As a frightful year comes to a close, I hope you enjoy some of our seasonal content in this our 2020 Tax Annual bumper edition.

We wish you all a very merry Christmas and a happy New New.

Back in 2021 

Nichola Ross Martin FCA CTA (Fellow)
Tax Director


Your Virtual Tax Partner® online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.

Very Quick News

COVID-19: Coronavirus Job Retention Scheme (CJRS)
The CJRS has been extended from 31 March to 30 April 2020. 

Budget 2021 date announced
The Chancellor, Rishi Sunak, has announced that Budget 2021 will be held on 3 March 2021.

Changes to rates of Welsh Land Transaction Tax
The Welsh Government have announced, from 22 December 2020, a 1% increase.

Spotlight 57: Selling future business revenues to a trust
Yet another scheme to trap your taxpayers.

Seasonal somethings

That evil quiz
Set by one of our tax experts, this annual Christmas Quiz is not for the faint hearted. Who can score the highest? Can you score at all? Please submit your answers by email.

Can I appeal that? 
A multiple choice to do whilst you munch a mince pie at tea break.

Editor's Pick: all about giving (subscribers)

Trivial benefits
What are trivial benefits? What is included? What are the caps?

IHT: Gifts
What are the inheritance tax (IHT) implications of giving away assets? What exemptions and reliefs are there for gifts?

What expenses can I claim: gifts
What is the tax treatment of business gifts for business owners?

Gifts (to staff, customers & charities)
What is the tax treatment of gifts made to staff from the perspective of the employer and his business?. 

CGT: Chattels
What are chattels? Is it a wasting or non-wasting chattel? How are capital gains on chattels taxed?

Capital allowances: Disposal values & rules
What is a disposal event? What value needs to be included in the capital allowance computation?  

Freeview guides: take a tour of our site

A new business? Start here...
Starting in business? This 'At a glance' guide takes you through the key steps in getting started for tax, with links helping you drill down for more detail.

A start-ups index for companies
An index of essential reading for anyone thinking about starting up a new company.

Directors' responsibilities and duties
Thinking about becoming a director? This note outlines your role. 

Employment status checklist
An employer (including an Employment Agency) needs to know if a worker is an employee so that they can fullfill their obligations under employment law and for tax.

EMI: Enterprise Management Incentives: at a glance
The Enterprise Management Incentive (EMI) scheme is a tax incentivised employee reward scheme which uses share options. 

Pensions: At a glance
Pensions are a 'tax-advantaged' method of saving funds for your retirement. This 'At a glance' guide provides you with the key contribution limits and savings allowances.

Structures & Buildings Allowance (SBA): At a glance
An at a glance guide to the Structures and Buildings Allowance. It was introduced for qualifying expenditure incurred on or after 29 October 2018.

How to work out the High-Income Child Benefit Charge
How do you work out the High-Income Child Benefit Charge?

IHT (Inheritance Tax): allowances & rates
What are the current rates and allowances for Inheritance tax? 

VAT (subscribers)

Importing goods into GB from January 2021
The post Brexit transition period ends on 31 December 2020. HMRC has issued guidance for importing goods. Is your business ready? Have all of the relevant applications been made in order to continue trading smoothly?

Exporting goods from GB from January 2021  
HMRC has issued guidance for exporting goods to the EU once the post Brexit transition period ends. What are the customs implications? What VAT accounting is needed?

Virtual Tax Partner Toolkits (freeview)

Virtual Tax Partner © Tax Toolkit© Tax Toolkits
Be a winner with our game-changing Business Asset Disposal Relief tax diagnostics tools. Sign up now.

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

More at CPD Index

Missed last time's Web-update?

Nichola's SME Tax W-update 17 December 2020

  • Trusts and Estates: What’s New? December 2020
  • Agent Update December 2020
  • Coronavirus tests exempt benefit
  • Cash basis for property businesses
  • An Index to Reorganisations and Demergers
  • Creating an office at home or converting part of a home into an office
  • Gardens: selling or developing
  • Working from home (self-employed)
  • SDLT claim 'comedy' of errors
  • HMRC double standards over four-year claims limit
  • New R&D CT600 supplementary page from April 2021
  • Study finds one-off 5% wealth tax could raise £260bn
  • Consultation: Follower Notices and penalties
  • Consultations: Company fraud and corporate transparency
  • Pub converted to flats: VAT incorrectly charged 
  • R & C Brief 21 (2020): Withdrawal of the VAT Retail Export Scheme and the tax-free shopping concession...More


SME Tax Monthly Summary November 2020

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

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