We have a CPD special this time - our Adviser's Land and Property Update which does really what it says, so I won't say more other than it is always interesting putting these together - we scan a huge number of resources as well as legislation and case law for points of interest, so there is something for everyone.
Something amused me today (makes a change!). According to some reports a US senator has noted that Apple appears to have subsidiaries that are not resident anywhere for tax purposes. Is this the tip of an iceberg in avoiding tax or just carelessness?
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
New consultation on LLP tax avoidance
HMRC has just launched a consultation on partnership tax avoidance. The angle is going to be interesting. Although changes will take effect from 6 April 2014, they are intended to have no impact on those partnerships or LLP members that use partnership structures as Parliament originally intended. The question is whether that is possible or not.
NIC holiday for new employers
Last chance to claim for new businesses however this scheme ends in September 2013.
Editor's choice
Land & Property: Adviser's Update
NEW: an excellent source of tax CPD that is designed to update you on all the recent changes in legislation with concise case summaries and examples - all served in manageable chunks.
Leaving payments and directors
NEW: Top Tips for avoiding tax pitfalls on leaver's packages of tax-free lump sum, company purchase of shares and the loan write offs.
Property letting: CGT and IHT issues
NEW: a handy guide to where we now are in relation to various forms of property letting and tax relief.
VAT traps: taking over a business
NEW: if you start to run a similar business to one which operated from the same premises or if you take over an existing business you may need to consider VAT, with case update.
Close companies: tax planning and pitfalls
NEW: changes since March may well affect clients with 31 March 2013 year ends as new close company loan measures counter tax avoidance via use of loans with partnerships, trusts, transfers of value and "bed and breakfasting".
Employee owner status
New briefing note to chat over with clients, with links to detailed guidance.
Joint income: splitting income within the family
A family tax planning exercise involving joint bank accounts went very wrong when HMRC invoked the Settlement provisions. The tax tribunal seems to have had sympathy with a taxpayer who struggled over the interaction of income tax and trusts anti-avoidance.
Investigations: the presumption of continuity
When the `presumption of continuity' is made during the course of a tax investigation HMRC will take the view that an under-declaration made in one year will have been repeated in other years. The onus of proof is on the taxpayer to disprove this.
Guides and toolkits
Directors' loan accounts: toolkit
UPDATED: guidance on tax and NICs treatment of loan releases and write offs: do I gross up or not?
Employee Shareholder Status - tax & planning
NEW: the new measures introducing a new category of employee share owner are interesting for all sizes of companies. Our guide explains all.
Simpler income tax accounting and fixed expenses
Introduction to the new regime
Cash or accruals accounting toolkit
UPDATE: we have added "Adviser Alerts" to warn you about certain aspects of cash accounting that may catch you out. Further guidance on transitional measures of changing accounting method.
Flat rate expenses or actual cost toolkit
UPDATE: new introduction to help explain this new systems to clients with added tips for advisers.
IR35: changes from 2013
From April 2013 under measures introduced in the 2013 Finance Act office holders will become within the scope of IR35.
NICs on dividends
UPDATE: review of the circumstances (based on case law) in which we would expect HMRC to classify dividends as employment income and commentary on the PA Holdings case.
Employment Allowance: NICs £2,000 relief
The NICs holiday ends in September 2013, this relief applies to all employers from April 2014
Finance Acts rolling planner
UPDATE: baffled by the constant changes in tax? Our rolling planning tells you what is new in each tax year for each different topic.
What expenditure qualifies for plant & machinery allowances?
UPDATE: added some examples from HMRC
Close companies: tax planning and pitfalls
UPDATE: s455 tax charge on loans to participators. New measures to counter tax avoidance via use of loans with partnerships, trusts, transfers of value and "bed and breakfasting"
High Income Child Benefit Tax Charge
Only two new questions to go on the 2012/13 tax return & HMRC is making a new calculator
Mansion tax(es) - at glance
Plans to tax individuals (and unsettle the coalition) may have been thrown out, but new annual tax charges apply on higher value property for corporate owners and other non-natural persons from April
Fees and subscriptions (professional bodies)
HMRC updates List 3: have all employees claimed tax relief yet?
CGT Top tips: losses & connected persons
Think twice before selling property to your company at a loss; a cautionary tale of clogged losses.
Essential reading
for paying subscribers only
New
Repairs and renewals
UPDATE: another case on resurfacing and explaining the interaction between the rules for residential property letting, integral features and repairs.
Adviser planning update: losses
Navigating the new losses minefield in 2013/14
Annual Investment Allowance
NEW: a handy summary with planning points
Investigation news
Property Sales campaign
Top tips on HMRC's latest disclosure opportunity
Do I pay a salary or dividend? 2013/14
UPDATE and re-write of last year's highly popular guide and is designed to save you having to do all these workings yourself
Tax masterclass: running an LLP & Co structure
UPDATE: this guide is for trading companies and professional practices: we see many different structures
Disincorporation relief
New: a summary of the proposed rules. You may also register now for new Masterclass
ABC or alphabet shares: directors & employees
UPDATE: essential reading for directors
ABC or alphabet shares: family companies
UPDATE: issues for the family
Distributions & striking off
NEW: this guide explains the rules now that ESC C16 has been legislated and notes potential planning points and pitfalls
High Income Child Benefit Tax Charge
The new charge explained with helpful flow charts to decide who pays and when
Accountancy & tax fees
What is allowable and what is not
Employer pension contributions
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
Tax planning for income at marginal tax rates
Strategies to avoid unexpected tax charges such as the High Income Child Benefit Tax Charge (HICBC)
Property profits & losses: toolkit
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
Editor's favourites
AIA: rules where there is a change of rate
Worked examples
Dividends: index
Guides to dividends: minutes, warrants and tax on unlawful distributions
Salary 2013/14
What is the minimum level before NI becomes due?
Tax penalties: SA late filing & payment
Guide plus examples: don't overlook the late payment provisions
Avoiding marginal rates of tax
Tax planning tips and examples
Tax-efficient profit extraction checklist (companies)
A new checklist and briefing too for companies and their owners
Relevant earnings for pensions purposes
A useful page to bookmark
Most popular
Here is a small selection of our guides (there are now over 900 guides and checklists available to paid subscribers)
PAYE late payment penalties buster
Overpayment Relief (formerly error or mistake)
Goodwill & incorporation: tax issues
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