In this time's web-update we have new guides covering deductions for accountancy fees, sponsorship and employer pension contributions, plus updated checklists and SME tax news.
The Office of Tax Simplification (OTS) has just published a report recommending an overhaul of the taxation of employee share schemes. Absent from its recommendations is the idea of creating a simplified valuation model for smaller companies which is a great pity for small business owners. If we can have flat rate VAT, flat rate expenses and so-called simplified accounting for smaller businesses then why not simplified valuations too? Anyway, not that this would necessarily lead to any simplification; the OTS' proposals for a "simplified accounting scheme" for small business appear to have snowballed into something of a "yeti", unbelivable and terrifying, yet anything but simple. Perhaps HMRC just don't like the OTS!
A tax case, Mundays LLP v HMRC caught our attention last month. Input VAT was disallowed as a result of different treatment for VAT compared to direct tax. Hardly an ideal outcome and probably embarassing for the advisers. We have prepared a new guide on this topic as well as summarising the case in more detail.
Please read on for news, new guides and updates.
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
OTS: share scheme tax rules need overhaul
Independent reviewer recommends big changes to the taxation of unapproved schemes
National Minimum Wage (NMW) & travel
The Low Income Tax Reform Group note that some employers are incorrectly adding in expense payments to calculate the NMW
Case report: disallowed VAT on advisers' fees
Don't rely on HMRC's concessions: in Mundays LLP v HMRC TC02374 input VAT was disallowed on tax advisers' fees in connection with partners' personal tax returns
31 January: time limits for losses
Also for correcting or amending claims on returns (such as for capital allowances)
FREEVIEW guides
Dividends: index
Guides to dividends: minutes, warrants and tax on unlawful distributions
Directors' loan accounts: toolkit
HMRC's instruction to its staff is that they examine directors' private expenditure during the course of an enquiry into a close company's books and records
Tax penalties: RTI (Real Time Information)
NEW guidance
Long-life assets
NEW: solar panels are added to the list
Tax relief for Christmas Parties
Guide for employers
Essential reading
for paying subscribers only
Accountancy & tax fees
NEW: what is allowable and what you need to add back
Employer pension contributions
NEW: last chance for income tax and NICs relief for pension contributions made on behalf of an employee's family
Disappearing tax reliefs
Tax reliefs that are disappearing in April 2013
Advisers' Tax Update: Finance Bill 2013
CPD special: what's new in 2013/14
Enhanced Capital Allowances (ECA) - energy saving plant
100% allowances on ECA it is worth updating clients
Tax planning for income at marginal tax rates
Strategies to avoid unexpected tax charges such as the High Income Child Benefit Tax Charge (HICBC)
Private client tax planning for the 2012/13 year-end
UPDATE: topical tips on dealing with proposed changes in 2013
Directors' tax planning toolkit 2012-13
UPDATE:read this in conjunction with the Private client tax planning checklist above
Property profits & losses: toolkit
UPDATE: our toolkit covers the points made in HMRC's version but adds a great deal more information about what you can and can't claim
Controlled Foreign Companies (CFC)
NEW: an introductory summary for SME owners and advisers
VAT Update
Transfer of a Going Concern - properties
HMRC announces a change of practice where a seller grants a new interest in a land and property business, this follows the Robinson Family Company case. Some scope for repayments of VAT and SDLT
VAT: trading in the EU and abroad
UPDATE: a mini-guide
Recent updates
Employment status checklist
UPDATE: three new cases add some dimension to the existing tests
Capital Gains Tax: Entrepreneurs' Relief
UPDATE: comparing the disposal of part of a business and its assets
Furnished Holiday Letting
UPDATE: a major rewrite to include 2011 FA provisions including examples on Averaging and Period of Grace reliefs
Most popular
Here is a small selection of our guides (there are now over 900 guides and checklists available to paid subscribers)
ABC or alphabet shares: family companies
Can I back-claim capital allowances on residential property?
Tax penalties: PAYE: late payment
PAYE late payment penalties buster
Overpayment Relief (formerly error or mistake)
Goodwill & incorporation: tax issues
Mini-guides and indexes
FREEVIEW
Tax planning for directors
Index to guides and updates
Retirement: a purchase of own shares
A menu and summary
VAT
Toolkits, practical guides, current reclaim opportunities and updates
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