Hello

This time we feature a rather unique tax penalties case, some new online services from HMRC and new at a glance guides, updates and generally useful tax stuff.

My favourite guide is the Finance Bill and our "what's new" rolling planner. It continues to evolve and it links to other guides like, such as our new mini guide to creative industries tax reliefs.

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.

Quick News

Tax penalties: when an error in a tax return is attributable to another person
The first case of a penalty of this kind. A son's failure to disclose a lifetime gift made by his father (from an undeclared Swiss bank account) landed him with an £87k penalty, even though the relevant tax return was filed by his father's executors.

Company car online updater
HMRC has released a new service: DIY updating for company car and fuel benefit.

How to reclaim s455 tax on participators loans repaid
A new form from HMRC.

Freeview guides

Creative industries tax reliefs: at a glance guide
By 2016 there will be six creative industries tax reliefs. Theatre and Orchestra tax relief will be useful reliefs to bear in mind for small groups.

Capital Gains Tax reliefs

Do you know your roll over relief, from your hold over relief? What are the limits to Entrepreneurs' Relief? What reliefs can you use on incorporation or disincorporation? Who can claim a main residence relief and when do you need to make an election. What happens now if you are a non resident with a UK residential property? Start here for an a glance guide to the key capital gains tax reliefs available to individuals and companies, with links to detailed guides and examples.

Essential reading - subscription (paid) content

Pensions: what's new?
NEW: our latest subscriber guide tracks the key changes in the pensions rules for individual over the last three years. We also includes planning points and links for smalll employers planning their auto-enrolment.

How to appeal a tax penalty
UPDATE: on many occasions we see that tribunals reducing penalties on appeal because HMRC has failed to consider whether any special circumstances exist. 

Finance Bill 2015: tax update and rolling planner
Book mark this page! Don't ever feel overwhelmed by the huge volume of new tax rules and regulations: our rolling tax update and planner sets out all the key measures, dates and deadlines for you. Budget 2015: will take place on Wednesday 18 March 2015.

 

Editor's choice

Incorporating a business
It is proposed that CGT Entrepreneurs' Relief will not apply to transfers of goodwill on incorporations made on or after 3 December 2014, so what are the alternative options? This practical tax guide takes you asset by asset through incorporation with worked examples to illustrate the interactions of different CGT and income tax relief.  

CGT: different ways of taxing UK residential property
Companies will be subject to two CGT regimes from 1 April 2015, this guide summarises the new tax regimes for UK and off-shore companies and individuals from 1 / 6 April 2015.

CGT: main residence relief
This guide is stuffed full of practical guidance and like all our practical tax guides this one tracks cases in order to illustrate the major tax traps and pitfalls of this relief.

Practical tax notes on the legal formalities and tax treatment of dividends:

Legal or unlawful dividends: Companies Act 2006
Summary of the requirements of the Companies Act 2006 to be followed on paying dividends.

Unlawful or illegal dividends: tax
A guide summarising the different tax charges depending on outcomes following an illegal dividend.

Dividends: formalities for companies 
A briefing and overview for discussion with directors.

Templates

Dividends: board minute

Dividends: tax voucher

See also  our Directors' loan accounts: toolkit and Close companies: tax planning and pitfalls for details of the section 455 tax charge and way that Chapter 6, Part 4 ITTOIA 2005 treats certain benefits and expenses to participators as dividends.

Employee share schemes
Giving shares to a new director or employee? The shares are very likely to be "Employment Related" and there are important income tax and reporting considerations. This practical guide provides an outline of the tax consequences when a company gives shares to an employee or director.

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