Hello
HMRC have announced that they have a new IT chief. Microsoft's Corporate Vice President Jacky Wright joins HMRC for what looks like a two-year stint and we wish her good luck in her difficult new job.
It seems increasingly as if Making Tax Digital for both income tax and corporation tax will be postponed until after Brexit. HMRC have asked for more staff for Brexit and also, although HMRC have told us what they want us to report, they have yet to produce the APIs to developers. VAT for MTD will, in the early stages at least, be all about getting those who are still using paper accounting systems online.
There has been a bit of chat on taxing robots this last week, which amuses me: it won't be individual robots taking our jobs, it will be systems. In terms of Making Tax Digital, HMRC are set to become the biggest disrupter of all. They are potentially wiping out a fair chunk of the tax software market in one fell swoop.
Interesting stats released on R & D this week. Do check out our guides and we have something special for you on this front coming up.
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.
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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 IT chief to Make HMRC Digital
HMRC have engaged Microsoft's Corporate Vice President Jacky Wright to act as their new Chief Digital and Information officer as part of its Making Tax Digital transformation.
R & D and Patent Box popular with clients
HMRC statistics show increased use of both R & D and Patent Box reliefs.
2 factor authentication headache for business
HMRC have confirmed that the optional 2-step verification (2SV) becomes mandatory this month for businesses. This requires users to combine the government gateway login and password with a security code sent to a mobile or landline. The question is who's phone do you use, and what happens if they are away or out of signal?
Help-to-save: new savings incentive
Draft legislation has been published which will give up to £25 per month to regular savers with a Help-to-save account.
More concessions legislated
HMRC have issued draft legislation for consultation on the latest round of extra-statutory concessions to be enshrined in law, this covers concessions on directors fees, Professional remuneration, Financial loss allowance and Payments from medical committees to members.
Clarity for partnership tax
HMRC have released a policy paper and draft legislation clarifying the tax treatment of partnerships in particular situations, such as where bare trustees, or other partnerships are partners.
An inspector calls...
Adverts & anti-avoidance
Following complaint from HMRC, the Advertising Standards Authority (ASA) have ruled that the way in which a tax avoidance scheme was marketed was misleading and have ordered the advert be changed.
Large business compliance risk review: consultation
HMRC have published a consultation ‘Large Business compliance – enhancing our risk assessment approach’.
Case Update (freeview)
VAT: reasonable excuse refresher
The First-Tier Tribunal (FTT) have released four decisions on reasonable excuse relating to VAT in the last month, which we have briefly reviewed below as a reminder of what might be acceptable.
Editor's Choice (subscribers)
Finance Acts 2017 tax tracker and rolling planner
UPDATE: what's new across all the key taxes for SMEs and their advisers. This guide provides you will an excellent summary, with links to more detailed guidance on each topic and ticks the boxes for your CPD.
Directors and Tax planning
Start here for topical tips and practical tax updates
Practical Tax Guides and Updates (subscribers)
Accommodation benefits
NEW: guide on the tax rules associated with providing living accommodation to employees.
Termination, redundancy and leaving payments
UPDATE: The Finance Bill 2017-18 includes the awaited legislation removing the foreign service exemption from April 2018.
Cycle to Work
NEW: A guide on the tax free provision of unpowered transport to employees.
VAT & Making Tax Digital
MTD for VAT: new guidance
MTD from VAT is due to come in from April 2019
VAT Limited Cost Traders
UPDATE: what's a good and what's a service?
Leaving a VAT Flat Rate Scheme
UPDATE: step by step guide
CPD Webinars
Missed last time's update?
Nichola's SME Tax w-update to 15 Sept 2017
Features:
- Autumn Budget
- Non-doms tax toolkit
- Making Tax Digital: the index
- Entrepreneurs' Relief and share rights
- Much, much more
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