A short update. I am gearing up for next week's Adviser update (it's a really interesting one as it goes).
In rummaging through the recent output of the Tax Tribunals one thought crosses my mind. There is a huge elephant in the office of the Office Tax Simplification, and its called VAT.
If we simplified VAT half the Tribunal cases would disappear, bookkeeping would become a doddle and we would not need to worry about any more "simplification of the tax penalty system". Just a thought...
Nichola Ross Martin FCA
Your online Virtual Tax Partner: practical support for accountants, tax advisers and their clients
News and FREEview
January may be over but wake up! There is never a dull minute in UK tax. Three current consultations may have a major effect on SME owners and advisers.
Government committee slams HMRC failures
The Public Accounts Committe is not impressed with HMRC. PAYE errors are just the tip of the iceberg. Is there any "reasonable excuse"?
Tax penalty alert after CIS computer glitch
This time the computer is doubling up tax deductions. It might be prudent to advise clients to own up to avoid a potential tax penalty.
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.
ESC C16: marketing opportunities
NEW: if the concession is going to be removed this might be the time to modify your business model.
Residency: working full time abroad
NEW: a summary with links to the leading cases including the outcome of Grace v HMRC (another pilot fails in his bid to become non-resident).
Residency: coming to the UK
UPDATED: new and improved links and checklist.
UPDATED: rearranged to make qualifying conditions clearer.
Accounts health check (self-employed)
UPDATED: a general re-write with more interactive links.
Know your client & money laundering checks
UPDATED: this now comes with new "prompts". Essential reading.
Enterprise Investment Scheme (EIS)
UPDATE: recent decisions: EIS not denied on an MBO, clarification on values for shares/loan stock.
What is a small company?
NEW: a handy little aid memoire, should you ever be worrying about tax rates, transfer pricing or are just curious.
NIC repayments on motoring allowances
UPDATED: HMRC to appeal case on NICs refunds on motoring allowances.
Surplus cash, CGT & IHT relief & ESC 16
REWRITE: a new and improved version
Close investment holding companies
UPDATED: more examples and a recent tax case.
ESC C16: tax & striking off a company
UPDATED: more examples, explanation of proposed changes.
Joint property elections
Including a note on transfer of legal title and beneficial ownership.
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.
UPDATED: new tax Tribunal cases on shared ownership and new section on car schemes.
Selling the business: deferred consideration and earn outs
UPDATED: the 2010 changes to Entrepeneurs' 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.
Furnished Holiday Letting
UPDATED: new loss rules from 2011/12 and new measures from 2012/13
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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.
Tax penalties: failure to make a return (late filing)
What applies and when - links to old and new penalties for SA, CT and CIS.
Tax penalties: self-assessment late filing
A quick guide to the penalties that apply for 2009/10 returns.
DOTAS: are you an introducer?
NEW..and why does it matter?
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.
Gifts & trivial benefits
UPDATED: all change we have some new trivial benefits and of course changes in the VAT rules.
UPDATED: this is an invaluable guide to the old rules v. new rules, transitional arrangements, workings and much more.
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.
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
Part of our directors' series. Pay close attention to a company's activities in these changeable times.
What are earnings for NICs purposes?
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.
Practical back to basics for advisers, great for tea time reading...More
A quick guide for employers. There is no taxable benefit to an employee when a company car qualifies as a pool car.
An explanation of the ins and outs of our complicated capital allowances regime...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)
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 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.
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
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