The Finance Act 2017 has received Royal Assent and now all is quiet due to the pre-election purdah. We do have some news and case write ups for you, together with more updated guides in our database.

Editor's pick this week: check our Entrepreneurs' Relief guide, there are some really useful case summaries there particularly around relief for disposal of shares. On the subject of shares, do not forget the requirement to file an end of year Employment Related Securities return if shares or options have been given to directors or employees. If you are thinking of making a share award, we feature another guide on that this week too.

HMRC is finally going to start using real time information to update PAYE codes, so hopefully we should see fewer Regulation 72 and 80 directions in the future (we have a fairly typical case summary illustrating one of those this time). It would be useful if agents could adjust codes DIY, however the process should be easier now that taxpayers have Personal Tax Accounts, if you are able to access yours.

Accountex 2017: please come and visit our stand. It's on the 10th and 11th May. If you scroll down you can pre-book a demo of our site, come and try our new MTD Apps for small business or just come and say hello. See you there.

If you have any tax queries please do try out our Virtual Tax Partner support portal at www.VtaxP.co.uk

Finally, the BBC did a survey and apparently parents are using their mobile phones too much and children don't like it. Poor, poor little mites, what will they do when Mummy and Daddy are having to do their bookkeeping in real time under Making Tax Digital. I will leave you with that thought!

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)

Finance Bill 2017: Royal Assent
The remaining clauses and schedules of Finance (No 2) Bill 2017 received Royal Assent on 27 April 2017, so becoming Finance Act 2017.

New online trust registration requirement
In June 2017 HMRC will launch a compulsory online Trusts Registration Service for all trusts with UK tax liabilities and complex estates. 

Employment Related Securities: reporting 2016/17
UPDATE: filing deadline is 6 July 2017.

PAYE codes updated under RTI
HMRC will start to use real time information (RTI) to update PAYE codes in May.

Case Update (freeview)

Enhanced protection: late appeal allowed
In John Jackson v HMRC [2017] TC05818 the First-tier Tribunal allowed a late application for enhanced protection by a Chartered Accountant: the taxpayer had a reasonable excuse. 

PAYE determination on employer upheld
In Champneys Tring Limited v HMRC [2017] TC 05685 the First-tier Tribunal (FTT) upheld a PAYE determination on an employer who used the wrong PAYE code after failing to check an employee's starter information: she had a second job.

Editor's Choice (subscribers) 

Tax Planning for directors (index)
UPDATE: links to our latest guides and updates for 2017/18

Giving shares to directors and employees
UPDATE: This is a guide explains the tax consequences when a company gives shares to an employee or director and will assist you in designing share schemes.

Personal Service Companies & Tax
UPDATE: new measures for those working in the public sector, last minute changes to the Finance Act, and a closer look at the travel rules.

UPDATED: New example included covering 2016/17 and the change in travel and subsistence rules.

Practical Tax Guides and Updates (subscribers) 

Entrepreneurs Relief
UPDATE: Summaries of all the different forms of this relief summarised with examples and case decisions. 

Corporate criminal offence: failure to prevent tax evasion
UPDATED: Legislation has now received Royal Assent as part of the Criminal Finances Act 2017.

Non-domiciled individuals & tax
UPDATE: new rules were supposed to apply from 6 April 2017, the measures were omitted from the Finance Act.


Business splitting
It might seem a good idea: split the business to avoid tax, but how effective is that?

Making Tax Digital

Accountex 2017
Book in for a demo of the site, or to try out our new Apps for small business...Read more

Making Tax Digital: toolkit for accountants
UPDATE: what's hot and what's not in MTD. Planning for MTD for you and your clients.

Making Tax Digital: index
UPDATE: the latest news

CPD Webinars

New CPD click here

Missed last time's update?

Nichola's SME Tax w-update 28 April 2017


  • Finance Bill cut ahead of General Election.
  • HMRC: no more P60 information over the phone.
  • HMRC's latest Agent Update.
  • Private Client and Employer's Updates
  • Joint property and legal v beneficial ownership
  • Transfers of value for IHT
  • Rectification of trustee mistakes.
  • Liquidation / strike off: tax returns.
  • Bad debts: VAT recovery.

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