As unprecedented numbers of Extinction Rebellion (XR) protesters hit the streets we look at the top ten 'no brainers' that we can do to reduce our business's impact on the environment and what incentives the government offers to help us do that.

We also have one of our regular Director's Tax Planning updates together with a summary of the new Employment Related Securities Bulletin and we have been working hard in updating and editing core guides.

Our aim in making and updating this webservice is to try and produced a really practical tax database that covers all your key tax FAQs (frequently asked questions). Recent changes to both the Entrepreneurs' Relief and Liquidations Transactions in Securities rules are proving particularly challenging for many small company owners. We have created toolkits directly from the leglislation for these. Subscribe now. The introductory Tier 1 sale price ends at midnight on 15 October 2019.

It was World Mental Heath day yesterday. We were going to feature some tribunal cases where depression and OCD were offered up as reasonable excuses for compliance failure as I note that these issues seems to affect a lot of professionals and tradesmen. On balance, we decided that these cases all arrive at the same conclusion: it you are ill and this affects your ability to meet your tax obligations then 1) do seek help and 2) obtain a doctor's note to prove to HMRC that you are/were ill. Much easier said than done if you are not functioning properly, but you need to provide evidence to back up any excuse. That is the 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)

Off-payroll working: fears about powers to transfer PAYE liabilities
The Law Society and ATT have again expressed concern that the draft legislation which extends the off-payroll working rules to the private sector fails to protect parties who are not at fault from secondary PAYE liabilities.

Employment Related Securities: What’s New? October 2019
HMRC's latest Employment Related Securities Bulletin contains some handy tips. This is our enhanced version.

GAAR panel: cash extraction by ES shares
The GAAR Advisory Panel has published an opinion on schemes aimed at extracting cash/value from a company by its directors using Employee Shareholder shares concluding that the planning is unreasonable and therefore inconsistent with government tax policy.

Patent box & R&D relief claims rise but drop expected
Annual figures released by HMRC show a substantial increase in the value of patent box and R&D relief claims for 2016/17 but suggest there could be a reduction for 2017/18.

Editor's pick

Easy Eco: ten essential steps to reduce your business' environmental impact (freeview)
What can you do and, what tax incentives are currently on offer, to assist you in running a more climate friendly business?

Directors' tax planning: Update October 2019 (subscribers)
NEW: Our latest CPD update of issues affecting directors, tax planning tips and potential problem areas. 

A new business? Start here (freeview)
UPDATE: step by step through a start up

Tax Guides (subscribers)

Entrepreneurs' Relief
UPDATE: there are 7 versions of this relief and the rules changed radically in October 2018 and April 2019.

Is it a trade, a business, or an investment activity?
Is your business a trade, a business, or an investment activity? The distinction is very important for tax purposes. This guide summarises key issues.

VAT: starting a business
UPDATE: Are you running a business? What is a business for VAT? When should you register?

What constitutes a valid VAT invoice?
What is a valid VAT invoice? Can you claim back VAT if the invoice is in someone elses' name?

Case Update (freeview)

Death bed planning fails to save IHT
In Alberto Nader, Alison Nader, Harold Dickins & Ors v HMRC [2019] TC06524 the First Tier Tribunal found that a series of transactions designed to reduce the deceased's estate by creating a loan to an offshore trust was ineffective in reducing the IHT due on her death.

Appeals to proceed despite delays, old age & lost evidence
In Brian Abrams and Eric Abrams v HMRC [2019] TC7288 the First tier tribunal refused to grant an indefinite stay for an appeal requested because too much time had passed, the taxpayers’ were too old and evidence had gone missing.

Making VAT more Digital (freeview)

MTD: VAT blog
Making Tax Digital for VAT the on-going drama. Disappointment that the software is still not working.

VAT & VAT cases

Trader should have known about fraud
In Field Opportunities Ltd v HMRC [2019] TC 7326, the First Tier tribunal held that a trader should have realised that transactions were probably connected with fraud. As a result they disallowed a VAT input tax of more than £240,000. 

Hay making for own livery not a business for VAT
In Babylon Farm Ltd v HMRC [2019] TC7356  a company that produced hay and maintained outbuildings on its owners' land was not found to be running a business for VAT and a £19k input VAT claim was disallowed.

Virtual Tax Partner Toolkit (freeview)

Virtual Tax Partner © Tax Toolkit© Tax Toolkit
NEW: be a winner with our game-changing tax diagnostics tools. Sign up at Tier 1 prices now.

  • 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 Tax W-update 4 October 2019

  • VAT when you sell a vehicle: issues with HMRC tool
  • IHT: Receipts up, reliefs down but just 5% have to pay it
  • Trust statistics: numbers fall as tax liabilities rise
  • Company start-ups: start here
  • Cost of Escape Rooms was capital for VAT Flat Rate scheme
  • MTD for VAT deferred for Government and NHS
  • and much more..


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