Hello

In a month's time Christmas will just be another inch on the waistline and we might know a little more about what on earth is happening to Brexit. We bring a lighter web-update this week to celebrate all that.

I spent this morning reading up on the differences between the different potential Brexit  'deals'. My highlights are that Norway does not look much fun and that a Canada without a hard border is going to cost hard cash and has many limitations. That's explained then! Having almost reached the point where I don't care I then turned to look at the way that the PM is selling her vision. She has some new PR advisers who I think are doing a pretty good job. She is out and about and explaining things and the thing about brand awareness is that you have to publicise. In terms of world leaders, it is quite interesting to compare and contrast. It seems Mrs May is pretty normal as things go. We humans appear to be naturally drawn to megalomanics and the more shouting they do, the more attention we give. Just look at who is attending the current G20 summit in Argentina. It seems more like something out of James Bond: the world leaders have become Spectre. Everyone complains about 'big business', but it's not big business that's the problem, humans have a terrible history of electing psychopaths. They get there because they make headlines. They make headlines because the press keeps putting them there. Anyone fancy a cat video?

A nice lot of cases this week hopefully something for everyone.

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 CTA (Fellow) Tax Director

www.rossmartin.co.uk

Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers

Quick news (freeview)

Advisory fuel rates from 1 December 2018
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 December 2018.

Proposed AIA increase leaves some SMEs at a disadvantage In the 2018 budget a temporary increase to the Annual Investment Allowance (AIA) was announced. The ATT has requested an amendment to the draft legislation to allow SME businesses who are disadvantaged in periods which straddle 1 January 2021 to opt out of the increase.

Do you need to register for CIS or corporation tax?
HMRC has updated its guidance to remind overseas property dealers and developers of their new obligations.

Making Tax Digital (freeview)

Making VAT Digital: do I have to join
Use the tool to work out why and when

Editor's Choice (subscribers) 

Pensions contributions: personal v company?
UPDATE: worked examples and FAQs comparing the advantages and disadvantages of having an employer pay your pension.

Tax Guides and Updates (subscribers) 

Structures and Buildings Allowance (SBE)
NEW: Our guide to the new Structures and Buildings allowance announced at the 2018 Budget.

Construction Industry Scheme
Who is a contractor and what are your filing obligations

Enterprise Management Incentive Scheme
Tax advantaged share options for employers. 3,500 companies offered options to employees in 2016/17

Case Update (freeview)

HMRC delay makes Discovery stale
In Clive Beagles v HMRC [2018] UKUT 380 the Upper Tier tribunal confirmed that a discovery assessment may become 'stale' in circumstances when HMRC is aware of a potential insufficiency of tax yet delays in raising an appropriate assessment. 

Solicitors are not data holders for HMRC's data gathering powers
In Wilsons Solicitors LLP v HMRC [2018] TC06778 the First Tier tribunal held that the money laundering record keeping obligations of a solicitors partnership did not make them a relevant data holder for the purposes of HMRC’s data gathering powers.

Information Notice: Tribunal says "Yes" to Private bank records
In Carol Holmes & Andrew Knight  v HMRC [2018] TC6824 the FTT allowed HMRC to access taxpayers' private bank statements. There was evidence that declared business income did not support private cash outgoings.

CIS: did a re-developer become a contractor?
In Thornton Health LLP v HMRC [2018] TC06831 a company persuaded the tribunal that it was not liable to register as a contractor under the Construction Industry Scheme: it was a property investor and although it redeveloped one floor of a building that was not enough to say that it had not changed its business to include construction operations. HMRC also calculated penalties incorrectly.

Private Residence Relief It helps to cook at your property
In Hezi Yechiel v HMRC [2018] TC06829 a property owner failed to prove sufficient quality of his occupation of his property in order to claim capital gains tax (CGT) Private Residence Relief (PRR). He did not cook there, his use of utilities was minimal, he did not bring his son there and had little furniture

Consultations & Policy

First report by OTS on Inheritance Tax
Following a request from the Chancellor the Office for Tax Simplification (OTS) has undertaken a review into the Inheritance Tax (IHT) regime and their first report has now been published.

VAT (subscribers) 

Correcting VAT errors
A topical area worth revisiting.

Flat rate scheme
UPDATE: We get a lot of queries about the FRS and how it works.

CPD & Webinars

Budget 2018: subscriber guide & CPD
UPDATE: key announcements at a glance

See CPD for Lunch

Missed last time's Web-update?

Nichola's SME tax W-update to 16 November 2018

Features:

  • MVD: Lords urge for postponement
  • Condoc on tax relief for intangibles
  • Non-residents CGT and indirect disposals of property rich entities
  • Pensions unauthorised payment charges
  • No IHT relief for donations to UKIP
  • Tax Treaties: Court of Appeal on deeming provisions
  • Budget 2018 update
  • VAT: agents, place of supply and property
  • and much more..

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