legal know-how which is designed to compliment your practice and act as a cost-effective Virtual Tax Partner and assistant.
The content is listed in the Left-hand Menu ("Tax Data" is on the Top Menu). For each topic, you will find a quick guide, an overview, with examples, checklists and briefing notes where needed.
You can also add your own notes and, when you subscribe you can request new guides and examples as you need them.
The Practical Tax Database is constantly being expanded to include new topics, and it is revised and updated on a daily basis as tax law develops and firms share their knowledge. You don't need to be a big firm to enjoy the benefits of your own tax intranet: it is right here.
Getting started:
Select your topic from the Left Menu or use the Search facility. Sign up for Nichola's unique SME Tax Summary and you will also receive regular updates of additions to the site.
The Ross Martin Tax Consultancy additionally provides a one-to-one Virtual Tax Partner service to firms in need of tax partners. If you have a taxing problem contact us for a quote and a chat. We have been helping firms for over 15 years.
The full webservice is only available by subscription because much as we all love free-view this all takes a great deal of time to write and maintain. However, you can buy one guide or combination of guides if you just want help with one subject and you can see how to do this as you look at each guide.
The Practical Tax Database is constantly evolving but we cover the following topics:
These are a set of concise guides which deal with all the essential business planning points and tax traps they come with “at a glance” summaries and worked examples as required which cover the following topics:
* Tax efficient remuneration
o All about income shifting
o Tax traps with the settlement provisions
* Employment status
o Directors’ employment status
o Service agreements
o Employment contracts
* IR35 & managed service companies
* Tax planning for travel
* Staff benefits and perks
* Share schemes for small companies
* Reorganising your share capital
* Buying and selling a business
* Restructuring
* Insolvency and directors
o Administration
o Pre-packs
o Company voluntary arrangements
* Flexible working
o How to set up a scheme
o Essential documentation
* Travel and subsistence for directors
* Salary sacrifice
o How to set up a scheme
o Essential documentation
* Working from home
o Issues for directors
o Licence or lease? Can I charge my company rent?
o VAT issues
o CGT
* Share schemes for smaller companies
o Rewarding key employees
o Shares for new directors
* How to strike a company off the register
o Capital reductions and ESC C16
o New Companies Act procedure
o Avoiding bona vacantia
o Redistributing undistributable reserves
Make meetings with new clients easy, using notes, checklists and examples to take you through the essential points for discussion and planning: o Nichola's quarterly tax web-update and refresher (for accountants, but your clients will like this too).
o Business start-ups checklists and topics for discussion
o Incorporation checklist and topics for discussion
o Corporation tax planning year-end checklists and topics for discussion
o Business heathchecks and tax tool kits
Trades, businesses and investment companies
1. General definitions
2. Corporation tax main issues
3. Corporation tax losses
4. Capital gains relief for companies
5. Business Assets and capital gains for shareholders
6. Shareholders and IHT
7. Planning points checklist
Essential planning advice for Owner Managers and directors:
o Comparison between a sole trader and a company.
o Tax-efficient profit extraction:
1. Sole traders and partnerships
2. Limited companies
o A quick guide to different types of partnership
1. Conventional partnerships
2. Limited partnerships
3. Limited Liability partnerships
4. Tax treatment of partnership profits
5. Trading income and Sch A income, taxed and untaxed investment income
6. Losses, interest relief on loans to partnerships and partnership agreements
o A quick guide to different trading vehicles
1. Comparing the tax treatment of sole traders, partnerships, limited companies and joint ventures.
o Will I save tax with a limited company?
1. Tax planning essentials for the owner managed business
o Companies: annual and statutory responsibilities (update for Companies Act 2006)
o Incorporating a business
1. General Incorporation issues
2. Specific tax issues
3. Incorporation relief for Capital Gains
4. Goodwill
5. Valuations specific to certain businesses
6. Other methods of valuation and post transaction checks
o Starting a new group of companies
1. Marginal tax rates
2. An overview of Groups
3. Holding company anomalies
4. The effect of Associates
5. Advantages & disadvantages, tax planning points
HM Revenue and Customs took a leaf out of our book back in 2006 and published guidance on what to claim if you happen to be self-employed and work from home. Unfortunately, their version only tells half the tale, we have finished the job and produced the definitive guide.
