This time we have our at a glance guide to the Summer Budget 2015.

There is no denying it, whilst the UK is on its way to becoming a tax haven for the biggest corporations with one of the lowest corporation tax rates in Europe by 2020, in the short term, SME owners and family companies are set to be the major losers according to this budget. The proposed changes to the taxation of dividends is something of a kick in the teeth for all those who shoulder the risk of starting up and running their own business; and then there are the changes to the travel rules which will see temps and personal service company (PSC), labour-only contractors considerably worse off. 

We have made some calculations based on the limited information available; draft legislation for the proposed measures is not available until next week.

In other news, and by popular demand, we have a new guide on Buy-to-lets, an update on employment Termination Payments, news on Bearer shares and updated guides on employee share schemes. I am a bit of a fan of share schemes, now that there is going to be a £5,000 dividend allowance perhaps more professional firms will think about employee share ownership. There are some really useful planning opportunities for many firms that are quite possibly being overlooked. I am always happy to chat them over with you.

In passing, if you are still struggling to file employment related securities online, we can help you out.

Back soon,

Nichola Ross Martin FCA Tax Director


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

News and views

Summer Budget 2015: at a glance
A summary with links to all the key announcements, and news on the new dividend tax.

Employment intermediaries: tax on travel and subsistence
Agency workers and personal service company owners are set to lose out as the government consults on overhauling the temporary workplace travel rules.

Urgent action required on bearer shares
The ICAEW points out that changes made in the Small Business Enterprise and Employment Act 2015 have not been well publicised and companies may face penalties

Reporting share events: deadline extended for 2014/15 returns 

HMRC extends the deadline for reporting employment related securities events online after technical issues.

Editor's choice (subscription content)

Buy-to-let ownership: personal v company
NEW: we are now a nation of buy-to-let enthusiasts, what is the most efficient way to hold your property following the latest budget changes?

EIS: practical issues for advisers
NEW: a new guide and new top practical tips 

Share schemes and employment related securities
UPDATE: thinking of offering your employees shares or share options? If not, then why not? Start here.

Employee Shareholder status: tax & planning
UPDATE: the chancellor's share scheme is not as popular as it might be, read on to see the benefits.

VAT: pre-registration input tax
UPDATE: HMRC have change of practice, with also top tips for Flat Rate scheme users and coping with mixed supplies.

CGT: new reporting for non-residents & UK residential property
Don't forget: individuals and companies now need to report ALL transactions with HMRC, within 30 days of the date of completion and make a payment of the tax that is due.

Missed last time's update?

Nichola's SME Tax Update 17 June 2015

  • HMRC's recent climb down on late filing penalties
  • Non-residents and UK residential property: they have only 30 days to report the transaction with HMRC
  • FHL "what is business" for IHT Business Property relief? A new case features a multiple property Furnished Holiday lettings business and relief was denied.

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