Due to a technical glitch some of you have not received our SME Tax Web-updates in recent weeks. Our publishing policy is 'less is more' and so rather than republish now and risk over-burdening your inboxes we have made you a summary of the content that you may have missed and which you can read at your leisure.
To go straight to each Web-update:
To view each Web-update in detail, scroll down:
Nichola's SME tax w-update 15th June 2018
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 [2018] 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.
VAT (freeview)
Free wine not free for VAT
In Marks and Spencer plc v HMRC [2018] 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.
VAT (subscribers)
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 an
Nichola's SME Tax W-update 8 June 2018
Quick news (freeview)
Disguised remuneration settlement registration still open
Registration for the disguised remuneration final settlement opportunity was due to end on 31 May 2018; HMRC have amended their guidance to remove this deadline, asking those interested in reaching a settlement to register ‘as soon as possible’.
MTD pilot extended to landlords
HMRC have now extended the Making Tax Digital (MTD) pilot for income tax to landlords.
Case Update (freeview)
Losses & transfer of trade: profits must be streamed
In Leekes Ltd v HMRC [2018] EWCA Civ 1185 the Court of Appeal agreed that corporation tax losses brought forward from a transferred trade could not be used against the future profits of the successors enlarged trade.
Tax Guides and Updates (freeview)
Ceasing trading: overview
UPDATE: each time you make a distribution during liquidation that is a disposal for CGT and you must consider the TiS, the TAAR and whether ER applies.
Editor's Choice (subscribers)
Farmers: what expenses can I claim?
NEW: this guide outlines what expenses farmers can claim for tax purposes, it covers topical case law, VAT and planning ideas.
Tax Guides and Updates (subscribers)
Main residence nil rate band (RNRB)
UPDATE: more details added in respect of transfers between spouses and the £2 million restriction.
Tax planning for university (parents guide)
UPDATE: a topical guide that we have updated ahead of the new term starting in September.
CGT reliefs: disposals of a business or its assets
UPDATE: holdover relief cannot be claimed on a transfer to a trust where it is settlor-interested. This includes where a minor child is a beneficiary.
Sch 36 information notices (subscriber version)
UPDATE: with latest case law.
CGT: deductible expenditure
UPDATE: more information added for part disposals, including A / A + B apportionment and special part disposal rules for small disposals of land.
VAT (freeview)
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.
Student accommodation is still a dwelling for VAT
In HMRC v Summit Electrical Installations Limited [2018] UKUT 0176 (TCC), the Upper Tribunal (UT), dismissed HMRCs appeal, finding that student accommodation could still qualify as a dwelling despite planning restrictions on eligible tenants.
VAT (subscribers)
A VAT Update: What's New? 2018 May
If you missed our VAT update last week, have a look at what has happened in the world of VAT in the last six months.
To view the current week see: Nichola's SME Tax W-update 22 June 2018
