Hello
This week's highlights: the employment status of Ryanair pilots has once more hit the news and HMRC have opened a self-reporting hotline for businesses who are facilitating criminal tax evasion. The two are not linked.
We also have a new section on Trusts and Estates together with a selection of interesting cases and updated guides for you.
We have a summary the first reported case of penalties for failure to report Non-resident Capital Gains Tax. We have now completed several of these returns: they take a lot longer than you think. If you need any assistance in this area please ask. Do note our Pricing Guides for Accountants!
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)
Spotlight 41: Disguised remuneration: a Supreme Court decision
HMRC has issued Spotlight 41: Disguised remuneration: a Supreme Court decision. This spotlight follows on from the decision of the Supreme Court in the Rangers football club's former company's use of EBTs.
What is on the horizon for the OTS?
The Office of Tax Simplification (OTS) has issued a ‘future work programme’ identifying areas that it will address in the short term, the next 12 months and in the medium term: these include VAT, capital allowances and the effects of new techs on tax.
How to self-report facilitation of tax evasion
As part of HMRC’s approach to dealing with the new offence of criminal facilitation of tax evasion, it has given details of how an organisation can self-report any such offence discovered.
HMRC Investigate Ryanair
HMRC have launched a wide scale investigation into pilots working for Ryanair based around their employment status.
Case Update (freeview)
Extra time to complete LBTT return results in Scottish penalties
In M Watts v Revenue Scotland [2017] FTSTC 1 the Scottish tax tribunal upheld penalties of £890 for a late LBTT return despite no tax being due; ignorance of the law was no excuse for the self-represented tax payer.
Penalties excused for late non-resident capital gain tax return
In Rachel McGreevy v HMRC [2017] TC06109 penalties for a late non-resident capital gains tax return were cancelled; no disposal was proved in the relevant tax year, the taxpayer had a reasonable excuse or special circumstances.
Shift in VAT treatment on search fees
In Brabners LLP v HMRC [2017] UKFTT TC06093, the First-Tier Tribunal (FTT) found that the charge to clients of search fees by a law firm were not disbursements as they are part of the overall service of conveyancing. VAT should be charged.
Editor's Choice (subscribers)
UK Trusts & Non Resident Trusts
NEW: We have added two new guides in a brand new sectionto help explain the complexities of trusts but don't worry, our Virtual Tax Partner support service is still there to assist with those knotty trust issues.
IHT: Business Property Relief Recycling
NEW: Detailed guide to BPR recycling and the tax advisors' version of the 'double dip'.
Deed of variation
NEW: Mini guide to deeds of variation, the tax implications and why you might want to consider using one.
Pricing for accountants
UPDATE: all we have to sell is our time. Price wisely!
Practical Tax Guides and Updates (subscribers)
Non-resident CGT: UK residential property
UPDATE: Our top ten tips for completing a non-resident CGT return.
Corporate Criminal Offence: failure to prevent tax evasion
UPDATE: what is the new Corporate Criminal Offence? What do you need to do?
Property
Tax on financing charges
The new restriction and reporting of mortgage interest relief explained.
How to incorporate a buy to let
Incorporation has attractions following the restriction in mortgage interest relief. Worked examples tax by tax.
Sole traders
Travel: what expenses can I claim?
The type of journey that qualifies for tax relief as business travel depends on the way that the self-employed person trades and where his business operates. This is one areas of tax where a detailed knowledge of case law is essential: we summarise the key decisions. The law in this area is notoriously difficult for both professionals and HMRC to grasp.
Cash or accruals basis or fixed costs v actual costs?
Our guides shows the different options and which claims are possible.
VAT
Disbursements
UPDATE: when can a supply be treated as a disbursement?
Making Tax Digital
MTD for VAT
Draft guidance summarised
CPD Webinars
Missed last time's update?
Nichola's SME Tax w-update 22 September 2017
- New IT chief at HMRC
- VAT: reasonable excuse refresher
- Directors' tax planning toolkit
- Accommodation
- Cycling scheme
- Redundancy
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