Happy New Year

We are back with a carefully curated guide to what's hot and what's not for SME owners and advisers.

December was a hectic month. HMRC published responses to summer consultations as well as some of the draft legislation for the 2017 Finance Bill. We have summarised all the key documents for SME tax and we are now working our way through the Finance Bill.

The moto here is 'less is more', and so this week's update highlights key changes; and if you want to go over each different tax, or perhaps look to see 'At a glance" what's new for say Small Companies or maybe for VAT, or perhaps for NICs (there must be someone out there...) then look no further than our 2016/17 rolling planner.

2017 is going to be a very exciting year for us all given the huge number of changes to tax legislation and tax systems. Do read through our Top Ten hits of 2016 as the majority of these are going to be the big ones to watch this year and going forward. We are now all waiting HMRC's responses to the Making Tax Digital consultations. 

I hope that online filing is going well for you all. If you have any tax queries please do try out our Virtual Tax Partner support portal at www.VtaxP.co.uk

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)

Spring Budget date announced
The Chancellor will deliver the Spring Budget on Wednesday 8 March 2017.

Top 10 hits of 2016
What a year 2016 has been in the world of tax!  Here is our run down of the top 10 developments and events.

Latest list of deliberate defaulters
HMRC has released the latest 'name and shame' list of deliberate tax defaulters. The list details the name of the defaulter, the industry, tax avoided, and penalties charged.

Scottish Taxes: rates announced for 2017/18
The Scottish income tax rates, thresholds and personal allowances and LBTT rate have been announced.  

Consultations and OTS

The 'Gig' economy: an OTS focus paper
The Office of Tax Simplification have published a paper ‘Focus on the ‘Gig’ economy: What does it mean in terms of tax.’

Case Update (freeview)

Property dilapidation compensation: capital not income
In James Allan Thornton v HMRC [2016] UKFTT 767 the First Tier Tribunal (FTT) concluded that a dilapidation compensation payment made to a landlord was a capital, not income, receipt.

Jersey business has unexpected UK place of supply
In Multimedia Computing Limited & Deed Poll Services Limited v HMRC [2016] UKFTT 0779 the First Tier Tribunal (FTT) found that services made by a Jersey company with a UK establishment had a UK place of supply and should be standard rated.

Editor's Choice 

2016/16 Tax Update and Rolling Planner
UPDATED: our rolling planner is essential CPD 'At a glance' guide to UK taxes. It covers all the key changes in real time across the main direct and indirect taxes, tax by tax, and shows what is coming up in future years, including links to HMRC's latest round of condoc responses and the work of the OTS.

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

Practical Tax Guides and Updates (subscribers) 


Personal Allowance
NEW: At a glance guide: who is entitled to claim the UK Personal Allowance?

IHT and CGT: passing on investment company shares
NEW: looking at the different ways and timings for gifting shares in a non-trading company? Applies to investment companies including property rental companies.

Personal Tax Account
UPDATED for the latest HMRC guidance and services now available.

Gift Aid
UPDATED for new rules for donations via intermediaries from April 2017 

Investment bonds: a tax guide
UPDATED for HMRC's response to their earlier consultation on part surrenders and part assignments of life insurance policies.


Stamp duty: share for share exchanges
NEW: A guide to when stamp duty relief may be available on share for share exchanges. Including consideration of issues in relation to capital reduction demergers. 

Patent Box
UPDATED for Finance Bill 2017 provisions on cost sharing agreements.


VAT Toolkit summary
UPDATED we've reviewed and updated our summary of HMRC's toolkits, ours includes planning tips too.

Partial exemption & input tax
UPDATED our guide has been reviewed and updated for the latest guidance. 

Colouring books: zero rated for children not adults
HMRC have clarified that only children’s colouring and dot-to-dot books can be zero-rated: the zero-rating does not extend to books marketed for adults.

Car or van for VAT
UPDATED for Finance Bill 2017 provisions to tackle exploitation of VAT relief on adapted cars for wheelchair users.

CPD Webinars

Employers' update Dec 2016


Opportunities in OMB advisory and tax writing
Fancy a change and want to work from home full or part-time? Please read on...

Missed last time's update?

Nichola's SME Tax Update 16 December 2016


  • HMRC agent update and employer bulletin
  • New CPD: Employer Update Dec 2016
  • Allowances: trading and property
  • Close company loans
  • Personal Service Companies (PSCs)
  • Salary sacrifice schemes
  • Company loss relief and SSE
  • Remittance basis and clean capital accounts
  • Festive guides on staff parties, trivial benefits and gifts to customers.
  • Cases on sponsoring a daughter's motor racing career

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