Hello,

Another diverse selection of tax topics this week. HMRC has published its latest Stamp Taxes newsletter. This sounds like a rather dry publication but don't let that put you off. We have created an ‘enhanced’ version and it's on 'Freeview'.

Our version expands the topic and adds useful tips and commentary including a useful section on Capital Gains Tax (CGT) and conveyancing. The new CGT reporting rules are complicated and the 30-day reporting deadline is a tight one. HMRC says that agents often have to amend Stamp Duty Land Tax (SDLT) returns because they enter the details of an incorrect purchaser! If that really is the case then I don’t rate their chances of accurate reporting of CGT within the same 30-day window as SDLT. The good news is that CGT returns are more easily amended and now online.

Other guides to highlight this week include a review of new guidance as the UK's anti-money laundering (AML) rules continue to evolve. 

As share prices are depressed across many sectors we consider our review of tax advantaged shares scheme and this week we look at the EMI share option scheme.

If it is all too much and you now want to retire to the country, we have a new guide to the herd basis and our farming guide provides a whistlestop tour of the all the taxing issues faced by farmers.

As there has been little in the way of headline tax news other than today’s announcements of amendments to the Covid-19 Job Support scheme, the Self Employed Income Support Scheme and local authority grant funding for businesses affected by the local lockdown policy. We have updated our COVID-19 support tracker and guides accordingly.

Our sister Virtual Tax Partner service ('VtaxP') has seen a lot of queries in relation to grouping companies and reoganisations. We have a handy summary of the tax issues and how to form or disband a group. I am unsure if 'deband' is the correct verb in relation to a business group. Perhaps disentangle, separate out or just un-group would be better.

If you have any tax-specific queries, please do post them up to our sister site: www.VtaxP.co.uk

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

Stamp Taxes News: October 2020
HMRC have just published their Stamp Taxes news for October. This is our enhanced and extended version.

Criminal investigations into UK tax evasion
HMRC has released data it has provided under a Freedom of Information (FOI) request in respect of its ongoing criminal investigations under the new offences under the 'Failure to prevent the facilitation of UK tax evasion' legislation. 

OTS report on simplifying claims and elections
The Office for Tax Simplification (OTS) has published its report ‘Claims and elections review: simplifying administrative processes’ giving a number of recommendations to help to improve the operation of claims and elections.

COVID-19 Government Support Tracker
Our tracker covers measures announced by the government to support individuals and businesses, as we get through COVID-19.

Editor's Pick

Groups: At a glance
Groups and tax relief: At a glance, a note for subscribers.

Losses, trade losses and sideways relief
How can trade losses be utilised? What are the restrictions? What time limits apply to claims?

Guides and Updates (subscribers)

Herd basis: Farming
NEW: The herd basis recognises, for tax purposes, the economic nature of animals held for production as capital assets, rather than trading stock. This can be of benefit to some farmers and result in tax savings.

Farming: Overview
UPDATE: What is farming? What are the Income Tax, Capital Gains Tax, Inheritance Tax and VAT considerations? What impact does diversification have? 

Penalties: Late Payment (Subscriber guide)
What penalties are charged when tax is paid late? A guide for Subscribers.

EMI: Enterprise Management Incentive Scheme
UPDATE: What is the Enterprise Management Incentive (EMI) scheme? What's the difference between EMI and an unapproved share scheme? 

EMI: Checklist
UPDATE: Detailed EMI checklist.

AML news and updates

COVID-19: CCAB supplementary AML guidance
The Consultative Committee of Accountancy Bodies (CCAB) has issued supplementary Anti-Money Laundering (AML) guidance on the completion of Client Due Diligence (CDD) during urgent work.

AML: CCAB issues draft updated guidance for the accountancy sector
The Consultative Committee of Accountancy Bodies (CCAB) has issued draft updated AML guidance for the accountancy sector which includes changes introduced from January 2020 by the EU's Fifth Anti-Money Laundering Directive (AML5) to the Money Laundering Regulations 2017 (MLR17).

VAT

Flat rate scheme: Farmers
UPDATE: The agricultural flat rate scheme can simplify VAT administration for farmers. When does it apply? How does it work? 

Flate rate scheme
What is the VAT Flat Rate Scheme (FRS)? Who can apply? How do you apply? What are the rules? What are the rules for capital expenditure and pre-registration VAT? 

Virtual Tax Partner Toolkits (freeview)

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

  • Business Asset Disposal Relief: Sole traders: sale of a business, incorporation, sale of assets
  • Business Asset Disposal 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.

Tax Queries?

Virtual Tax Partner© Support
Have a tax query? Need a second option? Open a ticket and ask a question. A team of tax experts with a very wide range of expertise: covering direct and indirect tax, as well as accounting, R&D claims, reorganisations and much more. 

CPD for lunch 

Byte-sized chunks of CPD for subscribers

NEW

More at CPD Index

Missed last time's Web-update?

Nichola's SME Tax W-update 15 October 2020

  • Self Assessment 2018-19 daily filing penalties waived by HMRC
  • Employer Bulletin October 2020
  • Top Slicing Relief (TSR): Update
  • Freeports consultation response
  • Are Employee Tax Advantaged Share Schemes still relevant?
  • COVID-19: Support for businesses in lockdown
  • COVID-19: Package to support and enforce self-isolation
  • Self-employed tutor agencies are employment agencies
  • Changes to VAT return filing from March 2021...More

 

SME Tax Monthly Summary September 2020

Links to all of September's newswires...More 

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