This time we feature our updated Tax-efficient extraction of company toolkit. There are numerous new offshore measures and Scottish Tax is diverging from the rest of the UK.

Our new toolkit answers your FAQs as to what combination of salary, dividends, interest, rent and other forms of benefit can be extracted from a company in the most tax efficient manner. We also look at offshore structures and provide you with worked examples.

We also have:

  • New CPD 'for lunch': Dividend Tax and the Employers' NICs allowance. 
  • A briefing on HMRC's proposals to tax offshore developers and dealers in UK land.
  • A step-by-step guide to incorporating a partnership, updated guides to Trivial benefits, case updates and the latest news.

The Accountex 2016 exhibition is on between May 11th and 12th. Do come and visit us on stand A554. We are also giving a talk, please see the details below.

See you soon,

Nichola Ross Martin FCA Tax Director


Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers

Quick news (freeview)

Scottish tax to diverge from rest of UK in 2017/18
Scotland's First Minister has set out her proposals for the Scottish Income tax over the course of this parliament.

HMRC consultation: criminal offence for corporate facilitation of tax evasion
HMRC has opened a consultation to consider draft legislation and guidance for a new corporate criminal offence of failure to prevent the criminal facilitation of tax evasion.

EC action plan to create a single EU VAT area
The European Commission has published a VAT action plan setting out their vision of a genuine single EU VAT area which could see the mechanism for taxing cross-border supplies completely changed.

Taxing offshore developers and dealers in UK land on their profits
HMRC technical note on the proposed anti-avoidance rules

Case Update

APNs: another judicial review fails
In Dr Walapu v HMRC a taxpayer sought judicial review in respect of an accelerated payment notice (APN). All his complaints were rejected.

Supreme Court cuts down film schemes
The Supreme Court has dismissed an appeal regarding the Eclipse 35 film scheme. The tax avoidance scheme failed because its activities never amounted to a trade.

Input VAT on Single Farm Payment Entitlement units can be reclaimed
In HMRC v Smart & Son Ltd the Upper Tribunal found that the company was entitled to a repayment of the input VAT paid when acquiring Single Farm Payment Entitlement (SFPE) units.

Practical Tax Guides & Updates 

For subscribers

Tax efficient extraction of company profits: toolkit
NEW for 2016/17 with worked examples and answers many of those FAQs as to what combination of salary, dividends, interest, rent and other forms of benefit can be extracted from a company in a tax efficient manner.

Investors' Relief
NEW a new CGT relief, this applies to shares issued on or after 17 March 2016 and it is essential that you meet the qualifying conditions from the moment in which you make your investment.

Land and Buildings Transaction Tax: Additional Dwelling Supplement
NEW: A guide to the 3% additional LBTT charge on the purchase of a second dwelling.

Editor's choice   

Trivial Benefits
UPDATED: Includes more detail and examples following publication of HMRC guidance.

Employer's NIC allowance
UPDATED: Includes examples to show which employers will be affected by the single-director company exemption.

Come and visit us at Accountex

If you are coming up to the Accountex exhibition at London's Excel on the 11th and 12th May do come and visit us on stand A554. Why not clock up more CPD and come to our talk, Preach what your Practice: How to be the Most Tax Efficient Accountancy firm EVER! It's not all about re-locating to Panama...See you in the show or in the ATT& CIOT tax lecture theatre Wednesday, May 11 - 3:00 pm - 3:45 pm. 

CPD 'for lunch'

Bite sized chunks of CPD

New: Dividend Tax 2016/17

New: The Employers' NICs allowance 

Missed last time's update?

Nichola's SME Tax Update 15 April 2016


  • New travel rules for personal service companies
  • Employment intermediaries rules and agency workers
  • IR35 update
  • Transactions in Securities
  • Dividend tax 2016/17
  • HMRC employer bulletin for April 2016 

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