On the eve of tomorrow's Budget, here is a "not-the-Budget" SME tax news update. Lots of points of interest that might be in danger of being buried when "budget fever" grips the tax world tomorrow.

In this time's news we have two capital allowances cases; we've not had any of those for a while. Also, some good news for those who have sold property in France in recent years.  

In passing, we have an update on employee travel and subsistence. HM Treasury consulted on employee travel and subsistence over the winter of 2014/15 amid concerns that the travel rules drive tax planning and abusive behaviour. It concedes that a new set of rules may be required to fit 21st-century working patterns, over the long term. Whilst there are no plans to legislate in the current Parliament, the Treasury says that it will establish a working group and further consultation will take place next year. Watch this space for future updates on this topic. 

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We will return with our Budget summary at the end of the week.

Best wishes

Nichola Ross Martin FCA Tax Director


Your online Virtual Tax Partner®: practical support for accountants, tax advisers and their clients.

Quick News

Transferable married couples allowance
HMRC has announced that registration is now open - online. Bad luck to those taxpayers who have yet to acquire IT skills or a decent internet connection.

Granny bonds and tax
Non-tax paying savers are required to complete form R40 to reclaim tax deducted at source on these new bonds. 

French second home tax illegal
France's 15.5% social charge on property sales by non-French EU residents is illegal says EU court.

Capital allowances

Ex-church qualifies as a "business premises"
A Business Premises Renovation Allowance claim: this case will interest you if you are developing some different kinds of redundant commercial property.

Capital allowances & plant
When a nursing home was purchased no breakdown given in the sales contract for the cost of the swimming pool. The FTT considered how best to calculate what expenditure qualifies for capital allowances. 

HMRC settlement opportunities update

Employee Benefit Trust Settlement Opportunity (EBTSO)
Notify HMRC of your intention to use the EBTSO by 31 March 2015, negotiate the settlement and agree a time to pay (as necessary) by 31 July 2015. 

Contractor loans
These schemes converted income into loans. This settlement opportunity has been extended until June 2015 

The Solicitors' Tax Campaign
This campaign closed on 9 March 2015, you must agree payment terms by 9 June 2015.

Essential reading - subscription content

Pensions: what's new?
Our tracker summarises the various changes made over the last couple of years and includes those changes so far proposed for inclusion in the 2015 Finance Bill.

Tax planning for the 2014/15 year end
Our annual tax planning checklist for individuals

Finance Bill 2015: tax update and rolling planner
Visit this regularly in order to avoid feeling 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
If CGT Entrepreneurs' Relief is no longer available on transfers of goodwill on incorporations made on or after 3 December 2014, what are the alternative options? This practical tax guide takes you, asset by asset, through the steps of incorporation with worked examples to illustrate the interactions of different CGT and income tax relief. 

Employers' NICs allowance
UPDATE: new 2015/16 rates and salary tables to show what salary to pay to maximise your allowances.

What expenses can I claim?
Come and visit this section: ideal for staff training. Expense by expense with top tips, examples and case law updates.

"DIY" small self administered pensions schemes
A SSAS can be set up by an employer to provide benefits for members, usually on a defined contribution (money purchase) basis and run by solely by member trustees. You can create and run your own SSAS.

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