We have created the only comprehensive guides to "What expenses can I claim when I work from home? - full advice from the perspective of the self-employed, the employee and the director/shareholder.
Please note that some guides may be withdrawn as legislation changes, and you will receive guides in update batches. This to ensure that you have the most up to date versions.
The guides are available by subscription click here for details.
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Tax advice: law firms and accountants
We provide tax advice together with Virtual Tax and accountancy services for professional firms and partnerships.
- Tax advice on start-ups
- Admitting new partners
- Valuation
- Agreements
- Income tax returns for individuals and partnerships
- Capital and inheritance tax planning
We offer bespoke solutions for tax mitigation at extremely competitive rates, in addition, clients are given open access to www.rossmartin.co.uk.
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Tax Advice: professional contractors
We provide tax advice and Virtual Tax and accounting services for professional contractors
The very best tax advice, fixed fees, no added extras: maximum tax savings, minimum fuss
Tax and accounting
We provide full tax and accounting services for contractors and owner-managed businesses:
- Start-ups and company formation
- Tax planning, tips and advice
- Payroll and claiming expenses
- Preparation and submission of company accounts
- Preparation and submission of tax returns
- Regular news updates for directors
- Personal tax services
Tax planning, tips and advice
Tax advice includes:
- IR35 and employment status health check, we will review your working arrangements and service contact. We'll advise on IR35 and suggest revisions to your arrangements if these are possible.
- Sharing your income with your spouse or partner (income shifting). We will advise you on:
- The best way for your income to be used for tax, and attend to all the details for you.
- How you can use your income for your children or other family members and mitigate capital gains and inheritance tax.
Nichola Ross Martin FCA
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Nichola Ross Martin, is Tax Director with www.rossmartin.co.uk and Head of Ross Martin Tax Consultancy's Virtual Tax Partner service.
A Chartered Accountant with over 20 years experience in advising owner managed business and assisting other professional firms. She launched The Virtual Tax Partner service in 2000 and has created the Practical Tax Database. The online version that you see here was launched in October 2009.
Nichola advises clients and acts as tax partner and adviser to accountancy firms and bookkeepers nationwide.
She became interested in tax after starting to answer the “Readers’Queries” in the back of Taxation magazine in the 1990s. She has written extensively on Arctic Systems, Income shifting, and tax planning for owner managed companies and SMEs.
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She has published tax articles for all the leading tax magazines and web sites, and lectured to accountants and tax advisers. Outside of tax practice, she was the tax editor of www.accountingweb.co.uk until 2008 before assisting the Practical Law Company in creating new products for business owners.
Nichola is a regular at ICAEW, CIOT and ATT tax events, sits on the ATT tax technical committee, and supports her local Working Together initiatives.
Nichola's Practical Tax Database is unique online tax and legal resource which is designed to take the pain out of tax research. The guides and checklists here are the fruits of some six years of writing and twenty years of research, and developed from her work in her own practice and assisting other tax practices.
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Ross Martin Tax Consultancy
Ross Martin Tax Consultancy Limited provides tax planning, accountancy services and business advice to owner-managed businesses and firms of professional advisers.
www.rossmartin.co.uk is the home of Nichola Ross Martin's Practical Tax Database, a unique interactive tax service. The core content is available by subscription.
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You can sign up to Nichola's FREE SME Tax News Summary or you can browse the site for the free content.
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Nichola Ross Martin launched her "Virtual" Tax Partner service in 2000. This is an ad-hoc service which involves no joining or membership fees, by which accountants, tax advisers and bookkeepers can call up Tax Director, Nichola Ross Martin to act as their personal tax consultant or "virtual tax partner".
This service is used by a firms of accountants thoughout the UK, and we have some enquiries from Europe. Trouble shooting taxing problems for other professional firms is a speciality.
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