A really short tax web-update this week, due to the fact that we have been working extremely hard to provide you with summaries! I hope that you like it.

Have a good bank holiday, let's hope that May will be a good one!

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)

HMRC Agent Update April 2016
HMRC have issued their Agent Update for April 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered.

File outstanding 2014/15 Returns now to avoid daily penalties
The Low Incomes Tax Reform Group (LITRG) is urging anyone who has not yet filed their online self-assessment tax return with HMRC for the year ended 5 April 2015 to do so by the end of this month or risk being charged more money.

Editor's choice (FREEVIEW)

Tax Planning for Directors index
Here are some of our favourite topical tax guides, toolkits & checklists for directors. 

HMRC consultations: April 2016
HMRC issued six consultations on 20 April: We summarise the main contents and proposals for you. 

Practical Tax Guides & Updates 

Entrepreneurs' Relief
UPDATED: to include more examples showing the impact of the Finance Bill 2016 retrospective amendments.

Register of persons with significant control (PSCs)
UPDATED: to include more detail about the obligations of entities and their PSCs.

Termination, redundancy and leaving payments
UPDATED: following Budget 2016 and HMRC's response to the consultation on simplifying the tax and NIC treatment of termination payments.  

Small Charitable Donations repayment scheme
UPDATED: following increase in small donations limit to £8,000 and to include a section on collections in community buildings.

Editor's choice

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.

Accounting: Simpler Income tax (cash basis) / fixed expenses
Start here: hand guides to help you and your clients decide whether to use the cash basis or fixed expenses or a combination of both.

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 26 April 2016


  • Investors' relief
  • Trivial Benefits
  • Employers' NIC allowance
  • Land & Buildings Transaction Tax: Additional Dwelling Supplement
  • Tax efficient extraction of company profits

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