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: Last Updated: 28 March 2014

Several new guides and updates this week, including our Practical Tax Guide to Settlements. There seems to be concern following the Patmore case. I think it is probably unfounded as the case turned on its unusual facts. We have also prepared a couple of special briefings on NICs refunds on motoring expenses and capital allowances and property after some of you have reported that some of the bigger firms have been mass mailing your clients. HMRC have just released more pre-return toolkits for agents. We have summarised and improved these and have created our set of Practical Tax Toolkits for subscribers so do not be daunted by the length of HMRC's version. All the best Nichola Nichola Ross Martin FCA Tax Director www.rossmartin.co.uk Your online Virtual Tax Partner: practical support for accountants, tax advisers and their clients
News & FREE view Investigations: clutching at straws? A taxi driver was unable to account for income and expenditure for 2 out of 233 days in 2002/03. Is that enough to prove negligence? NIC repayments on motoring allowances Several of you say that clients have been sent a flyer by a leading firm of accountants, this quick guide explains the background. Offshore bank account holders: last chance to use the LDF HMRC is writing to account holders; you cannot use the LDF once it contacts you. PAYE crisis watch: new concession on interest This may soften the blow if HMRC refuse you a concession under ESC A19. PAYE underpayments: ESC A19 If HMRC did not act on information it held you may not be liable for any resulting tax underpayment. New Guides and Updates For PAID subscribers (because you are so special :) Can I back-claim capital allowances on residential property? NEW: if your clients have been contacted by another firm in respect of unclaimed capital allowances then read on, this is how it all works. A Practical Tax Guide to Settlements UPDATED: these are tax anti-avoidance rules which can easily catch out owner-managed businesses who remunerate using dividends. This is crammed full of examples, planning points and pitfalls, together with a summary of the leading tax cases. Adviser's Tax Penalty Planner UPDATED: new late filing penalties for CIS, SA and CT are all due to start this time next year. Have you discussed them with your clients, have you changed your letters of engagement? Unlawful, illegal or ultra vires dividends HMRC has realised that directors' loans are a bottomless pit of (penalty) income: particularly when someone neglects to complete a P11D. Practical Tax Toolkits Our Practical Tax Toolkits include tax planning tips and advice, essential reading for advisers: Toolkits for the self-employed This includes our Tax Heathcheck Toolkits for companies From compliance to associated companies to profit extraction. Share based incentives Share scheme basics for small companies While company values are low a share scheme can be a very tax efficient method of rewarding staff. We explain the basics of an unapproved share scheme. An Enterprise Management Incentive (EMI) share option scheme is ideal for smaller companies, providing that they qualify. EMI: checklist This does what it says on the wrapper. Designing an EMI share option scheme Our new guide to designing EMI Share Options Schemes is written specially for the smaller employer. Buying and selling businesses Capital Gains Tax: Entrepreneurs' Relief UPDATED: for Finance (No 2) Act. Selling the business: deferred consideration and earn outs UPDATED: is our love affair with loan notes over? An overview of the different tax consequences for the seller. Loan stock: QCBs or non-QCBs? UPDATED: for a quickie guide for advisers. Selling the business: where do I start? A guide for you to discuss with your clients. How to value a business An advisers' guide that explores the different methods used for valuing private companies with worked examples. Purchase of own shares – out of capital We like this checklist, it is really quite unique. Tax planning for 2010/11 This is a rolling update for advisers More guides (some of our recent favourites) Converting part of a home into an office For the Self-Employed: the tax position is interesting from CGT to SDLT to VAT. Converting part of a home into an office For Directors: do you pay or does the company foot the bill? We examine the tax consequences. Property profits and losses This essential tax tool is an excellent source of online CPD. Download this onto your mobile, train staff, and of course brief your clients...More Surplus cash CGT & IHT Relief and ESC C16 Company has large cash surplus: how does this affect Entrepreneurs' Relief, Business Property Relief, and what if you try and dissolve the company? Updated: for Finance Acts...More Adviser's Guide to tax penalties What, where, why and how... Tax Avoidance Schemes Better the devil you know? We look at some of the latest schemes on offer. Will I pay less tax if I trade via an LLP? You might well do if you are otherwise contemplating tax at 50%. Advisers' SME Tax Update Dust the sand off your toes/laptop and catch up on the summer's tax news. The Advisers' Guide to the PAYE Fiasco Our one-off free-view special contains: A Summary of guidance to give to clients who are affected by PAYE by under or over payments PAYE deadlines ESC A19 Overpayment relief NIC deadlines Links to LITRG Hutton on Estate Planning - 3rd Edition A short plug for Matthew Hutton. Hutton on Estate Planning is published in electronic and paper form, and is regularly updated. The ideal way for private client practitioners to keep up-to-date with developments in a fast moving world. The cost of a 12-month subscription for up to 10 Users is just £199 plus VAT plus £5 p&p. Have a look at www.hutton-estate-planning.co.uk. Special deals for our subscribers. Virtual Tax Partner Our Virtual Tax Partner service provides one-to-one practical support for accountants and advisers. Need help with an enquiry, a valuation, a share scheme or buy-back? Want a second opinion, or assistance in drafting a difficult letter or computation? The Virtual Tax Partner peer review and mentoring service is discounted for subscribers. Give us a ring. Like the site? Come and subscribe. Recommendations: what do our subscribers say about us? Free guides - take a tour... You have two options: 1. Explore the site (then click on the menus and you will soon see what is free) 2. See a small sample. Missed an edition? See Nichola's SME Tax News Archive. Subscribe to the Practical Tax Database to UNLOCK your internet Virtual Tax partner: What do you get? Open access to the entire Practical Tax Database which contains over 350 tax and legal guides packed full of essential know-how for advisers. Our regular Email update when there are new guides and tax issues that we think you MUST read. Up to 50% off the Virtual Tax Partner helpline. Nichola’s monthly SME tax news summary (we do the reading and cherry pick the best of the press, magazines and websites for you). NEW our Quarterly Tax Refresher (for advisers ONLY) + our Quarterly Employer Briefing. A 25% discount to our NEW tax webinar-update service). You can also commission guides and checklists for your own practice, post comments and upload your own articles. You can access the Virtual Tax Partner service for FREE quick calls, or just a chat.