News 25 November 2009

Just a short news update this week. The headlines:

HMRC is starting a cross-tax compliance pilot on companies in the South West.

We also have another "Arctic Systems" situation; advisers are warned to stop clients from subscribing to shares in joint names.

HMRC has published more details on how late payment penalties will work for PAYE.

Must say, I was not expecting this much excitement in the run up to the Pre-Budget Report. Whoever said that tax was dull?

Kind regards

Nichola

Nichola Ross Martin FCA
Tax Director
www.rossmartin.co.uk Your online Virtual Tax Partner: practical support for advisers and their clients

Top tax stories:
Too busy to read all those journals, magazines and websites? Allow us to save you time: we scan them all for interesting SME news and summarise the results. Just for you:

Cross-tax pilot starts now: 64-9 issues
HMRC is about to start a pilot "exploring" the way that its new breed of tax compliance check will work...More

PAYE: the new regime of late payment penalties
You need to update your letter of engagement, and the outlook for employers is not good either...More

Losses on jointly owned shares: not Arctic Systems again?
HMRC has now changed its mind; when shares have been subscribed for in joint names, no loss relief is due...More

Updates, new tax guides and checklists

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For subscribers only:

Accounts tax health check (self-employed)
Do you want to give clear, up-to-date and consistent advice to your clients? Hot off the press and updated, this checklist will transform your practice. A perfect tool for client meetings and great for staff training.

Fixed assets accounts checklist
A detailed tax compliance review for sole traders and partnerships.

FREE guides, notes and checklists

Reasonable care checklist
Do you think that new clients understand the concept of reasonable care? This is a brief summary to discuss with prospective clients.

Do we have to prepare a balance sheet?
At a time when HMRC is wondering how it can check tax agents' competence, surely the answer is in the balance sheet? Another point to discuss with clients.

Christmas parties and gifts
A genuine cross-tax guide covering company tax, PAYE, NICS and VAT. So, swot up ahead of all those new compliance visits.

Coming soon (we promise!)
Will I save more tax if I trade through an LLP?

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