It's been a busy start to the new year and with tax return season in full swing. We hope you will find our 2016/17 tax return toolkit really useful.

We also detail links to handy guides for the self employed who are struggling to finalise accounts and more toolkits that compare the different methods of claiming expenses. 

On the Disguised Remuneration and EBT front, HMRC have now released details of how to apply to postpone the 2019 loan charge, the deadline may not be for almost a year but given the amount of information required it is not one to leave to the last minute. If you have clients who are affected they may need help with this and we will shortly be publishing our guide on how to complete the postponement application form... look out for it over the next few days.

In the meantime, we have further consultation reviews which are all in the corporate arena, covering the Common Reporting Standard and offshore avoidance, lease accounting and the new corporate interest restriction. Worth a read for those larger corporate clients with more complex affairs.

A point to note is the R&D above the line credit (RDEC) increase (from 11% to 12%) took effect for expenditure from 1 January 2018, so now might be the time to revisit the reliefs available with your clients; remember the large company scheme and the RDEC applies to SMEs in some cases where their own scheme does not so it should not be overlooked.

Finally, HMRC are not accepting credit card payments from 13 January.

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)

Top hits of 2017
Our tax highlights of the past year and an essential read this lunchtime.

R&D relief takes a hike in 2018
The research and development expenditure credit (RDEC) for qualifying Research and Development (R&D) will increase from 11% to 12% for qualifying expenditure incurred on or after 1 January 2018.

Disguised remuneration: how to postpone your loan charge
Following the introduction by Finance Act (No2) 2017 of the disguised remuneration loan charge with effect from 6 April 2019, HMRC have issued guidance on how to make an application to postpone the charge.

Big companies

OECD Consultation: CRS disclosures
The OECD have published a new consultation “Mandatory Disclosure Rules for Addressing CRS Avoidance Arrangements and Offshore Structures”, it considers whether additional reporting requirements will reduce cross border tax evasion.

Leasing: Tax response to accounting changes
On 1 December 2017, HMRC published a summary of the responses to its discussion document “Lease Accounting Changes: Tax Response", combined with a new consultation “Leasing: Tax response to accounting changes”, on proposed new rules to take effect from 1 January 2019.

Corporate Interest Restriction: leasing changes
On 1 December 2017, HMRC published a new consultation, “Corporate Interest Restriction: Tax response to accounting changes for leasing”, on ways to ensure the corporate interest restriction rules work as intended following the introduction of IFRS16 Leases.

Case Update (freeview)

CT losses may be set against income tax

In HMRC v English Holdings (BVI) Limited [2017] UKUT 0842 TCC, the Upper Tribunal (UT) concluded that losses subject to corporation tax could be set against profits subject to income tax.

Editor's Choice (subscribers)  

2016/17 Self Assessment tax return toolkit
An essential summary of last minute tips if you have still to file a return, a 'what’s changed since 2015/16' and top tips for 2016/17 tax return completion. 

Self employed: what expenses can I claim (index)
Your FAQ answered in a series of hand guides

Flat (fixed) rate expenses or actual cost toolkit
There are three different ways of claiming expenses: this toolkit compares the different claims for each expenditure type

Cash or accruals basis?
There are two different ways to prepare a set of accounts in order to arrive at your taxable profits for tax purposes, "Simpler accounting"(cash accounting) or Accruals basis accounting: this is accounting following Generally Accepted Accounting Principles (GAAP). There are different rules to follow for each method.

Tax Guides and Updates (subscribers) 

Finance Acts 2017: tax update and rolling planner
What's hot for the 2017/18 tax year.

Finance Act 2018-19: tax update and rolling planner
What the 2018/19 tax year has in store.

Issuing new shares
UPDATE: planning points, pitfalls and topical case law. Essential reading for anyone forming a company or issuing new shares.

Disguised remuneration
UPDATE: More changes to the this guide with further details about the loan charge and close company gateway.

Closure Notices
UPDATE: To reflect some recent case law.

Goodwill and the Intangibles Regime
UPDATE: To reference HMRC’s view of amortisation in opening and closing years; further update to follow once the Courts decide if they are right.

R&D: Large Company Scheme (RDEC) Guide
UPDATE: Reimbursed expenses and the increase in RDEC rate.



Correcting VAT errors
UPDATE: Details of the draft legislation on how to deal with VAT MOSS return errors is now included in this guide.

Online Marketplaces: joint and several liability
GUIDE UPDATE: For further changes from 1 January 2021 where online market places (or similar platforms) are used to make distance sales of goods.


CPD Webinars

New CPD click here

Missed last time's update?

Nichola's SME Tax w-update to 2 January 2018


  • Employer Bulletin December 2017
  • Agent Update December 2017/January 2018
  • Finance Act 2017 tax update and rolling planner
  • Welsh Land Transaction Tax update
  • MTD consultation on draft VAT regulations

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