Hello,

If you were starting out again in practice, how would you plan your business? If you're in the process of selling up, with the benefit of hindsight is there any advance planning you would have done differently? And, what, if anything, are you doing about Inheritance Tax (IHT) planning?

These are all enduring topics for the tax adviser, and as our tax system becomes more complex, they make great material for our Virtual Tax Partner Practical Tax Conference next week. 

In the run up to our new tax event, we have been holding our pre-conference Tax Workouts. These have been incredibly popular and all were over-subscribed. We have covered Groups, Family Investment Companies, Furnished Holiday Letting and Anti-Money Laundering, and we have further workshops yet to run on Management Buyouts and Share schemes, but we are leaving those until after the Budget.

If you are thinking of subscribing to our website, then why not come and join us for our tax conference next week? You can meet the team here and also gain some valuable CPD. We have a full schedule which covers two mornings and five different speakers.

One final word on the conference. We experienced some issues with the PayPal button when we began marketing the event; if you think you signed up but have yet to receive any information about accessing the sessions, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

Back to the tax update: if you are after some interesting case reports then we have a fair selection this week. The write up about a LLP member's employment status (for National Insurance) caught my eye because just about every case that we see involving a partnership/LLP dispute also involves a badly worded or overly complex partnership/ LLP agreement. Who is responsible for creating these monsters? More often then not, it is the partners themselves. Food for thought if you go into partnership. This is one very good reason why we don't have any LLP agreements on our website.

Lots more news, updates, CPD and details of our forthcoming Virtual Tax Partner Practical Tax Conference below.

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 (Freeview)

Starting a new accountancy practice? What now?
Thinking of starting a new accountancy practice? Thinking of restructuring your existing business? What would you do if you could start afresh?

Trying to automate CGT advice, but not doing very well
We have tried hard. Why is CGT so difficult? 

Accountants, make time, IHT isn’t that complex
Accountants don’t take time enough for themselves for Inheritance Tax planning, especially when they’re younger. That’s one of the points our tax consultant Andrew Symons intends to hammer home in his conference presentation on IHT for accountants at next week's Virtual Tax Partner Practical tax conference. 

Editor's Pick (freeview)

Virtual Tax Partner Practical Tax Conference
Our first ever Virtual Tax Partner 'VtaxP' practical tax conference takes place over two half-days on 12-13 October 2021, time is running out. Order your tickets now for a show-stopping event!

Calendar of tax deadlines
UPDATE: This is a freeview 'At a glance' rolling calendar of common recurring tax deadlines.

Guides and Updates (subscribers)  

Off-Payroll Working: at a glance
What is Off-Payroll Working? What is IR35? What are the tax rules for Off-Payroll Working or IR35? How do you check your employment status? What is a personal service company?

Partnerships

Transfer of assets and income streams through partnerships
The transfer of assets and income streams through partnerships rules impose an Income Tax charge, in order to counter tax avoidance, when assets or income streams are transferred through or by different members of partnerships, including LLPs, in order to take advantage of their different tax attributes.

Salaried members: When is a partner taxed as an employee?
In some circumstances, LLP members are taxed as employees under PAYE. When does this apply? 

Directors & Companies   

Unlawful, illegal or ultra vires dividends
Is there a tax charge on an unlawful/illegal or ultra vires dividend? When a company pays a dividend and does not have sufficient profits to cover it the dividend is unlawful.

Is it worth restructuring to save tax?
This is a mini-guide exploring what business combinations are popular for tax efficiency in 2021/22.

Employers

RTI: Real-Time Information for PAYE
What is RTI: Real-Time Information (RTI) reporting for PAYE? How does it work?

ABC or alphabet shares: directors & employees 
Can you set up different classes of shares? How do you create Alphabet or ABC shares? What are the rules in giving different classes of shares to directors and employees? 

Private Client & Estate Planning

PRR: Private Residence Relief
What is Private Residence relief (PRR)? What are the qualifying conditions? Can you claim relief on two homes? How do you claim PRR? Can you claim PRR if you develop your garden?

Divorce & Separation: toolkit
A summary of the tax implications which can arise on divorce and separation. 

Land & Property  

SDLT: Non-residents' surcharge
Non-UK residents will be subject to an additional 2% Stamp Duty Land Tax (SDLT) surcharge on the acquisition of residential property in England or Northern Ireland from 1 April 2021. 

Adviser's Guide: Property Business, profits and losses
What is property income? How is it taxed? How are profits calculated? How are losses relieved? Is NI paid on property income? Is property income classed as a business activity?

Tax Cases 

Diverted profits enquiry did not block closure notice
In Vitol Aviation UK Limited & Ors v HMRC [2021] TC08287, the First Tier Tribunal (FTT) found that HMRC had sufficient information on the applicants' transfer pricing model to issue closure notices and that an ongoing enquiry into Diverted Profits Tax (DPT) was not reasonable grounds for refusing to do so.

NICs & Partnership agreements: what a tangled web
In Peter Wilson v HMRC [2021] UT 0239, an accountancy Limited Liability Partnership ( LLP) member lost an argument that he was a he was an employee not a partner for National Insurance Contributions (NICs). Changes to the LLP agreement had hollowed out many of his original membership rights.

APN’s based on PAYE determinations were validly issued
In Sheiling Properties Ltd v HMRC [2021] EWCA Civ 1425 the Court of Appeal agreed that an Accelerated Payment Notice (APN) could be issued to an employing company for PAYE liabilities determined under Regulation 80. The amounts determined were ‘disputed tax’ under the APN rules.

Schedule 36 penalties approved by Upper Tribunal 
In HMRC v Sukhdev Mattu [2021] UKUT 0245 the Upper Tribunal approved penalties for non-compliance with a Schedule 36 information notice. The tax at stake was high and the taxpayer had failed to cooperate with HMRC.

VAT News & Guides

Land & Property: Relevant residential & relevant charitable purpose
HMRC have published Revenue and Customs Brief 13 (2021), following the decision in Balhousie Holdings Limited. This details HMRC's revised meaning of ‘entire interest’ for the purposes of the self-supply charge.

Tax Toolkits 

Tax Tools
Be a winner with our game-changing tax diagnostics tools for Business Asset Disposal Relief, SDLT & annexes/subsidiary properties, Company reorganisations, R & D Zone and TAAR on winding up. 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 30 September 2021

  • Impact of Making Tax Digital for VAT: new research
  • HMRC policy paper on MTD customer costs
  • New penalty regime for electronic sales suppression tools  
  • Scottish budget date set for 9 December 
  • Consultation response: ‘Tips, gratuities, cover and service charges’
  • High Court refuses to set aside tax avoidance schemes
  • Online VAT return facility to be removed for 800 businesses 
  • VAT appeal time limits did not breach EU law   
  • MTD: Toolkit for accountants
  • Penalties: points-based late submission regime
  • What's new in 2021-22?
  • Directors; Tax Planning Toolkit 2021-22
  • Tips, gratuities and troncs
  • Rectification of Trustee mistakes
  • Farming: Overview
  • NEW CPD: Business Asset Disposal Relief ...More 

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What do you get?

  • We keep YOU up to date in SME tax.
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  • Structured CPD our detailed SME tax updates "for Advisers Only" provide topical summaries and planning notes our webcasts provide you with structured CPD at your desk.
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