We were off last week due to the Accountex Exhibition. It was exhausting, but on the other hand great to meet so many people, and thank you for your excellent feedback.

I have put my Accountex talks up on the site for CPD. If you are interested in seeing how you can run the 'Most tax efficient tax practice...ever!' then check that out over lunch. The title is slightly 'tongue in cheek' alhough they are quite interesting as planning exercises and there are more to come in this series. There is also my Making Tax Digital HMRC v Agents (Practical Issues for Agents) talk. This looks at what you need to be doing this year in preparation for whatever may happen. I also take a good long look at what we know about the exemptions. That raised a fair bit of discussion when I did the talks and it would be interesting to have your feedback.

It's that time of year for P11Ds, but don't over look employment related securities reporting which has to be done separately. Remember that if you have given shares or allowed any employee or director to subscribe to shares in your company you may well have a reporting obligation.

A couple of cases caught my eye this week: we have another 'around the world' tax savings scheme, this is one which relies on the tie breaker clauses of a double tax treaty to avoid CGT. The scheme failed because it was apparent that the trust was being effectively managed from the UK despite the residence of the trustees offshore. The other case featured round the world sailing and the allowability of sideways loss relief in competing in the 'money's no object' world of the America's Cup. 

We also have VAT and SDLT and a whole lot of updated guides for you.

Next time we feature our new pricing guides and have more details on our MTD App. Plus we have our own version of the Agent update. 

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)

Accountex: thank you
Thank you to all of you who came to our talks and visited us on our stand at the Accountex show. It was a pleasure to meet you and in particular our existing subscribers. Thank you also for your excellent feedback.

Employment Related Securities
Reporting and filing deadline 6 July.

HMRC new guidance on Money Laundering Supervision
If you are not registered with a professional body read on

Corporate Criminal Offence of failure to prevent the facilitation of tax evasion
Corporations will need to risk assess their staff, agents and contractors.

Consultation Update

Employee expenses
Deadline for responses extended until 10 July 2017

Making Tax Digital: late submission penalties
Consultation is still open: your input is required!

Case Update (freeview)

Reduced rate doesn't apply to fuel supplied as part of holiday let
In Colaingrove Limited v HMRC [2017] EWCA Civ 332 the Court of Appeal held that the reduced rate of VAT could not be applied to fuel supplied as part of a holiday let. 

Round the world trust scheme fails
Another scheme to take advantage of the Mauritius UK Double Tax Convention fails: the place of effective management remained in the UK.

America's Cup sailing: an uncommercial trade
No sideways loss relief allowed for LLP members engaging in a 'money's no object' sport.

Editor's Choice (subscribers) 

Buy to let: personal ownership v company
What is the most tax efficient option given recent developments, between owning a buy-to-let property personally or via a company, this note considers the income and corporation tax, CGT, IHT, ATED, SDLT, VAT, together with profit extraction and planning points, with case studies links to further guidance.

How to incorporate a buy to let business
A summary of the different taxes involved and the key issues.

SDLT: additional dwellings and company purchase of dwellings
UPDATE: new section on dwellings and land

Practical Tax Guides and Updates (subscribers) 

Savings and tax
UPDATE: new worked examples for 2017/18. Work through these and you will understand the rules, how the savings rate band, personal savings allowance and personal allowance all interact.

Dividend index
UPDATE: Start here for: How to tax dividends, HMRC software specification error, dividend formalities, trusts and disregarded income.

Can I charge my company rent?
UPDATE: How to charge for use of home as a director, links to licence agreement, restriction on mortgage interest relief etc.

Personal service companies
UPDATE: new employment status indicator, summaries of the travel rules and public sector worker changes.


What constitutes a valid VAT invoice?
UPDATED: Upper Tribunal decision in James Edwin Boyce added: HMRC were right not to exercise their discretion to accept alternative evidence where no VAT invoices available.

VAT penalties & assesments
UPDATE: new VAT penalties for participation in VAT fraud, case up-date on under-assessment.

Making Tax Digital

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


Two new webinars:

  • Making Tax Digital: practical issues for accountants

  • How to create the MOST tax efficient practice...ever!


Missed last time's update?

Nichola's SME Tax w-update 5 May 2017


  • Finance Bill Royal Assent
  • New online trust registration requirements
  • Employment related securities: reporting deadline is 6 July
  • Updating of PAYE codes under RTI
  • Cases on late enhanced protection application and employer PAYE determinations
  • Tax planning for directors
  • Giving shares to directors and employees
  • PSCs & IR35
  • Entrepreneurs' Relief
  • Non-domiciled individuals tax reforms
  • Corporate criminal offence of failure to prevent tax evasion
  • Business splitting and VAT

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.