This week we have a Making Tax Digital special. We have a new Toolkit for accountants and advisers and we look more closely at what you need to do in the year ahead.

HMRC is giving itself a lot of powers in setting out the rules for MTD via secondary legislation. I know I keep on about this, however this is extremely unsettling as secondary legislation is not subject to full parliamentary scrutiny. 

On a brighter note, we have lots of useful year end and new tax year guides for you. 

Someone asked why, in the fuss over the chancellor's attempt to increase Class 4 NICs for the self employed, I have failed to highlight all the recent tax hikes affecting small company owners. I need to put that straight then! 2016/17 saw the introduction of a new dividend tax: if you are running a small company and in 2016/17 you have a profit of £58k and so pay a salary of £8k and dividend of £4k, you will now pay £2,025 more in tax than you did in 2014/15. If your profit is say £70.5k, and your dividends £62.5k you pay £2,800 more tax than last year. 

If you worked for your own company and supply your personal services via an agency and you are subject to supervision, direction or control of your engager, or if you are within IR35/the managed service company rules, you will also have lost your entitlement to tax relief when working at a temporary workplace. I cannot guess the cost of that. Yes, I agree with you, massive tax hikes on certain small businesses, many who seem to be paying on behalf of the employment agencies who were exploiting the travel rules. The papers probably don't report this as the tax changes came in at the start of last year.

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)

Probate fees to increase by up to £20,000
There have been protests over this 'stealth tax': new charges apply to estates worth more than £50k from May 2017

Anti-money laundering online registration
HMRC registration for Money Laundering Supervison is moving online. 

EBT loans: HMRC goes back 20 years
Finance Bill 2017 taxes outstanding EBT loans: settle now or wait?

Case Update (freeview)

VAT: Dwellings and planning conditions
Two recent cases demonstrate the importance of the timing of removing planning permission conditions when establishing what is a dwelling for VAT. 

Editor's Choice (subscribers): Making Tax Digital

MTD Accountant's Toolkit
NEW: MTD timetable, Which clients are affected? Who is exempt from MTD? What are the requirements of MTD? Will you need to approach bookkeeping or accounting differently? Will there be penalties? What are the safeguards? What do you need to do in 2017? 

Survival Guide (for the self employed)
UPDATE: most taxpayers are blissfully unaware of MTD. A handy guide to go over with your clients. 

MTD The Index
UPDATES: MTD at glance, legislation tracker and what's new

Practical Tax Guides and Updates (subscribers) 

Tax Planning for the 2016/17 year-end
UPDATE: from using up allowances to claiming reliefs, a handy checklist.

Top Ten tips for OMBs at the 2016/17 year-end
NEW: Last minute advice for clients: What should you focus on as the tax year end approaches?  What should you do before 5th April and what could you leave until later?

Profits from dealing in and developing land
UPDATE: Budget updates new links and planning points (transactions from 6 July 2016 and recognised in accounts up after 8 March 2017)

Transactions in Land
UPDATE: new links and planning points (transactions up to 6 July 2016 and recognised in accounts up to 8 March 2017)

Land deals: overage and future consideration
UPDATE: new links and planning points

Tax advice for 2017/18

Tax efficient extraction of profits: toolkit (2017/18)
NEW: company toolkit designed to help directors decide how to plan salary, benefits, expenses and dividends. 

Directors: tax planning toolkit for 2017/18
NEW: covers key essentials for directors to plan their affairs for the next year.  

Starting in business: start here
UPDATE: what advice do you give a start up in 2017?

Sole Trader v. Limited Company: tax savings (2017/18 on)
NEW: what is the optimum trading vehicle following the Spring Budget announcements? What's new for sole traders? What's new for companies? What's new for company owners?

The Finance Bill 2017 tax update and rolling planner
UPDATE: Our unique tracker new legislation and consultations across all the taxes relevant to SMEs.


CPD Webinars

Small Companies Update

Missed last time's update?

Nichola's SME Tax w-update 17 March 2017


  • House of Lords say 'Put the brakes on MTD'
  • U-turn on Class 4 increases
  • Incorporation of a property business
  • Withholding tax
  • Year end tax planning

Come and join our Cloud

Subscribe (and UNLOCK the whole site) A single user annual subscription is £365 (+ 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 2,500 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.