A couple more consultations this week. More guides on changes to UK GAAP and some interesting cases, and that is just in the freeview news section! For subscribers we have some interesting new guides and updates. It's summer, why not convert your shed into an office?

We were up at the ICAS practitioner's conference this week, thank you for having us and how nice to meet so many Scottish firms. We are developing our Scottish taxes section of our webservice and will continue to compare the differences between the devolving Scottish tax system and that of the UK.

There was a focus at the ICAS conference on how technology will affect the accountant's role in the future and so it was quite ironic to talk to Rob Weatherup at Lugo IT (they sort out accountant's IT) and find that there is still no superfast broadband even in parts of Glasgow and Edinburgh (the same is true of London). It got me thinking; poor internet affects just about everyone in the UK, perhaps the really grown-up thing to do would be to add a penny to income and corporation tax in order to raise sufficient funding to sort out the problem? The alternative on offer is that we bring more taxpayers into the UK and fund growth that way although of course the downside is that more people also make more demands on all our other services. Short of some economic miracle I can't see how even mass migration will help our infrastructure issues for some considerable amount of time. I am not going to get political but maybe a 1% rise in tax in return for decent broadband might be more attractive prospect for a lot of people.

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)

HMRC consultation: IR35 rules
HMRC have launched a consultation, Off-payroll working in the public sector: reform of the intermediaries legislation, following the announcement of the proposed changes in Budget 2016.

HMRC consultation: SSE reform
HMRC have launched a consultation on reform of the Substantial Shareholding Exemption (SSE) which sets out a range of possible options for change.

Consultation: tips, gratuities & service charges
The government has launched a consultation on the treatment and transparency of tips, gratuities, cover and service charges, this follows the introduction of the National Living Wage.

Realised & Distributable profits: ICAEW update
Following the move to new UK GAAP the ICAEW and ICAS have released guidance on realised and distributable profits under the Companies Act 2016.

Case Update

VAT fuel scale charge: incidental private use
In Broadsteady Limited v HMRC [2016] TC04886 vehicles used by sales reps did not give rise to a VAT fuel scale charge liability as private use was incidental. 

CIS: ignorance is bliss?
In Eric Donnithorne v HMRC [2016] TC05017 a liability under the Construction Industry Scheme (CIS) was discharged as it was reasonable that the taxpayer did not realise he had any obligation to make deductions.

Grazing land qualifies as a business asset
In John Allen v HMRC [2016] TC05100 grazing land qualified as a business asset and not as an investment asset: the taxpayer occupied and farmed the land.

New to us? Take a brief tour of the site (freeview)

A new business? Start here
A selection of guides and checklists for new clients and their businesses

Tax Planning for Directors
Guides to cover all elements of remuneration, dividends, extraction of funds and tax reliefs.

Scottish Tax
A growing section (all included in our basic subscription price).

Practical Tax Guides & Updates (subscribers only)

Directors' loans: new UK GAAP
We summarise the accounting and tax changes arising from the introduction of FRS102 and FRS 105.

Land: future consideration
NEW: A guide to the tax treatment where agreements for the sale of land to developers provide for additional consideration to be paid in the future.

Which relief: IR, ER, SEIS or EIS?
NEW: A handy summary showing the different conditions and restrictions for obtaining Entrepreneurs Relief, Investors Relief, Enterprise Investment Scheme relief and Seed Enterprise Investment Scheme relief.

Disguised remuneration: changes from 2016 onwards
NEW: We summarise the proposed changes to tackle perceived abuse of the disguised remuneration rules, including by the use of EBTs, EFRBS and loans to contractors.

Editor's choice  

Directors: tax issues in creating an office in your home or garden
It's summer! Time to convert that shed.

Sole traders: simpler accounting
A really practical guide, if you are setting up a new accounting system or starting up, this shows you the differences between cash and accruals accounting and when you can claim fixed rate expenses rather than your actual costs.

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

Capital Taxes round-up May 2016
NEW: A summary of recent capital taxes announcements, developments and cases.

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.

Missed last time's update?

Nichola's SME Tax Update 27 May 2016


  • Capital Taxes round-up
  • SDLT vs LBTT
  • Farmers' averaging relief
  • Loan stock: QCBs
  • Land & property update

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