Nichola's SME Tax W-update 17 June 2011

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Other headlines: according to the ICAEW's Tax Faculty the wording in the 2011 Finance Bill creates a potential tax trap when the AIA reduces to £25,000 next year. I have created a worked summary for subscribers, but some clients will need to be warned about the timing of purchases.

Incorporation or not? Lots more updates in our incorporation section, but do scroll down to see what is new and updated this time.

Best wishes

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 headlines

False self-employment: what now?
The issue is becoming politicised as unions support a newspaper campaign.

CIOT publishes HMRC's 2009 internal guidance on agents
What happens if HMRC thinks that an agent is under performing.

Childcare and childcare vouchers
Restriction for higher earners calculated after personal allowances, HMRC to publish further guidance in Autumn.

iXBRL watch
Detailed P & L required by HMRC.

Working with tax agents consultation
We summarise the latest issues.

£2 million of new grants for voluntary sector
Grants to provide tax help for the disadvantaged

Budget changes and CT returns
You cannot use HMRC's CT software for post 31 March year-ends until October...More

Adviser's essentials (FREEview)

Salary 2011/12 (avoiding NICs)
What is the optimal salary without incurring a liability for the employer or employee for National Insurance (NICs)?...More

PAYE tolerances
The tolerance for adjustments to tax has decreased from £300 back to £50...More

What is an associated company?
Our summary of the rules from 1 April with links to checklists...More

Guides and updates

For PAID subscribers (because you are so special :)

Recent updates

AIA: rules where there is a change of rate
Time purchases of assets carefully to avoid a tax trap in 2012.

Goodwill: trade related properties
UPDATE: HMRC says new guidance due in August 2011.

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