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Lots of new items this week. Of my favourites:

HMRC has released new guidance as to the meaning of "dwelling house" for capital allowances. It seems to have led to widespread confusion about holiday letting. I hope that my summary corrects this.

An overdrawn director's loan account is a popular source of debate on the web. Our new Directors' loan accounts: toolkit should clarify many of the issues and conflicts.

And finally, the Tax Tribunal has found that a mass market PAYE/NICs avoidance scheme did not work. It seems that the scheme was never properly executed but the judge also indicated that had it been set up it would probably fail on basic principles.

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


FREEview news summary

Capital allowances: HMRC clarifies meaning of dwelling house
A new brief revises guidance for plant and property letting.

PAYE avoidance scheme fails
A cautionary tale: this one did not do what it said on the wrapper. But where was the wrapper?

31 October SA paper filing deadline
A MUST READ summary for advisers this covers dates, proof of posting/receipt and penalties.

NMW: new rates and age limits
The rates changed on 1 October, with the main rate also changing to now include workers aged 21, and a new "apprentice rate".

 


New Guides and Updates

FREE VIEW

Directors' loan accounts: toolkit
HMRC have launched a new drectors' loan toolkit. This is our version, for advisers.

Landlord's Energy Savings Allowance (LESA)
£1,500 per dwelling until 2015.

For PAID subscribers (because you are so special :)

JUST UPDATED:
Property profits and losses
Revised sections on capital allowances, what expenses to claim...More

Furnished Holiday Letting
Revised to clarify captial allowances, outline of new proposals...More

Can I back-claim capital allowances on residential property?
Explaining the ins and outs of our complicated capital allowances regime...More

Surplus cash CGT & IHT Relief and ESC C16
Company has large cash surplus: how does this affect Entrepreneurs' Relief, Business Property Relief, and transations in securities?...More

Unlawful, illegal or ultra vires dividends
Updated links to our directors guides...More

Goodwill and the intangibles regime
UPDATED: explanation of rules for connected party trades straddling 1 April 2002. Can you apportion goodwill?

Pensions: tax planning guides FREEVIEW
UPDATED: new rules from 2011 restrict tax relief on inputs.

An adviser's 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?

Practical Tax Toolkits (part freeview)

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 (part freeview)

 

EMI: checklist
This does what it says on the wrapper.

Designing an EMI share option scheme
Need some help? Please ask for details.


 

Buying and selling businesses

Capital Gains Tax: Entrepreneurs' Relief
UPDATED: for Finance (No 2) Act, a succinct guide for OMB advisers with planning points, pitfalls, worked examples.

Capital gains reliefs: disposal of business assets
UPDATED: new links and examples for incorporation.

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? FREEVIEW
UPDATED: for Finance (No 2) a quick 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
Our unique guide explains the fiddly bits.

Tax planning for 2010/11
This is a rolling update for advisers

A selection of our favourites

What expenses can I claim? Living expenses
NEW: guidance for the self-employed. Want to write a life-style novel and claim tax relief for the costs of your life, or just live above the shop? Read on.

Transactions in securities
NEW: this is not tricky tax! Here we have an easy-to- follow guide covering the 2010 changes with detailed examples.

Transaction in securities: case studies
NEW: what better way to get a grip of this topic than to understand what bites and when?

NEW: a quick guide for advisers

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.


The Advisers' Guide to the PAYE Fiasco FREEVIEW

Our one-off 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 cost of a 12-month subscription for up to 10 Users is just £199 plus VAT (electronic) or £49 plus £5 p&p (book). Have a look at www.hutton-estate-planning.co.uk. Special deals for our subscribers.


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Share scheme basics for small companies FREEVIEW
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.

Enterprise Management Incentive (EMI) FREEVIEW
A share option scheme is ideal for smaller companies.
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