Hello,

As we near the end of  ‘Self Assessment, Season 23’ (it all started back in 1996), I am sure that we are all relieved that it's over.

I must stress that I much prefer to have the one filing deadline rather than the four proposed under the government’s plans for Making Tax Digital (MTD) for income tax. However, as change is on the way, we have updated our MTD survival guide for the self-employed: this is a handy briefing note for your clients. No one knows when these new MTD rules will commence. We think that it is likely to be April 2021 or 2022. It goes without saying that the government has a lot of other things on its mind right now. 

As you may be aware, the deadline for reporting capital gains on the disposal of residential property by UK residents is due to change in April. Don’t get caught out and warn your clients. We have created a handy CGT payment guide for you.

The end of another tax year looms and we have updated some of our company checklists to assist in last-minute planning. We will be bringing out all our new planning guides in the following weeks.

Don’t forget that if you have a tax query you can raise a support ticket on www.VtaxP.co.uk the UK’s only Virtual Tax Partner service.

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 & guides (freeview)

Off-Payroll Working: At a glance
What is off-payroll working? What is happening to IR35? How do the tax rules for off-payroll working compare to IR35? How do you check employment status? What is a personal service company (PSC)?

Corporation tax for non-resident company landlords
HMRC have released guidance on the new rules for non-resident companies owning UK property and when they move from income tax to Corporation Tax in April 2020.

Stamp taxes & Duty: What’s new? January 2020
Updated HMRC guidance on what is a "dwelling" and higher rates on the replacement of a main residence. A reminder that Welsh properties are subject to LTT not SDLT. HMRC clarifies how to treat leases for SDLT.

Consultation: Fifth Money Laundering Directive and Trust Registration Service
HM Treasury have published the responses to their consultation, “Transposition of the Fifth Money Laundering Directive” and opened a new consultation, “Fifth Money Laundering Directive and Trust Registration Service”.

Editor's pick (subscribers)

CGT: payment of tax
NEW: When is Capital Gains Tax (CGT) due? Can I pay in instalments? What are the penalties if I pay late? Tell me about the rule changes from April 2020?

Entrepreneurs' Relief
When does CGT Entrepreneurs' Relief apply? What is the rate of Entrepreneurs' Relief? How to claim Entrepreneurs' Relief. Case law on Entrepreneurs' Relief.

Making Tax Digital

Survival guide for the self-employed
What are the current rules, when does MTD for income tax commence?

Companies

Dividends: the Index
An index to dividends, for companies and their owners, with guide from how to tax dividends to how to legally vote and pay a dividend.

Companies: Year-end tax planning
UPDATE: a handy checklist covering topical tax planning issues for company and shareholder

Tax-efficient extraction of profits toolkit 2019-20
This toolkit is designed to help a company and its owner decide how company profits are to be extracted.

VAT Cases (freeview)

Martial arts VAT exemption claim kicked out
In Premier Family Martial Arts LLP v HMRC [2020] UKFTT TC07509, the First Tier Tribunal (FTT) found that kickboxing is not an activity which is commonly taught at schools or universities and does not qualify for an exemption.

Church club bar should have VAT registered
In Marites Salabit v HMRC [2019] TC0675, the First Tier Tribunal (FTT) found that the operator of a social club bar was liable to register for VAT, despite making no profit on it.

Indoor ski lift passes attract reduced rate VAT
In Snow Factor Limited v HMRC [2020] UKUT 0025 (TCC), the Upper Tribunal (UT) found that the sale of lift tickets at an indoor ski and snowboard centre attracts a reduced rate of VAT.

VAT Guides (subscribers)

How to register for VAT
When do I need to register for VAT? When do I need start charging VAT? What penalties might HMRC issue for late notification?

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..

CPD for lunch 

Byte sized chunks of CPD for subscribers

More at CPD Index

Missed last time's Web-update?

Nichola's SME Tax W-update 23 January 2020

  • Update: recent changes to the loan charge
  • Trading and Property Allowances: At a glance
  • Self Assessment (SA) tax penalties
  • Holiday camps are a single composite supply for VAT
  • Private Client: what's on January 2020
  • Directors: tax planning toolkit 2018/19
  • Adviser guide: Property profits and losses
  • Will I pay less tax if I trade via an LLP?
  • More...

Opportunities

Jobs and opportunities with us
NEW: tax and specialist opportunities for our expanding online tax and business platform.

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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.

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