Hello
Good news at last for HMRC, in a week that was otherwise looking rather bad. The Scottish Court of Session have found that loans made to executives of the Murray Group and former Rangers FC players were not really loans at all but employment income.
There was rumoured to be some £75 million at stake, however the Murray companies are in liquidation and so taxpayers will not see immediate benefit. It is now expected that HMRC will now be considering the use of Accelerated Payment Notices for anyone who did not take up the EBT settlement opportunity which closed this summer.
The bad news for HMRC this week was that they have again been lambasted by MPs over poor service standards. Their failure to manage their phone lines is costing tax.
Meanwhile, the tax press have been going mad over BEPS. What is it and does it affect you? We have put together a SME advisers' guide to BEPS & Diverted Profits tax. Give it a speed read and then most of you can safely put it to the back of your mind.
Now that the main and small company rates of corporation tax are aligned it is becoming very attractive to create small groups of small companies. Companies have a valuable tax relief in the form of the Substantial Shareholding Exemption. If you are advising on groups read our new guide to ensure that you set up the optimal structure from the start.
- From companies to directors, we are featuring our Directors Tax Planning toolkit 2015/16 this week.
- For sole traders we look again at the different options for cash accounting and fixed rate expenses.
- For private clients we feature our Buy-to-let guide.
Following a suggestion by one of our subscribers we have now introduced a new Update section to our practical tax guides so you can see what has changed when you revisit the guides. Thank you for that.
Last but not least we also have our CPD webcasts available at last. This time we have a two-part Capital Taxes Update for you.
Back soon
Nichola Ross Martin FCA Tax Director
Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers
Quick News
HMRC wins Rangers Big EBT case
Three judges have decided in favour of HMRC in their long-running battle with the Murray group and the former Rangers football club over its EBT. Payments made to players and their families via the EBT were deemed remuneration and not loans.
HMRC have published a two year administrative framework for R&D relief with the stated aim of making the relief as accessible as possible for all small businesses.
FREEview Guides
BEPS & Diverted Profit Tax (for SME owners)
The press is going wild about BEPS: this concise guide explains what is it and whether it will affect you
Carrier bag tax
UPDATE: we look at the implications for business of donating the charges they collect and we add more detail on the reporting requirements.
For subscribers only
ALL NEW: CPD for Lunch
Click here for our new range of 30 minute webcasts are available on:
- Part 1: Entrepreneurs' Relief & topical cases
- Part 2: CGT and UK Residential Property
NEW Practical Tax Guides & Updates
Substantial Shareholding Exemption
NEW: a summary of the rules and conditions with worked case studies.
Non-domicile status and tax
NEW: our comprehensive guide to the current rules and the latest proposals.
NEW: a summary of the scheme eligibility, record requirements and calculating the margin.
Succession planning: buyouts
UPDATE: we add new examples and show the different options that can be available when you consider a share for share exchange.
Goodwill and the intangibles regime
UPDATE: more examples added together with new sections on the de-grouping charge and substantial shareholding exemption.
Editor's Choice
Directors: tax planning toolkit 2015/16
Our rolling guide to remuneration planning, containing up-to date information and planning points relating to dividends, pensions, shares, asset sharing, loans and more.
Buy-to-Let Ownership: personal v Limited Company
UPDATE: with all the changes to tax relief on interests and the changes to dividend tax, which is the best way to run your property rental business?
Self employed tax: The flat (fixed) rate or actual cost toolkit
UPDATE: a handy comparison to show which type of claims are possible whether you are cash or accruals accounting.
Buy to lets: restricting mortgage interest relief
Our practical guide with detailed workings and examples.
Finance Act and Bill 2015: rolling tax planner
UPDATE: want to know what's new in any tax and what's expected in future years? Bookmark this planner.
Scottish Income Tax
Our guide to the new tax which will be introduced from April 2016 and affect an estimated 3 million taxpayers.
Missed last time's update?
Nichola's SME Tax Update 23 October 2015
Updates on:
- Travel expenses: self-employed
- Travel expenses: employers
- CGT and private residence relief
- State pension top up
- Buy to let: personal v company ownership
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