Hello
This time we have several exciting new guides that are designed to tackle some of the difficult questions that we all come up against from time to time.
These include a mini guide to trust changes for 2016/17, to assist with tax return completion, a new overview on foreign currency gains, updates on joint property ownership and elections, a closer look at the IHT NRB, VAT updates and much more.
We also feature some useful tax cases on share valuation and there is a new Agent update.
The GAAR Advisory panel has also issued an opinion: this is the first opinion it has ever made and it focuses on schemes to circumvent the disguised remuneration (EBT) rules using gold bullion. HMRC have a new spotlight on a similar topic.
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 more news and updates are 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)
New sanctions reporting obligations for accountants
Under changes to the European Union Financial Sanctions, a whole range of new businesses must report anyone who they suspect is subject to international financial sanctions to HM Treasury.
Change to VAT on mobile phone charges
From 1 November 2017, when a UK individual uses a UK mobile phone outside the EU, UK VAT will be charged.
Agent update August/September 2017
HMRC have issued their Agent Update for August / September 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Dynamic Coding and in-year adjustments
HMRC has now started using RTI data from employers to recalculate employee tax codes in real-time. This will be used when a tax code review is triggered, such as when a new BIK is notified.
A tax inspector calls...
Spotlight 39: Disguised remuneration re-describing loans
HMRC has issued Spotlight 39: 'Disguised remuneration: re-describing loans'. This features a scheme which attempts to avoid the disguised remuneration rules and the new 2019 loan charge.
First Opinion of GAAR Advisory Panel
The GAAR Advisory Panel (GAP) has puublished its first Opinion Notice, which is on the consequences of remunerating employees by means of gold bullion held in an Employee Benefit Trust.
Case Update (freeview)
Drafting error did not invalidate closure notice
In Mabbutt v HMRC [2017] UKUT 0289 the Upper Tribunal (UT) concluded that a drafting error on a closure notice was not enough to invalidate it. This saved HMRC £653,000.
Choice comes out on top in domicile divorce
In U v J [2017] EWHC449 (Fam) a well-travelled divorcing spouse changed her domicile to England and Wales despite only spending a short time there nearly two decades ago.
Articles override fair value
In Cosmetic Warriors Ltd v Andrew Gerrie [2017] EWCA Civ 324, the Court of appeal held that the Articles of Association created a statutory contract setting out how the shares had to be valued. As no provision was made therein for discounting a minority holding no discount should be applied.
Valuation of AIM shares
In Netley v HMRC [2017] TC05904 the Court considered the valuation of unquoted shares for tax purposes, with particular emphasis on the relevance of quoted share prices and a lengthy analysis of the information that could be expected to be available to a prospective purchaser. This was the lead case on the market value of shares in Frenkel Topping Group Plc.
Editor's Choice (subscribers)
SA302: mortgage applications
NEW: Our new guide on how to get an SA302 and Tax Overview for your clients who are applying for a mortgage.
Trusts: changes in 2016/17
NEW: mini guide and essential reading if you are preparing tax returns.
Image rights and tax
UPDATE: Updated following the release of HMRC's limited guidance on image rights payments
Foreign Currency Gains
Taxation of foriegn currencies is a historically complex area. The same rules apply to cryptocurrencies.
Practical Tax Guides and Updates (subscribers)
Joint property: legal v beneficial ownership
UPDATE: This guide deals with the tax rules for joint property and joint elections and includes examples and step by step analysis.
How to form a company
UPDATE: Companies House have released the main reasons why company incorporations are rejected. Use our guide to avoid the same problem.
IHT: Pre-Owned Asset Tax (POAT)
UPDATE: This guide provides an overview of the rules for pre-owned assets and the income tax charge on benefits received by a former owner of property.
Main Residence Nil Rate Band (RNRB)
UPDATE: Additional guidance included on downsizing and RNRB when Trusts are involved.
VAT
Car or van for VAT?
UPDATE: What is a car for VAT? What is a van for VAT? What VAT can be recovered on a car that is bought? What are the new rules on zero rating for cars adapted for wheelchair users?
Place of supply: services
UPDATE: New rules for mobile phones used outside the EU apply from 1 November 2017.
CPD Webinars
Missed last time's update?
Nichola's SME Tax w-update to 11 August
Features:
- Transactions in securities: the new TAAR
- Tax planning for directors
- Non-doms and the new tax regime
- Designing an EMI scheme
- Much, much more
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.
