Hello
We are back with some really interesting guides and updates this time.
Having battled with technology gremlins*, we now have new CPD 'for lunch' webcasts covering the Savings Allowance and VAT and start-ups. This new VAT guide derives from our talk at Accountex and we will keep building on our theme of "How to run the most tax efficient practice...ever!" in the coming weeks and months.
My favourite guide this time also happens to be VAT related. It covers VAT and buy-to-lets. It is only applicable if you are VAT registered and also have a rental property in your own name. It has a really useful working of the partial exemption calculation.
We also have case updates (a win for Tottenham), a summary of HMRC's new Employer Bulletin, and amended guides to CGT reliefs following the Finance Bill amendments and much much more. Scroll down.
Back soon
Nichola Ross Martin FCA Tax Director
Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers
* I brought a computer with the wrong operating system...
Quick news (freeview)
HMRC: Employer Bulletin June 2016
HMRC have published their Employer Bulletin for June 2016. We summarise the key content for you, with links to our detailed guidance on the topics covered.
Case Update
Penalty with no loss of tax
In Alpine Contract Services v HMRC [2016] TC05148 a director's actions led to penalties for deliberate behaviour. The FTT's interpretation of the term 'potential lost revenue' created a windfall for HMRC.
Double tax treaty: self employed or employed?
A useful case in interpreting double tax treaties: in Fowler v HMRC [2016] TC05009 the FTT had to decide whether a diver was self employed or employed for tax treaty purposes.
A win for Tottenham Hotspur
In Tottenham Hotspur Limited v HMRC the FTT found that payments to players were termination payments and not subject to NIC.
Apollo Fuels Ltd
The Court of Appeal rules against HMRC confirming that no car benefit arose when no benefit was transferred to the employee; legislation has been amended in response.
Practical Tax Guides & Updates
For Paid Subscribers
VAT
VAT: Buy-to-lets
NEW: A guide explaining the partial exemption rules with worked examples for VAT registered property investors.
VAT and partnerships
NEW: Our guide to VAT registration and the implications of partnership changes for partnerships, limited partnerships, LLPs, Scottish partnerships and jointly owned property.
Online Marketplaces: joint and several liability
NEW: UK businesses operating websites selling goods on behalf of overseas businesses may become joint and severally liable for unpaid VAT on sales made by those overseas businesses.
Investment income and capital gains
Which relief: IR, EIS, SEIS or EMI?
UPDATED for IR Finance Bill amendments: what is the difference between Entrepreneurs' Relief and Investors' Relief? How do they compare to investments in Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS)?
CGT reliefs: a disposal of assets or of a business?
A refresher covering roll-over, hold-over relief, incorporation, disincorporation, Entrepreneurs' Relief and Investors' Relief
Capital Taxes round-up May 2016
A summary of recent capital taxes announcements, developments and cases.
Offshore
Non-resident directors: earnings, expenses and reporting requirements
NEW: An at a glance guide to the taxation of fees and expenses, National Insurance liabilities and reporting requirements for non-UK resident directors of UK companies.
Dividend taxation for non-UK residents
NEW: A review of the impact of the new dividend tax regime for non-UK residents receiving dividends from UK companies.
CPD 'for lunch'
Bite-sized chunks of structured CPD
Savings income 2016/17
NEW: our webcast takes you through the new allowances with worked examples
VAT essentials for start-ups
NEW: this is part of the talk from Accountex. Don't ignore VAT when you start in business, you may regret it in later years.
Editor's choice
Buy-to-let ownership: personal or company?
What works better, holding a buy-to-let property investment personally or via a company?
Finance Bill 2016: tax update and rolling planner
Keep up to date with all developments and announcements for the 2016/17 tax year and beyond with our rolling planner.
The dividend tax index
Links to all our guides on dividend tax
Land & Property: an Adviser's Tax Update May 2016
A summary of all the latest news and updates from all areas of property taxation with links to our detailed guidance on each topic.
Missed last time's update?
Nichola's SME Tax Update 10 June 2016
Features:
- Managed Service Companies (MSC)
- MSC Providers
- Non-resident landlords
- Permanent establishment
- Employment related securities: designing a share scheme
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