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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's Standards for Agents
HMRC has published its "Standards for agents". The standards are non-statutory and appear largely to be aimed at tax agents who are not members of any tax bodies. In a nutshell: act with integrity and honesty.
HMRC: Agent Update August 2016
HMRC have issued their Agent Update for August 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered.
Consultations
Consultation: Partnership taxation
The Government has launched a consultation, Partnership taxation: proposals to clarify tax treatment. This sets out a number of proposals in areas where they believe there is currently uncertainty.
Consultation: lease accounting changes
HMRC have released a discussion document Lease Accounting Changes: Tax Response ahead of the upcoming changes to lease accounting.
Consultation: simplifying the PSA process
HMRC have launched a consultation Simplifying the PAYE Settlement Agreement (PSA) process which sets our several proposals to simplify agreeing and reporting items in a PSA.
Consultation: aligning dates for 'making good' benefits
HMRC have launched a consultation Alignment of dates for ‘making good’ on benefits-in-kind. This proposes a simpler set of deadlines for employees to make good the cost of benefits in kind (BIKs).
Case Update
Discovery assessment: disclosure in someone else's return
In Simon Miesegaes v HMRC [2016] TC 05129 the First Tier Tribunal (FTT) found that disclosure in a trust tax return wasn't sufficient to prevent a discovery assessment for the life tenant.
Practical Tax Guides & Updates
Flat rate scheme
UPDATED: New information added on claiming a refund if you initially pick the wrong category.
Leases: plant and machinery
NEW: A summary of the accounting and tax treatment of leased plant and machinery (P&M).
VAT groups
NEW: A summary of how and when a VAT group can be formed and the associated advantages and disadvantages.
UK GAAP & FRS: changes from 2015
UPDATED: Further information and examples of transitional adjustments on moving to FRS 102.
Directors: Tax-efficient extraction of funds
This toolkit is designed to help a company and its owner decide how company profits are to be extracted.
CPD 'for lunch'
Bite-sized chunks of structured CPD
Capital Taxes Update
NEW: Our August 2016 update covers Investors' Relief, changes to Entrepreneurs' Relief, the latest rates and more.
Editor's choice: family planning
Tax planning for university (a parent's guide)
New: tax efficient ways to fund a child through higher education
How to gift shares to your family
Step by step guide to making gifts for CGT and IHT purposes.
Family investment companies
An alternative to the traditional trust
Missed last time's update?
Nichola's SME Tax Update 5 August
Features:
- Transactions in Securities and new TAAR
- Managed Service Companies
- OTS consultations on small company taxation
- Insurance: receipts and deductions
- Market gardening
- Discovery assessment
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