We have a new guide to company start-ups, a company update and lots more this time.

The general verdict on Making Tax Digital for VAT according to those of you whom I have talked to recently is that it has claimed at least a month of our working lives this year. I think it will be worth it in the end, but like the Brexit withdrawal agreement, this is only the start of a very long process!

A short editorial this week, we have several outstanding VAT returns to check and try to get through the new system. 

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: you cannot get better value elsewhere!

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)

VAT when you sell a vehicle: issues with HMRC tool
There's issue with HMRC’s ‘VAT when you sell a vehicle’ online tool which is producing incorrect results.

Registering for Self-assessment and the Loan Charge
Anyone who needs to register for 2018/19 has less than a week left and this includes those who need to report and pay the loan charge.

IHT: Receipts up, reliefs down but just 5% have to pay it
Recent figures show an increase in the value of estates and decreases in some important relief claims.

Trust statistics: numbers fall as tax liabilities rise
The number of trusts may have dropped but those trusts paid more tax than in the previous tax year.

Tax Guides (subscribers)

Company start-ups: start here
Our top guides for company start-ups: add value to any start up when you are armed with this knowledge base

Company Tax: What's New? October 2019
A CPD update of recent and upcoming changes, topical issues and useful case decisions

Inheritance tax rates and allowances
It could be an appropriate time to check all those IHT rules.

Trusts & Estates: Ten-year charge reporting requirements
Have you reviewed the trusts you act for whether as agent or trustee? Do they have a ten year charge due in 2019?

Case Update (freeview)

Horse trading: no trade, no proof, no loss relief
In David Cliff v HMRC [2019] TC07358 the First Tier tribunal denied claims for trading loss relief by a tax consultant investing in racehorses; he had not proved there were any losses and was not trading commercially with a view to profit.

EU state aid: Starbucks succeeds, Fiat fails, Apple awaited
If EU Member States give certain multinational companies tax advantages not available to rivals in other countries, it is seen as harming fair competition in the EU. The state aid rules aim to prevent this whilst allowing Member States to retain exclusive competence in determining their own tax laws.

SDLT residential definition not as narrow as for CGT
In Mr David Hyman and Mrs Sally Hyman [2019] TC7271 a Stamp Duty Land Tax claim that a property sitting in 3.5 acres of land was ‘mixed use’ and not residential, failed.

Making VAT more Digital (freeview)

MTD for VAT deferred for Government and NHS
HMRC have announced that businesses who use the GIANT (Government Information and NHS Trust) service will not be required to join Making Tax Digital for VAT until April 2022.

MTD: VAT blog
Making Tax Digital for VAT the on-going drama.

VAT & VAT cases

Cost of Escape Rooms was capital for VAT Flat Rate scheme
In the Great Escape Game Limited v HMRC [2019] TC7375 the costs of the purchase and installation of themed escape rooms were found to be capital expenditure for the purposes of the VAT Flat Rate scheme.

VAT allowed on pre-incorporation expenditure
In Koolmove Limited v HMRC [2019] TC 7305, the First tier tribunal allowed a limited company to claim back input tax on legal fees personally incurred by the director to allow the company to be established.

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

Finance Act 2019

Company cars

see also: CPD Index

Missed last time's Web-update?

Nichola's SME W-update 26 September 2019

  • Direct taxes special
  • Goodwill and services ancillary to land
  • Entrepreneurs' Relief when you have ceased trading, or not.
  • IR35 and Discovery Assessment: were advisers careless?
  • Capital allowances: when plant forms a structure
  • Making VAT more digital
  • and much more..


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