We have quite a collection of new guides, updates and checklists this time, together with our rolling Advisers' Update and FREE news...

We have had some interesting decisions on tax penalties as well as on motoring expenses in recent months, scroll down for links. We have also been updating our year-end planning guides.

Enjoy!

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

Adviser Update: Feb/March 2011
Our rolling update, topped up throughout the month.

New spotlight: anti-avoidance of anti-avoidance
Schemes designed to avoid an income tax on charge under the new rules for EBTS are singled out by HMRC.

The missing chapter on Partnership SDLT
HMRC has finally published a chapter on Partnership SDLT in its manual.  

Plumbers' Tax Safe Plan (a tax amnesty for everyone)
Another disclosure opportunity except that this one is available to everyone.

PAYE Update Feb 2011
Practical tips and links ahead of the new tax year.

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.

Keeping up to date:

Finance Act 2011: tax planner
CPD powerbooster: our rolling planner keeps you abrest of key changes in tax legislation as they are made and proposed in each Finance Act and Bill for 2010/11, 2011/12 and 2012/13.

Penalties:

Tax penalties: grounds for appeal
ESSENTIAL READING: recent decisions feature taxpayer carelessness and HMRC's judgement in suspending penalties.

 

Tax penalties: what is reasonable care?
We have also updated our guide for discussion with clients:


Private client specials

Tax planning for the 2010/11 year-end
NEW: for private clients

Pensions: tax rules and planning
With so little time remaining to contribute in 2010/11, pay heed to the transitional rules for the Annual Allowance. Note too your ability to carry forward deemed Annual Allowances three years presents a planning opportunity.


Companies and directors

Running an LLP in tandem with a company
NEW: an interesting topic that brings with it a whole a range of tax issues.

Company and shareholder year-end tax planner
UPDATE: a summary of the key planning points - don't just save this for the year-end these apply all year too.

Dividends: formalities for companies
NEW: essentials for discussion with directors.

Is it worth restructuring to save tax?
UPDATE: a five minute tax briefing designed to add value to meetings.

PAYE & Settlement Agreements - (how to gross up for)
Do you pay an employee's personal bill, or you provide the benefit and pay the tax on that instead?


"Back to basics": what expenses can I claim for?

Travel (self-employed)
UPDATE: new At a glance section decisions coming out of the Tribunals may not all be binding, but we seem to now have established a methodology for working out when travel is allowable. Don't we?

What expenses can I claim: guides for the self-employed
Take a tour: a summary of our guides and updates


Recently added and updated:

Purchase (repurchase) of own shares
NEW: tips and practical points together with detailed links

Purchase of own shares out of capital (checklist)
UPDATE: a step by step guide to the Companies Act and tax requirements.

PAYE & NICs review
NEW toolkit/selling opportunity: perform a PAYE and NICs review on your clients before HMRC do.

What are earnings for NICs purposes?
UPDATE: when remuneration planning goes wrong and we have NICs on dividends and loan write offs.

Entrepreneurs' Relief
UPDATED: planning points and pitfalls with illustrations 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.


Take a tour of the site...

Private client & estate planning
This section covers personal and family tax matters as well as CGT and estate planning.
Directors: tax-efficient remuneration
These guides consider the different methods for extracting funds from a company.

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Joint property elections
Including a note on transfer of legal title and beneficial ownership.

Working from home (self-employed)
UPDATED: we have partially rewritten our classic tax guide to clarify some aspects of measurement of useage.

Company cars
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?

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.

Entertaining: the double tax trap
A quick guide for directors

Entertaining: employee expenses
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.

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
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.

Tax on leaving payments
At a glance guide to this difficult topic...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

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?

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 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

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.

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Free guides - take a tour...

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2. See a small sample.

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