Just a short update this week. We have a new disclosure opportunity for reporting undeclared self-employment income.There are also updates on fixed rate (employee) allowances and the fixed rate allowance scheme (self-employed), including concessionary treatment for 2013/14 tax returns. We hear that HMRC is closing in on self-employed doctors and medical consultants following the Dr Samadian tax case and we have updated our guidance in respect of travel and "wholly and mainly" to clarify some of the points that you have raised.

The Employers' NICs allowance has also raised a lot of queries in recent weeks, and so we have put together a detailed guide for subscribers which answers your questions and also provides you with workings to see whether in fact there are any savings to be made. Finally, we have updates on LLPs and salaried members – there is a workaround for the new rules but back-dating is limited in scope.

Follow the links below for summaries and briefings.

Best wishes

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 and freeview

Second incomes disclosure opportunity
This is aimed at employees who have not declared any part-time/additional income from self employment.

Fixed sum/flat rate expenses for employees and rules for particular occupations (uniform/allowances etc)
List updated by HMRC on 7 April 2014. HMRC has also updated its tax treatments for particular occupations.

Lorry drivers: updated overnight subsistence allowance
If you like trucking or have employees who do. This allowance is not for self employed drivers.

Badly drafted Sch 36 Notice set aside
In RD Utilities v HMRC [2014] TC03440 a request for a Schedule 36 information notice was set aside by the tribunal because it was so poorly drafted that it was impossible for the parties to know whether it had been complied with.

New 'portlet' for Employment Related Securities service
Use the new portlet from 6 April 2014 to report Employment Related Securities online. Employers are also required to register existing approved and unapproved share schemes.


Subscribers: new guides and updates (paid content)

Employer's £2,000 NICs allowance
NEW: what is the most efficient salary level for an OMB? What are the restrictions for connected employers? What about LLP and company combinations?

Flat (fixed) rate expenses or actual cost toolkit
UPDATE: any size of unincorporated business may use flat rate expenses. There is a concessionary treatment for board and lodging adjustments for 2013/14.

Wholly and exclusively…update
UPDATE: following the decision in the Dr Samadian doctor's travel case, we explain why the tribunal came to different decisions for the different journeys.

Directors' tax planning toolkit 2014/15
UPDATED: our rolling planner for this year

Penalties: VAT
NEW: at a glance guide


Top Tips for Partnerships

Salaried members: when is a partner taxed as an employee?
A new three step test determines whether a LLP member is "salaried member" for tax purposes

Partnerships with mixed membership: excess profit allocation rule
Planning between spouses unaffected.

Running a LLP in tandem with a company
UPDATE: this also provides a handy summary of the new LLP rules.

 

Top Tips for directors

Retirement: a purchase of own shares
Start here with the Index

Converting part of a home into an office 
How to create a tax-efficient home office and not create a taxable benefit or worse still earnings.

Employee Shareholder Status - tax & planning 
Introducing the new measures introducing a new category of employee share owner are interesting for all sizes of companies. Our guide explains all.

 

Essential basics

ABC or alphabet shares: directors & employees 
This links you to guides for directors, family companies and employers. 

Running an LLP in tandem with a company
Tax planning suggestions for alternative structures.

Shifting your income to save tax
Planning and elephant traps! Transfer of income producing assets to a spouse or other family members.

Will I pay less tax if I trade via an LLP?
Despite recent changes?

Purchase (repurchase) of own shares
Step-by-step guide to ensure Companies Act and tax compliance is met to allow a repayment to be treated as capital in the hands of the outgoing shareholder.

 

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