Nichola's SME Tax W-update 12 Nov 2010 - www.rossmartin.co.uk

: Last Updated: 16 September 2024

There we were in the run up to the Pre-budget report (or whatever it is that we are having on the 29th) thinking that things would be quieter than they have been of late. Not a chance! This time: Our new Property profits & losses toolkit A quick guide to NICs and tax schemes A new linked summary to Transactions in Securities and more new guides and updates as listed below. All the best Nichola Nichola Ross Martin FCA Tax Director www.rossmartin.co.uk Your online Virtual Tax Partner: practical support for accountants, tax advisers and their clients
FREEview news summary Patmore settlement case goes to appeal Hold on to your brains! Settlements are child's play compared to the doctrine of the constructive trust... Dates for 2010 Pre-budget report & 2011 Budget 29 November 2010 and 23 March 2011. Tax avoidance scheme: court considers Human Rights Can HMRC legislate with retrospective effect? The courts are unsure. What now for tax avoidance schemes? VAT: HMRC changes views on entertaining You CAN reclaim input tax on the business entertainment of overseas clients, after all. 1042 tax reliefs: OTS review The Office of Tax Simplification has created the first ever list covering all tax reliefs. Download a copy before the cull. New Guides and Updates FREEview Property profits & losses: toolkit NEW: this is our re-write of HMRC's toolkit, unsurprisingly we go into rather more detail on what you can claim! Directors' loan accounts: toolkit UPDATED: our populat version of HMRC's toolkit with a new section on NICs, for advisers. Close Companies: Transactions in securities NEW: a summary of the changes and guidance with particular emphasis on ESC C16. For PAID subscribers (because you are so special :) Interest Relief: Loan to Buy an Interest in a Close Company NEW: part of our directors' series. Pay close attention to a company's activities in these changeable times. What are earnings for NICs purposes? NEW: part of our employers' series. Essential know-how for anyone wondering how they can avoid NICs. Tax on leaving payments UPDATED: for a recent case on compromise agreements...More Company cars UPDATED: tax cases on shared ownership & provision of car to a spouse, new section on car schemes and NICs refunds on motoring allowances. Property profits and losses UPDATED: revised sections on capital allowances, what expenses to claim and links to our new practical tax toolkit...More Is it a trade or a business? UPDATED: good back to basics for Advisers, great for tea time reading...More Pool cars NEW: a quick guide for Employers. There is no taxable benefit to an employee when a company car qualifies as a pool car. Dwelling house (HMRC new & old guidance) HMRC changed its guidance as to the meaning of a dwelling house on 22 October 2010. Here is the new version and the old version. Can I back-claim capital allowances on residential property? UPDATED: explaining the ins and outs of our complicated capital allowances regime...More Surplus cash CGT & IHT Relief and ESC C16 UPDATED: a company has large cash surplus: how does this affect Entrepreneurs' Relief, Business Property Relief, and transations in securities?...More Unlawful, illegal or ultra vires dividends UPDATED: links to our directors guides...More Goodwill and the intangibles regime UPDATED: explanation of rules for connected party trades straddling 1 April 2002. Can you apportion goodwill? Pensions: tax planning guides UPDATED: new rules from 2011 restrict tax relief on inputs. An adviser's guide to Settlements Tax anti-avoidance rules: crammed full of examples, planning points and pitfalls, together with a summary of the leading tax cases. Adviser's Tax Penalty Planner New late filing penalties for CIS, SA and CT are all due to start this time next year. Have you discussed them with your clients and changed your letters of engagement? Practical Tax Toolkits (part freeview) Our Practical Tax Toolkits include tax planning tips and advice, essential reading for advisers: Toolkits for the self-employed This includes our Tax Heathcheck Toolkits for companies From compliance to associated companies to profit extraction. Share based incentives (part freeview) EMI: checklist This does what it says on the wrapper. Designing an EMI share option scheme Need some help? Please ask for details. Share scheme basics for small companies FREEVIEW While company values are low a share scheme can be a very tax efficient method of rewarding staff. We explain the basics of an unapproved share scheme. Enterprise Management Incentive (EMI) FREEVIEW A share option scheme is ideal for smaller companies. Buying and selling businesses Capital Gains Tax: Entrepreneurs' Relief UPDATED: for Finance (No 2) Act, a succinct guide for OMB advisers with planning points, pitfalls, worked examples. Capital gains reliefs: disposal of business assets UPDATED: new links and examples for incorporation. Selling the business: deferred consideration and earn outs UPDATED: is our love affair with loan notes over? An overview of the different tax consequences for the seller. Loan stock: QCBs or non-QCBs? FREEVIEW UPDATED: for Finance (No 2) a quick guide for advisers. Selling the business: where do I start? A guide for you to discuss with your clients. How to value a business An advisers' guide that explores the different methods used for valuing private companies with worked examples. Purchase of own shares – out of capital Our unique guide explains the fiddly bits. Tax planning for 2010/11 This is a rolling update for advisers The Advisers' Guide to the PAYE Fiasco Our one-off special contains: A Summary of guidance to give to clients who are affected by PAYE by under or over payments PAYE deadlines ESC A19 Overpayment relief NIC deadlines Links to LITRG Virtual Tax Partner Our Virtual Tax Partner service provides one-to-one practical support for accountants and advisers Nationally. Need help with an enquiry, a valuation, a share scheme or buy-back? Want a second opinion, or assistance in drafting a difficult letter or computation? The Virtual Tax Partner peer review and mentoring service is discounted for subscribers. Give us a ring. Like the site? Come and subscribe. Recommendations: what do our subscribers say about us? Free guides - take a tour... You have two options: 1. Explore the site (then click on the menus and you will soon see what is free) 2. See a small sample. Missed an edition? See Nichola's SME Tax News Archive. Subscribe to the Practical Tax Database to UNLOCK your internet Virtual Tax partner: What do you get? Superb value for money and we are a UK company. Open access to the entire Practical Tax Database which contains over 405 tax and legal guides packed full of essential know-how for advisers. Our regular Email update when there are new guides and tax issues that we think you MUST read. Up to 50% off the Virtual Tax Partner helpline. Nichola’s monthly SME tax news summary (we do the reading and cherry pick the best of the press, magazines and websites for you). NEW our Quarterly Tax Refresher (for advisers ONLY) + our Quarterly Employer Briefing. A 25% discount to our NEW tax webinar-update service). You can also commission guides and checklists for your own practice, post comments and upload your own articles. You can access the Virtual Tax Partner service for FREE quick calls, or just a chat.

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