Hello
There are a lot of updated guides this week. Our apologies but HMRC have been working really hard in getting out responses to all our consultation responses from the summer.
Of our highlights in this week's web-update, we have guides to the new 'uber'/'gig' trading and property allowances and we have revamped our Close company loans to participator guide as this seems to be an area that continues to trip almost everyone up. Hardly a week goes by without a mention of Personal Service Companies, we have updated the 'What's New' part to this guide.
We have many updated practical tax guides following HMRC's responses to consultations and the new measures for Finance Bill 2017. We also feature HMRC's updates for Agents and Employees and to cap it all we have also our quarterly Employers Update and a new CPD webinar.
It's not beginning to feel too much like Christmas yet due to the high volume of tax queries coming to our Virtual Tax Partner portal and I wager that most of you are up to your necks in tax returns. Perhaps our feature guides to Staff Parties, Gifts and Trivial Benefits will cheer you up. Have a mince pie and cuppa and get stuck in!
Enjoy the guides and updates and the news is 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)
HMRC Agent Update Dec 2016
Our summary of the highlights with links to our detailed guidance on the topics covered.
HMRC Employer Bulletin Dec 2016
Our summary of the highlights with links to our detailed guidance on the topics covered.
Case Update (freeview)
Tax deduction allowed for daughter's motor racing sponsorship
In The Crown and Cushion Hotel v HMRC [2016] TC05492 the First Tier Tribunal (FTT) allowed corporation tax relief: a carefully worded contract and commercial terms ticked the 'wholly and exclusively' boxes.
Tax and Christmas Guides
(subscribers)
Staff Parties and annual functions (FREEVIEW)
Tax relief for the Christmas Party
Trivial benefits
Presents for staff...
Gifts to customers
...and the customers too.
Top Tax Free Perks and Benefits
Summary of the most popular staff benefits
Editor's Choice
Employers: What's On - Dec 2016
NEW: An essential CPD update for employers highlighting recent and upcoming tax changes together with a round-up of cases.
Allowances: Trading and Property
NEW: Details of the new £1,000 allowances for 'Uber' or 'Gig economy' activities, or to be used simply as a deduction against trading and property income.
Close company loans toolkit (loans to participators)
UPDATED: we've revamped and updated this important guide for OMBs
Personal Service Companies PSCs
UPDATED: HMRC's response to this summer's consultation: new rules for public sector workers and Flat Rate VAT.
Practical Tax Guides and Updates (subscribers)
Salary Sacrifice Schemes
UPDATED: HMRC have published their response to the August consultation together with draft legislation in Finance Bill 2017.
PAYE Settlement Agreements
UPDATED: HMRC have published their response to the August consultation together with draft legislation in Finance Bill 2017.
Companies and loss relief
UPDATED: HMRC have published a response to the May consultation together with draft legislation in Finance Bill 2017 covering the majority of the new measures due to take effect from April 2017.
Substantial Shareholding Exemption
UPDATED: HMRC have published a response to the May consultation together with draft legislation in Finance Bill 2017.
Accelerated payment and Follower Notices
UPDATED: HMRC have published guidance for taxpayers.
Penalties for enablers of tax avoidance
UPDATED: HMRC have published responses to the summer's consultation firming up further details of the new penalty.
Remittance basis (overseas income)
UPDATED: more information added on the importance of clean capital accounts when non-doms become UK resident
Webinars: CPD for lunch
Missed last time's update?
Nichola's SME Tax Update 9 December 2016
Features:
- Disguised remuneration.
- Notifying HMRC about offshore structures.
- SEIS & EIS advanced assurance.
- PSCs and the public sector.
- Northern Ireland Corporation Tax.
- Grassroots sport contributions.
- Soft drinks industry levy.
- Furnished holiday lettings.
- Cases on ATED returns, VAT recover on MBOs, R&D relief and closure notices.
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