We have a Land & Property special this time, with our latest Adviser's Update providing a detailed summary of all the recent developments and proposals in all areas of property taxation from income tax to SDLT.

As you may know the capital gains tax rates reduce to 10% and 20% from April 2016.  This seems to have gone unnoticed by many advisers.  The reduction does not apply to residential property gains and we have a new guide about these gains and how to calculate them.

We also review the Languard Homes VAT case which reverses HMRC's long-standing position on the conversion of mixed-use properties. The case involved a pub conversion, the VAT law in this area has been described in past cases as "absurd".  It is rumoured that HMRC may appeal the decision and that would be good news as the trouble with First Tier Tribunal decisions is that they don't set any precidents and so HMRC only relies on them if it likes them.

Next week we are exhibiting at Accountex in London, and it would be lovely to meet you if you have the opportunity to attend.  Details are below.

Back 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)

Liechtenstien Disclosure Facility yield still rising
HMRC had updated its LDF yield statistics which sho that the number of disclosures and the average disclosure levels continue to rise.

Treasury Committee concerned about software costs of Making Tax Digital
The Chairman of the House of Commons Treasury Committee has written an open letter to David Gauke, the Financial Secretary to the Treasury, raising concerns about the implementation costs for businesses of the Making Tax Digital proposals.

HMRC to relax Apprenticeship Levy rules for connected employers
Many small businesses will benefit from proposed amendments to Finance Bill 2016 which will allow connected employers to share the £15,000 Apprenticeship Levy allowance which will be introduced from April 2017.

VAT treatment of non-residential conversions without planning consent
HMRC have published a brief clarifying their position on the VAT treatment of the conversion of non-residential properties into dwellings where statutory planning consent is no longer required.  This includes conversions by claimants under the DIY Housebuilders Scheme. 

Case Update

FTT overrules HMRC over VAT treatment of mixed-use property conversions
The FTT found for the taxpayer in the Languard New Homes VAT case, agreeing that the conversion of a mixed-use property into residential properties should be zero-rated. HMRC may well appeal.

G4S parking fines not tax deductible
In G4S Cash Solutions (UK) Ltd v HMRC [2016] TC05015 the First Tier Tribunal confirmed that parking fines incurred by the company could not be deductible for tax purposes.

Freeview Guides

CGT: Residential Property - signpost 
NEW: A summary of all the recent changes to the taxation of income and gains arising from UK residential property, with links to our detailed guidance on each topic.

Practical Tax Guides & Updates 

For subscribers

Land & Property: an Adviser's Tax Update May 2016
NEW: A summary of all the latest news and updates from all areas of property taxation with links to our detailed guidance on each topic.

CGT: New rates and Residential Property gains
NEW: This practical guide considers the definition of residential property gains which are excluded from the new lower rates of CGT and includes worked examples showing how to calculate the relevant gains. 

Editor's choice  

VAT and property
An 'at a glance' guide to VAT on common land and property transactions

Buy-to-let ownership: personal or company?
What works better, holding a buy-to-let property investment personally or via a company?

Finance Bill 2016: tax update and rolling planner
Keep up to date with all developments and announcements for the 2016/17 tax year and beyond with our rolling planner.

Come and visit us at Accountex

We are exhibiting at Accountex this year - 11/12 May 2016. The show is held at London's Excel.

We would like to invite you to;join us for a demo if you are new to our service, or if you are a subscriber then come and say "hello". It would be lovely to meet you face to face...More


Missed last time's update?

Nichola's SME Tax Update 29 April 2016


  • Tax planning for directors
  • Tax efficient extraction of company profits
  • Entrepreneurs relief
  • Register of persons with significant control (PSC)
  • Roundup of HMRC consultations
  • HMRC Agent Update

Come and join our Cloud

Subscribe (and UNLOCK the whole site) A single user annual subscription is £349 (+ VAT). 

What do you get?

  • We keep YOU up to date in SME tax.
  • FULL access to www.rossmartin.co.uk: your firm's personal TAX INTRANET containing over 1,500 actively maintained tax guides, briefings, toolkits and checklists.
  • Want to know more? Commission your own articles and checklists.
  • Structured CPD: our detailed SME tax updates "for Advisers Only" provide topical summaries and planning notes & our NEW webcasts provide you with structured CPD at your desk.
  • Regular client tax briefings: these cover the latest business and employment tax issues and are designed to assist you plan meetings and improve your client services.
  • Nichola’s regular SME tax news web-update: we do the reading and cherry pick the best of the taxpress, magazines and websites for you.
  • You can also commission guides and checklists for your own practice, post comments and upload your own articles.
  • Access to the Virtual Tax Partner ® service provides subscribers with FREE quick calls and a discount of on phone, email and tax support and mentoring.