This time we are looking at shares, from share purchases to reorganisations.
We are pleased to launch our new Reorganisations Zone. This new area is designed to provide you with some super practical hands-on know-how for some common but actually quite complicated transactions.
Over the next few weeks we are going to explore different types of transaction, from management buyouts to separating out business activities and de-grouping. While it's impossible to cover every scenario, we have created case studies based on real life scenarios and they cover the main issues that you encounter in practice.
Our pick of tribunal decisions this week serves to show that if you are advising a potential shareholder you definitely should be thinking about the tax consequences of your advice. What will happen when the share is sold? How might the share be sold?
Meanwhile, we have had a lot of queries on the record keeping requirements of Making VAT Digital. Our MVD guide has a full set of FAQS.
Celebrity spotters may have noted that we made a bit of an error in confusing our TV and radio presenters and their IR35 cases in last week's editorial. Our new guide IR35: Kay Adams v Lorraine Kelly v Christa Ackroyd aims to show the differences between their cases and the conclusions reached by tribunals.
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.
Nichola Ross Martin FCA CTA (Fellow) Tax Director
Your Virtual Tax Partner®: online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers
Quick news (freeview)
IR35: comparing the decisions
What was the difference between the facts and circumstances of the recent IR35 decisions on radio and TV hosts, Kay Adams, Lorraine Kelly and Christa Ackroyd?
Trusts and Estates: What’s New? April 2019
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
Making Tax Digital
Making Digital for VAT Zone
Who has to join? What records need to be kept? Do I need to change my bookkeeping system?
Editor's Choice (subscribers)
Reorganisation Zone: Start here
NEW: You can reorganise or separate company activities and different subsidiaries using a variety of different methods. This series of super practical tax guides provide an outline of the tax treatment together with step guides and tax clearance templates.
Case Study: Splitting up two trades
NEW: What are the options for a demerger of two trades? What steps do you need to take? Template for tax clearance.
Tax Guides and Updates (subscribers)
Entrepreneurs' Relief: disposal of shares or securities in a company
UPDATE: this guide is continually updated as we answer your FAQs.
Employment related securities & share schemes
UPDATE: a practial guide explaining the tax consequences and pitfalls to look out for when a company gives shares to an employee or director.
ABC or alphabet shares: directors & employees
UPDATE: What are alphabet shares? Why create different share classes? What happens when you alter share rights? What are the tax issues to consider?
Purchase of own shares
UPDATE: How a company may purchase its own shares from a retiring shareholder. Essential reading for anyone buying a company or advising on it.
Time limits for assessment: offshore
The new 12 year time limits for offshore matters and transfers came into force on 6 April 2019. A review by the Treasury concludes they are a proportionate response to the challenges of offshore tax compliance.
Case Update (freeview)
ER claim fails: share capital determined by nominal value
In Philip Hunt v HMRC  TC02528 the FTT decided that the Entrepreneurs’ Relief test for a % holding in a company’s ‘ordinary share capital’ should be measured by nominal value rather than the number of shares in issue.
Directors share options were not employment related securities
In Vermilion Holdings Limited v HMRC  TC07077 the FTT found that share options granted to a director were not employment related securities; they were not issued by reason of his employment.
Purchase of own shares following a company purchase fails
In Bostan Khan v HMRC  TC0752 an individual who personally bought out controlling shareholders found that the subsequent purchase by his new company of his shares did not qualify for CGT treatment. His subsequent attempt to claim that the transaction was a trade failed too.
Job and Opportunities in Tax
We are looking for tax writers who are interested in flexible working, have practical experience in working in SME tax and want to work with us in creating a new range of tax resources. You need to be keen on technical writing, good at detail and happy to work in the team to keep making www.rossmartin.co.uk such a wonderful resource...More
CPD for lunch
Finance Act 2019
NEW: A webinar covering the latest legislative changes.
Missed last time's Web-update?
- Employer special
- P11Ds, fixed rates expenses
- Travel and Accommodation
- VAT education and place of supply
- Employer Bulletin
- Agent Update
- and much more..
Come and join our Cloud
Subscribe (and UNLOCK the whole site) A single user annual subscription is £399 (+ VAT)
What do you get?
- We keep YOU up to date in SME tax.
- FULL access to www.rossmartin.co.uk: your firm's favourite TAX INTRANET containing over 3,500 actively maintained tax guides, briefings, toolkits and checklists.
- Want to know more? Commission your own articles and checklists.
- Structured CPD our detailed SME tax updates "for Advisers Only" provide topical summaries and planning notes & our webcasts provide you with structured CPD at your desk.
- Regular client tax briefings: these cover the latest business and employment tax issues and are designed to assist you plan meetings and improve your client services.