If you would like some lighter reading this week, look at HMRC's Top Ten Worst Excuses as used in unsuccessful appeals against late filing penalties last year.

On a more serious note, if you have a client who won't be able to meet the deadline, ensure that the excuse is logged and that the client provides you with sufficient evidence of any reasonable excuse in order to allow a straightforward appeal against a penalty.

With the numerous changes to all areas of property taxation recently it's been difficult to keep up, so this week we feature our Property profits and losses guide and toolkit, along with our comprehensive index to all the many changes and proposals.

We have also updated some of our VAT guides, including the confusing rules on the place of supply of services. This is worth a look for anyone who supplies services to customers outside the UK.

Back soon

Nichola Ross Martin FCA Tax Director


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Quick News

Top Ten worst excuses for late Tax Returns
HMRC publish their list of top ten excuses used in unsuccessful appeals against late filing penalties last year.

HMRC issues 2,000 invalid Accelerated Payment Notices to IT contractors
Those affected are IT contractors who used Montpelier's IR35 Max Partnership tax avoidance scheme.

Case Update

VAT and vouchers: Upper Tribunal Decision      
The long running saga of Associated Newspapers and its VAT treatment of retail vouchers given away to customers has finally come to an end in the Upper Tribunal.

Practical Tax Guides & Updates - for subscribers

Dividends: formalities for companies
UPDATED: A must read for those wanting to pay dividends before the new dividend rates are introduced in April. Make sure the paperwork and the timing is right.

Employers: what's on from April 2016   
UPDATED: Following publication of HMRC guidance as to the system they will expect employers to have in place to check that conditions to exempt reimbursed expenses are met.

Statutory residence and internationally mobile taxpayers

Residence v non-residence tax treatment
An 'At a glance guide': whether income and gains are taxable in the UK

Overseas Workday Relief
NEW: for some internationally mobile employees an employer can apply to operate PAYE only on the percentage of the employee’s total earnings that are for work in the UK.

Land & Property

Land & Property: Adviser's update Dec/Jan 2016
UPDATE: a handy summary, great CPD, listing all of the many changes and proposals with links to our more detailed guides on each topic.

Buy-to-let ownership: personal or via a company
UPDATE: What works better, considering the above changes? Holding a buy-to-let property investment personally or via a company? 

Incorporation of a buy-to-let
NEW: guide to incorporation reliefs and tax treatment, plus practical considerations and planning points,

Property profits and losses toolkit
Our Property profits & losses toolkit takes HMRC's version and adds a great deal more information about what you can claim as an individual. There are separate rules for companies carrying on property businesses.

Property profits and losses: Adviser guide
This should be read alongside our toolkit (as above)

Furnished Holiday Letting
Furnished holiday letting (FHL) is specially treated as a trading activity for income tax, corporation tax and CGT purposes.


VAT: Land and property at a glance 
A useful first reference when dealing with land and property transactions.

Place of supply of services: at a glance
UPDATED: To include details of the general place of supply rules and exceptions for trading inside and outside the EU.

Is voluntary registration worthwhile?
UPDATED: To include new worked examples and a section on backdating voluntary registration.

VAT flat rate scheme
UPDATED: A guide to the entry and exit requirements with notes on capital expenditure and stock on hand. 

Editor's choice:

Dividends: the new rules from 2016/17 (freeview)
This guide explains the workings of the proposed changes to the way in which dividends are to be taxed from 6 April 2016 and features HMRC's examples from its own factsheet with our own workings.

Small Company Tax: What's new?
Plan ahead with our guide to the latest changes and proposals for 2016/17 affecting small company taxation.

Director's planning toolkit 2015/16
UPDATE: Our annual tax planning checklist for directors.  Updated to include reference to changes proposed for 2016/17 which should be considered now.

Private Client: Tax planning for the 2015/16 year end
Our unique year-end and new tax year tax checklist for "Private Clients", it can be used in conjunction with our checklists for Directors, Employers and Self-employed individuals.

Missed last time's update?

Nichola's SME Tax Update 15 January 2016

Features updates for:

  • Small companies and directors
  • VAT and land and property
  • Buy to let ownership and incorporation
  • List3 updated
  • Tax and a payment for goodwill on employment
  • Planning for the 2015/16 year end
  • Land and property: Adviser Update Dec/Jan 2016

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