Hello
Welcome to the first news update of 2015. A couple of pieces of good news to start off:

  • For tax agents, HMRC is piloting agent self-serve. If this goes ahead advisers will be able to correct PAYE codes online. 
  • For employers: HMRC is removing the requirement to answer the end of year checklist of questions that used to accompany the P35. It turns out that the data was not used in any case.
  • If you were struggling to make a disclosure under the contractor settlement opportunity the deadline has now been extended to June 2015.

We also have a NEW January 2015 deadlines' checklist and one or two cases to report, plus we have been updating our rolling Finance Bill planner.

Scroll down for more news and updates.

Best wishes

Nichola Ross Martin FCA Tax Director

www.rossmartin.co.uk

Your online Virtual Tax Partner®: practical support for accountants, tax advisers and their clients.

Quick News

January 2015: key deadlines checklist
Mainly self assessment and payments, but don't forget certain loss claims and of course, tax credits.

Budget 2015

Next year’s Budget will take place on Wednesday 18 March 2015. See Autumn Statement highlights for our growing list of key proposals tabled to be included in the 2015 Finance Act.

PAYE and RTI: the end of the P35 checklist
The end of those questions about P11Ds and service companies, although they did serve to remind people to report benefits.

CGT Private residence relief when doing up homes: a trade or gain?
In Trevor Hartland v HMRC [2014] TC04187 the First Tier Tribunal (FTT) considered a sequence of private property disposals in order to determine which, if any, were trading activities and which qualified for CGT private residence relief.

Money Laundering: what is "fit and proper"
FTT finds that HMRC guidance is inaccurate in respect of dealing with applications who have criminal convictions.

Income tax share loss relief: activities ineligible for relief
In Ian Branagan v HMRC TC04188 the First Tier Tax tribunal (FTT) denied income tax share loss relief in respect of a negligible value claim: the company was not a qualifying trading company at the relevant time. In dismissing the taxpayer's appeal the FTT had to determine what was meant by "relevant time".

Tweet your queries to HMRC
This is not actually a joke, but you do need two things: 1) a short query and 2) an anonymous twitter account if you would like to preserve taxpayer confidentiality. We add some FAQs.

 

Essential reading

Goodwill and incorporation: the tax issues
How to avoid a CGT charge now that Entrepreneurs' Relief does not apply to goodwill. Examples illustrate the alternatives available for a business that wants to enjoy limited liability. 

The Director's Guide to working from home
What you can claim, how you can claim it and examples 

Tax relief on accommodation costs
What expenses can be claimed for sole traders

Tax and travel: directors and employees
Flexible rules for temporary workplaces

Employee share schemes
This guide provides an outline of the tax consequences when a company gives shares to an employee or director.

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