Nichola's SME Tax W-update 19 Jan 2011 - www.rossmartin.co.uk

: Last Updated: 28 March 2014

Lots of new guides, updates and re-writes, as usual these are detailed below so scroll down. For subscribers: I am going "back to basics". This week I want to flag up our Travel guide for the self-employed. This re-write is essential reading; we have summarised some recent and, slightly conflicting decisions from the Tax tribunal for you. We have also re-written parts of Working from home, this is to clarify what approaches might be taken in trying to determine a sensible calculation for useage. I could not resist a bit of "tabloid tax" in the form of the latest WikiLeaks scoop too. This might see the publication of the names of offshore account holders. Best wishes 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
News and FREEview WikiLeaks to unlock Swiss banking secrets Bank details of politicians, corporations and multimillionaires, or not? Enterprise Investment Scheme (EIS) NEW: summary of the rules including a recent ruling on connection. Disclosure of Tax Avoidance Schemes: changes New rules came into effect on 1 January 2011. Tax penalties: DOTAS These penalties are separate from the new tax penalty and compliance regime. Employer-Financed Retirement Benefits Scheme (EFRBS) UPDATED: for Finance Bill 2011 proposals. New guidance: dealing with clients & HMRC The main tax bodies have issued updated guidance: this might be aimed at their members but it contains some valuable advice for one and all. Guides and updates For PAID subscribers (because you are so special :) Top tips on tax? Don't miss out, one tax guide a day keeps the taxman at bay. Travel (self-employed) NEW: a complete re-write, essential reading if you advise the self-employed. Working from home (self-employed) UPDATED: we have partially rewritten our classic tax guide to clarify some aspects of measurement of useage. Selling the business: deferred consideration and earn outs UPDATED: the 2010 changes to Entrepreneurs' Relief moved the goalposts. This is a handy quick guide and overview of the different tax consequences for the seller. Can I charge my company rent for use of my home? UPDATED: yes you can, but read this first. CGT: Main Private Residence Relief UPDATED: this is so topical that we have added a "quality of occupation" checklist. DOTAS: are you an introducer? NEW..and why does it matter? Furnished Holiday Letting UPDATED: new loss rules from 2011/12 and new measures from 2012/13 Subscribe now Come and join us to UNLOCK your internet Virtual Tax partner. More Guides and Updates Materiality and tax penalties NEW: a tricky topic. NIC holiday for new employers A new note: guidance on what is a new business. iXBRL: a guide for advisers NEW: we have been reviewing software, what are you using? Finance Act 2011: tax planner CPD powerbooster: our rolling planner summarises what is new in tax and what is expected in 2010, 2011 and 2012 and it links to our detailed guidance on each topic. Joint property elections Including a note on transfer of legal title and beneficial ownership. Tax penalties: failure to make a return (late filing) UPDATED: what applies and when - links to old and new penalties for SA, CT and CIS. Tax penalties: self-assessment late filing NEW: a quick guide to the penalties that apply for 2009/10 returns. Entertaining: the double tax trap NEW: a quick guide for directors Entertaining: employee expenses NEW: a quick guide for employers Gifts & trivial benefits UPDATED: all change we have some new trivial benefits and of course changes in the VAT rules. CIS: penalties UPDATED: this is an invaluable guide to the old rules v. new rules, transitional arrangements, workings and much more. Staff parties and annual functions Planning the Christmas party? Read on. 2011/12 tax rates and allowances New rates and allowances published 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 Healthcheck Toolkits for companies From compliance to associated companies to profit extraction. Samples (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 popular version of HMRC's toolkit with a new section on NICs, for advisers. Some more of our favourites 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. Close Companies: Transactions in securities A summary of the changes and guidance with particular emphasis on ESC C16. Tax on leaving payments At a glance guide to this difficult topic...More Company cars UPDATED for 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 What expenses to claim, capital allowances and links to our new practical tax toolkit...More Is it a trade or a business? Practical back to basics for advisers, great for tea time reading...More Pool cars A quick guide for employers. There is no taxable benefit to an employee when a company car qualifies as a pool car. Can I back-claim capital allowances on residential property? An explanation of the ins and outs of our complicated capital allowances regime...More Surplus cash CGT & IHT Relief and ESC C16 A company has large cash surplus: how does this affect Entrepreneurs' Relief, Business Property Relief, and what about Transactions in Securities?...More Unlawful, illegal or ultra vires dividends A look at the tax treatment for directors and shareholders...More Goodwill and the intangibles regime An explanation of rules for connected party trades straddling 1 April 2002. Can you apportion goodwill? Pensions: tax planning guides 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? 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 What relief to use where and how to incorporate a business. Selling the business: where do I start? A guide for you to discuss with your clients. How to value a business An adviser's 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 Webservice which contains over 450 tax, business 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.