This time we feature end of tax year and new tax year planning guides and updates.

We have been incredibly busy over the last few months in helping subscribers with a vast range of tax queries including HMRC disputes. Disputes are always tricky and it can save you hours of time if you buy into having a second opinion at an early stage. I would recommend this even if you have some kind of fee protection insurance and that insurance provides recommended advisers. It seems to me, in looking at some of the cases that have come past me in the last 12 months, that some advisers apparently have no interest in making a swift conclusion to an enquiry. On a costs v benefits basis, with hindsight, it may be better to fund your own enquiry and spare yourself the pressure of a lengthy investigation. Just a thought.

Looking ahead to 2018/19 there should be some interesting developments in the ongoing saga of the valuation of trade related properties and the existence of that mystical creature, Goodwill. If you are engaged in any disputes on this topic, do get in touch.

Looking at this week, we have kept the news short ahead of the holidays. Don't forget, time to calculate deemed payments for IR35, last chance to process payroll for 2017/18 and if you have not managed to register your trust, then keep trying.

Have a good break.

If you have any tax queries please do try out our Virtual Tax Partner support portal at www.VtaxP.co.uk: subscribers you are entitled to free quick queries so do ask.

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)

Allowing Entrepreneurs' Relief on gains before dilution: a consultation
HM Treasury has published a consultation, ‘Financing growth in innovative firms: allowing Entrepreneurs’ Relief on gains made before dilution’, which looks to protect ER claims for shareholders whose holding is diluted due to fundraising.

Use of online platforms to ensure tax compliance: call for evidence
HMRC have published a call for evidence, ‘The role of platforms in ensuring tax compliance by their users’, which seeks information on how online platforms could be used to help users deal with their tax obligations.

Case Update (freeview)

In William Tinkler v HMRC [2018] UKUT 0073 (TCC) it was argued that a Closure Notice was invalid because HMRC had failed to serve the original Notice of Enquiry on the taxpayer. The Upper Tribunal (UT) decided form 64-8 allows a tax agent to receive notices and so they may be served via a taxpayer. An interesting summary of estoppel is provided in the judgment.

Editor's Choice (subscribers)  

Gardens: selling or developing your land
UPDATE: if you are considering developing your land read this handy guide. Capital gains tax treatment is not assured

Property profits & losses: toolkit (2018-19)
NEW: Guide for dealing with property businesses in the 2018/19 tax year.

Directors: Creating a home office
Many company owners work from home, this note looks at how you may obtain tax relief on the cost of converting the spare room, or building a deluxe summerhouse to serve as an office in the garden.

Directors: how to charge rent to your company
How to charge rent and will the interest restrictions for landlords affect your tax bill

Tax Guides and Updates (subscribers) 

Closure Notices
UPDATE: what are they and how they can assist you when HMRC drags its heels during an enquiry.

High Income Child Benefit Tax Charge
UPDATE: following previous advice to the contrary, HMRC have now confirmed you do not have to have a 64-8 in place as well as CH995 to authorise someone to act in respect of only the HICBC.

Discovery Assessments
UPDATE: a discovery assessment cannot be made by HMRC if the error or mistake arises when the taxpayer acted in accordance with prevailing practice.

End of year and new year tax planning

Tax-efficient extraction of profits: toolkit (2018/19)
NEW: This toolkit is designed to help a company and its owner decide how company profits are to be extracted for the 2018/19 tax year.

Director's:tax planning toolkit 2018/19
NEW: his year's toolkit, like all our maintained guides, is a rolling planner and is updated throughout the year. It  looks at a range of director tax issues, including company profit extraction in conjunction with our extraction of profits toolkit. 

Year-end top 10 for OMBs (2017/18)
NEW: Last minute advice for clients? What should you focus on as the tax year end approaches?  What should you do before 5th April and what could you leave until later? Our top ten for OMB's can help you decide. 

Many (unhappy) returns: to-do list before/after 5 April 2018 
NEW: What tax returns and claims are due before the end of the tax year? This guide is a list of key deadlines for SMEs and their owners: to-do by 5 April 2018.

VAT (freeview)

Supercar experience damage waiver is not insurance
In Supercar Drive Days Limited v HMRC [2018] UKFTT TC06311, the First-Tier Tribunal found that collision damage waiver payments were not exempt supplies of insurance.

Costs sharing exemption
UPDATE: HMRC have confirmed the new, stricter conditions, for cost sharing groups applicable from 22 March 2018, following the DNB Banka European Court case.

VAT (subscribers)

Online marketplaces: joint and sevearl liability
UPDATE: HMRC have issued guidance on what checks they expect online marketplace providers to carry out to ensure overseas sellers are registered for VAT when selling goods to the UK.

CPD Webinars

New CPD click here

Missed last time's update?

Nichola's SME Tax w-update to 23 March 2018


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