Hello

We have another fun-packed web-update this week. Some good cases: capital allowances, company cars and EBT discovery. There is also the Employer and Agent update and our ideas for tax simplification.

We have been researching the vexed question as to whether accounting software is ready for the Construction industry VAT reverse charge. Responses have been slow however as it is the peak of the holidays we will wait to hear back from a few more suppliers before we take a view.

As you may notice we have been updating and adding our freeview guides to our Tax Data menu (that's on the Top menu). This may make quick browsing on a train easier, all the free guides link to the subscriber versions. 

We had a lot of fun drawing up our list for chancellor Sajid David of our pick of 'easy wins' in terms of tax simplification. It is daft that some people have to use tax charities or software to work out some of the most basic reliefs. We have also asked him to review property letting and the interaction of all those different reliefs and then of course the proposed capital gains tax Private Residence relief changes. 

Enjoy the sunshine.

If you have tax queries contact the Virtual Tax Partner support portal at www.VtaxP.co.uk.

Enjoy the guides and updates and the news is below. Subscribe now!

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 and tax advisers

Quick news (freeview)

Employer bulletin: August 2019
HMRC have published their Employer Bulletin for August 2019. We summarise the key content for you, with links to our detailed guidance on the topics covered.

Agent update August/September 2019
HMRC have issued the Agent Update for August/September 2019. We have summarised the key content for you with links to our detailed guidance on the topics covered.

Jobs and opportunities with us
NEW: tax and non-tax varied roles for our expanding online tax and business platform.

Tax Bait (freeview)

A more light-hearted look at tax and the news

Ten 'easy wins' for the chancellor...on tax simplification
In terms of cost (to calculate and administer) versus tax outcome we pick our top ten choices for Sajid David...More

Ten surprising effects of Brexit uncertainty
It's odd what you find when you review the 'net...More

Freeview updates 

Rollover Relief: At a glance
CGT Rollover relief on the replacement of business assets.

IHT Agricultural Property Relief: At a glance
Agricultural Property Relief (APR).

Savings income: rates and allowances
At a glance: basic examples to show to clients

Tax Guides (subscribers)

Furnished Holiday Letting
Specially treated as a trading activity for income tax, corporation tax and CGT purposes but not normally for IHT. The property does not have to be used by holiday makers to qualify. It can be let by people working temporarily in the area, for example

How to appeal a tax penalty
Start here to make a full and clear appeal. This guide is updated in real time as we review all the latest tribunal and court decisions to ensure that you stay on top of trends in decision making.

How to appeal a decision of HMRC
Guide which explains the process and your rights with a caselaw tracker so you can keep up to date with developments.

Savings income
UPDATE: worked different permutations of the rules and step by step method to claim

Case Update (freeview)

Discovery on disclosed EBT loans is valid
In Stephen Hoey v HMRC [2019] TC07292 the FTT held that discovery assessments on EBT loans which had been disclosed by the taxpayer were valid, and HMRC could decide to transfer the tax due from the employer to the employee.

No capital allowances for underground gas storage cavities
In Cheshire Cavity Storage 1 Limited -and- EDF Energy (Gas Storage Hole House) Limited v HMRC [2019] TC07301 the FTT dismissed claims to capital allowances on underground gas storage cavities; they were not plant and machinery.

Car leased to chauffeur was a taxable benefit for the director
In Aegis Vision Limited and Sanjay Agarwal [2019] TC7038 the provision of a chauffeur and car was a taxable benefit despite some efforts to ensure that the chauffeur was self employed and providing car services in that capacity.

Making VAT more Digital (freeview)

MTD: VAT blog
What a horrible time many of us have had. How was it for you?

VAT (subscribers)

 Agents and principles
Your FAQs answered: Where someone is acting as agent for a principal, it is possible that the income received by the agent on behalf of the principal is outside the scope of VAT for the agent. What is an agent for VAT purposes? When do these rules apply?

Construction Industry Reverse charge
The Construction Industry Scheme (CIS) VAT reverse charge applies to construction services from 1 October 2019. This is an 'At a glance' freeview guide. Subscribers click on Construction Industry Scheme reverse charge your detailed version of this guide with worked examples, templates and client questionaires.

Virtual Tax Partner Toolkit (freeview)

Virtual Tax Partner © Tax Toolkit© Tax Toolkit
NEW: be a winner with our game-changing tax diagnostics tools:

  • Entrepreneurs' Relief: Sole traders: sale of a business, incorporation, sale of assets
  • Entrepreneurs' Relief: Company owners: rules for sales pre 29 October 2018, sales between 29 October 2018 and 5 April 2019 and after.
  • TAAR: closing your Personal service company? Will your final dividends be taxed as income?
  • Salary or dividend, or a mixture of both. Better to claim the Employers' Allowance?
  • Making Tax Digital for VAT: when do you need to join.

TaxKeep Apps
NEW: these Apps are currently free for subscribers. For a small fee they can be customised with your logo and then distributed to your clients. Complete the form to sign up for your own App.

CPD for lunch 

Byte sized chunks of CPD for subscribers

See: CPD Index

Missed last time's Web-update?

Nichola's SME W-update 16 August 2019

  • 10 surprising effects of Brexit
  • How do you tax a UK trust?
  • How do you tax a non-resident trust?
  • Capital taxes round-up August 2019
  • Financial loyalty bonuses are subject to income tax deduction
  • Salary sacrifice & VAT
  • Buy-to-lets & VAT
  • MTD VAT blog
  • and much more..

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  • 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.

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