Hello
This time we have a summary of the headlines and highlights of the Autumn Statement for you together with news and updates.
The chancellor's Autumn Statement was his first and his last, and as the Budget moves to Autumn next year, the idea is to create less legislation in the future. I am not exactly holding my breath on that promise given the hearty combination of Brexit, Making Tax Digital and the need to develop a tax system that truly copes with not only globalisation but also the Online world, but let's wait and see.
The chancellor's proposal to restrict claims under the VAT Flat Rate Scheme coupled with a new restriction on Personal Service Company (PSC) expenses for public sector workers caught my eye. There is an awful lot going on for PSC owners in tax. They may now need to have a radical re-think about their tax affairs ahead of the new tax year and may even be wondering if it is worth keeping their company going. The Targeted Anti-avoidance Rule (TAAR) may mean that company owners will think twice about liquidation just yet, however there are other options as our guide below explains.
Finally, we have had over 5 million views of our website in the last year, which is a pretty good achievement for a tax website. We would like to say 'thank you' for your visits and hope you continue to find the site a useful resource.
Scroll down for more updates and the news.
Click here to learn about our new vacancies in Private Client and OMB tax.
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Nichola Ross Martin FCA Tax Director
Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers
Quick news (freeview)
The Autumn Statement 2016: Headlines and Highlights
This week's ESSENTIAL reading: a summary of all the new measures announced by the chancellor this week, with links in each section to drill down into the detail.
New Client Money Regulations
A new Clients’ Money Regulation comes into effect on 1 January 2017 which aims to ensure that accounting firms' client bank accounts are only used for lawful and legitimate purposes and bona fide transactions.
Case Update (freeview)
Taxpayers took reasonable care by relying on accountant
In Mr & Mrs Carrasco v HMRC the FTT set aside penalties for careless inaccuracies because the taxpayers had relied upon incorrect professional advice when making a Private Residence Relief claim.
Practical Tax Guides and Updates (subscribers)
VAT Flat Rate Scheme
UPDATE: a new flat rate percentage of 16.5 applies from April 2017 to prevent low cost businesses from doing too well from the scheme. We explain the details.
R&D Allowances (RDAs)
NEW: a guide to these underused reliefs: who can claim them and when and how do they work?
Childcare and childcare vouchers
UPDATED for upcoming introduction of tax-free childcare and closure of childcare voucher schemes.
PAYE: paying HMRC
UPDATED: what reference to use when paying HMRC on time, early or late.
Editor's Choice
Personal Service Companies and tax
UPDATE: mini-guide for PSC owners
Tax queries
You can now ask queries or obtain quotations using www.VtaxP.co.uk our Virtual Tax Partner® portal.
Vacancies
Are you mad about tax and very good at working your way through the legislation? We are looking for another tax writer, Private Client and OMB specialista to join our growing team. Part-time or full time. You can work from home if you like. You need to be a CTA and it would be very useful if you are also an ACA or equivalent. Please contact us for more details.
Missed last time's update?
Nichola's SME Tax Update 18 November
Features:
- Gift Aid news 2016/17
- Incorporation
- Non-domicile status and tax
- Schedule 36 third party information notices
- Directors tax planning toolkit 2016/17
- Leases: plant & machinery
- OTS further review: alignment of income tax and NIC
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