We have lots of updates this week as well as the next in our series of A-Z expense guides, this time looking at Artists.
HMRC have issued their latest Employer bulletin which we have summarised and which includes some tips on common mistakes to avoid when reporting expenses and benefits.
The new Charity Tax Commission have started a review of Charity tax reliefs and our note on this review links you to more detail about the various reliefs available.
Our capital taxes round up has lots of interesting recent cases. Look out for a new CPD on this soon. Speaking of cases it seems that a free bottle of wine you get with a £10 meal deal is not free at all, or at least not for VAT purposes, as the First Tier Tribunal found in Marks and Spencer plc v HMRC (other supermarkets are available!).
With the new domestic reverse charge coming in for the construction industry we have included a new guide on what goods and services are subject to this reverse charge. We have also updated our online marketplace VAT guide with details of what the providers have to do and the new voluntary agreement with HMRC.
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.
Nichola Ross Martin FCA CTA (Fellow) Tax Director
Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers
Quick news (freeview)
Employer Bulletin: June 2018
HMRC have published their Employer Bulletin for June 2018. We summarise the key content for you, with links to our detailed guidance on the topics covered.
Charity Tax Commission call for evidence
Following its establishment in October 2017, the Charity Tax Commission are undertaking a full review of the tax system for charities. The ‘Charity Tax Commission – call for evidence’ has been published to assist with the review.
RTI penalties: 3 day grace period extended to 2019
HMRC has announced it is continuing its RTI penalty concession. Employers have an extra three days to report their payrolls online until April 2019.
Case Update (freeview)
Loan to LLP not an unauthorised pension payment
In Bayonet Ventures LLP and R K Howard v HMRC  TC06493 a loan made by the Bayonet Ventures Pension scheme to the LLP was held not to be a loan to the LLP members and not an unauthorised member payment from the scheme.
Tax Guides and Updates (freeview)
Dividend tax (rules 2016/17 on)
UPDATE: with examples showing how the tax position varies each tax year since the change in law.
DOTAS: Disclosure of tax avoidance schemes
UPDATE: the European Council has adopted new rules requring tax advisors, accountants, and lawyers that design or promote tax avoidance schemes, to report them.
Editor's Choice (subscribers)
Capital taxes round-up: June 2018
NEW: all the latest news and case updates regarding capital taxes.
Artists: what expenses can I claim?
NEW: the latest installment of our sector specific guides on expenses, VAT, case law, and tips.
Finance Act 2018-19: tax update and rolling planner
Our rolling planner includes details of all changes for new 2018-19 tax year and like all our planners is continually updated throughout the year ahead.
Tax Guides and Updates (subscribers)
Goodwill and the intangibles regime
UPDATE: details added about deferral (rollover) relief under the corporate intangibles regime.
Grounds for appeal: taxpayer reasonable excuse
UPDATE: more cases added on what is a reasonable excuse.
Subcontractors: what expenses can I claim?
UPDATE: with recent case law.
Free wine not free for VAT
In Marks and Spencer plc v HMRC  TC06471, the First-Tribunal (FTT) found that the free wine in the 'dine in for £10' offer is not a gift and part of the cost of the deal must be standard rated.
Construction industry reverse charge: consultation
HMRC has published ‘Draft legislation: VAT reverse charge for construction services’, which will bring in a new reverse charge for supplies between construction businesses in order to combat VAT fraud in the sector.
Reverse charge & missing trader fraud (MTIC)
NEW: guide on the domestic reverse charge and missing trader fraud, what goods and services it can apply to, and when it will be enforced.
Land & Property: VAT (notes)
UPDATE: our guide on land and property rules for VAT along with important and latest case law.
Opting to tax land and property
UPDATE: one of the most misunderstood areas of VAT, with a number of potential pitfalls for the unwary. When should you opt? What should you look for if you are buying a property?
Online Marketplaces: joint and several liability
UPDATE: a rewrite of our guide with more information about what online marketplaces have to do, the new voluntary agreement they can sign up to, and when they will be held jointly and severally liable.
How to run the most tax efficient accounting practice...ever Part 3
Slides from a talk by Nichola Ross Martin from Accountex 2018
Missed last time's update?
- Farmers: what expenses can I claim?
- CGT reliefs and deductible expenditure
- MTD pilot
- Tax planning for university
- and much more..
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