Hello
This week we have some amazing announcements to make. We also have free CPD in the form of our Company Tax update and worrying news about loan charge settlements.
Thank you to those who responded with such kind words last week when I revealed that I was having problems in signing up for Making Tax Digital for VAT. I would now like to announce that yesterday, I did manage to register one company. This feels like such an epic achievement that I still cannot really believe it has happened. Last week I also started a blog to record the trials and tribulations and also my key strokes (to try and work out where the system is failing). Please read it if you are having problems. I have identified several issues with the sign up; in my multiple fails and final success I have now diagnosed possible work-arounds.
Recent changes to the rules on Entrepreneurs' Relief mean that you really need to be 100% on top of the legislation and what changed and when in order to work out if a transaction qualifies for relief. The decision making process is particularly horrible if you are newly incorporated or ceased trading. We look at this stuff all the time and we still find it difficult. Not anymore! I am extremely proud to announce the launch of our new Virtual Tax Partner© Toolkit. This is an absolute game changer for me, and actually writing them has been such fun: a range of tools using all the useful properties of the web and making life so simple. You may have already tried our Making VAT Digital mini tool or our Targeted Anti-avoidance Tools for distributions. Our two new additions check whether your disposal of shares or securities qualify for Entrepreneurs' Relief in a matter of seconds. There is a tool for pre 6 April 2019 disposals and one for post 6 April 2019. We are shortly adding more tools to cover the different elements of the relief before moving onto some of the other things which need simplification.
In terms of worrying news, we have noticed that HMRC is having some difficulty in dealing with contractor loan settlements. If you are reading this from HMRC we can see that you need more resources and probably a few group training sessions would be really valuable so that you 'start singing from the same hymn sheet'. Difficult work.
I also noticed that QuickBooks commissioned a survey and found that some 300,000 VAT registered business think that they are 'Making Tax Digital for VAT' compliant when actually they are not. This does not surprise me, so I would suggest to you all, 'Get marketing' and pick up all those businesses that don't have a tax agent.
If you have tax queries contact the Virtual Tax Partner support portal at www.VtaxP.co.uk.
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Back soon
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)
Blog: Trying to sign up to Making Tax Digital for VAT
It is important to keep a record of your actions in case you are later subject to some kind of fine or penalty for a compliance failure. Nichola records her efforts to be tax compliant. Warning: contains spoilers.
Loan charge reporting: Be prepared or be penalised
The deadline for reporting details of outstanding disguised remuneration loans to HMRC is 1 October 2019. The online tool for making these reports is now available; a government gateway account is required as well as full details of all loans.
Loan charge: HMRC is drowning
With only months to go for all ongoing disguised remuneration (DR) settlements to be completed it is revealed that HMRC has not got the resource to cope.
Updates (freeview)
Company Tax: What’s New? June 2019
NEW: topical update covering all the new developments in company tax and accounting with links to our guides and recent case decisions.
Virtual Tax Partner © Toolkit
NEW: tricky tax suddenly got easier.
Editors' Choice (subscribers)
May 2019: the month in summary
NEW: a summary of the newswires for the last month
Reorganisations Case Study 6: POS: buyout retiring shareholder
How to buy out a retiring shareholder. What are your options? Week six in our tour through out new Reorganisation Zone. A series of super practical tax guides provide an outline of the tax treatment together with step guides and tax clearance templates.
Case Update (freeview)
FTT decision not just and reasonable
In HMRC v Total E&P North Sea UK Limited and another [2019] UKUT TC133 the Upper Tribunal overruled the FTT; the method used by the taxpayers to apportion their company profits went beyond what was just and reasonable.
VAT
Bad debts: VAT recovery
UPDATED: When can you recover VAT on a bad debt? How much VAT is payable to HMRC or recoverable from HMRC when only part of an invoice is paid? How far back can you make claims?
CPD for lunch
Capital Taxes Update - May 2019
NEW: a webinar looking at what's new in the capital taxes arena including recent case law.
Reasonable Excuse
NEW: What is reasonable when it comes to filing failures?
Missed last time's Web-update?
Nichola's SME tax W-update 31 May 2019
Features:
- Property tax: different ways of taxing UK property
- Reorganisations case study 5: Management buyout
- 2018/19 Self-assessment tax return toolkit
- Making Vat Digital Zone
- and much more..
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