Hello
This week we have our usual concise and easy-to-follow freeview budget summaries. The devil is in the detail and the real Autumn Budget 2017 contains many more measures than those mentioned in the chancellor's speech.
A number of new measures apply immediately. Aside from the well-publicised changes to stamp duty for first time buyers, a key change that will affect landlords is that individuals may now claim a fixed mileage allowance instead of actual expenses. We suspect that many were already doing that in any case. Just like the change to the cash basis for landlords, the new measure is also backdated to 6 April 2017.
The chancellor also announced new consultations including one on self-financed training for the self employed and employees. The vexing subject of 'disguised employment' and Personal Service Companies is still very much work in progress. Government is also keen to exploit AI, this is handy as by co-incidence we represent an autonomous motorcycle R & D company. You will be able to track it as a case study in our R & D Zone in later weeks.
Scroll down for Budget summary and links.
Just in case you are already all bored of the budget, we also have one of our regular VAT updates. Strange that the pre-leaked change to the VAT registration threshold was not announced, or were all those leaks just someone else stirring up fake news? The trouble with this 'Information age' is that there is too much information and you cannot trust most of it. I hope that you find us a trustworthy and informative curators of tax know-how, and also do not forget to check out our CPD ' For Lunch' webcasts.
Finally, appealling to the tribunal, please don't leave it too late folks! Take the judge's directions seriously and if you would like assistance, a shoulder to cry on or a mentor, come and talk to me.
If you have any tax queries please do try out our Virtual Tax Partner support portal at www.VtaxP.co.uk
Enjoy the guides and updates and the news is below.
Back soon
Nichola Ross Martin FCA Tax Director
Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers
Quick news (freeview)
Autumn Budget 2017: Highlights from the speech
The chancellors' speech covered more than just tax. If you want just the tax highlights, go to our Autumn Budget 2017 rolling tracker
New Disguised Remuneration loan charge: telling HMRC all about it
In April 2019 all outstanding loans from disguised remuneration schemes (typically EBT loans and loans to sub-trusts) will become subject to an income tax and NIC charge under part 7A ITEPA 2003.
OTS and EU conduct separate reviews of VAT
The Office of Tax Simplification (OTS) have published a review of VAT, 'Value added tax: routes to simplification'. The European Commission has also published an impact assessment on simplification.
Case Update (freeview)
Farmers allowed to benefit financially from agricultural VAT FRS
UPDATE: the CJEU released its decision on Shields & Sons Partnership v HMRC [2017] C262-16 which has followed the view of the Advocate General: HMRC are not allowed to withdraw a business from the Flat Rate Scheme simply because the taxpayer is better off than under the normal VAT regime.
Editor's Choice (subscribers & freeview)
Autumn Budget 2017: rolling tracker (freeview)
Our unique summary of the key tax measures for SMEs announced in the chancellor's speech and accompanying papers/
Personal Service Company (PSC) update 2017/18
Update: this handy update summarises the key tax issue for personal service companies and their owners following the Autumn Budget.
Property profits and loss toolkit (2017/18 on)
UPDATE: a concise summary for landlords, updated following the Autumn Budget, with links to previous years' toolkits.
Tax Guides and Updates (subscribers)
R & D Zone
UPDATE: Our new zone is designed to cut the costs of making DIY claims.
Disguised remuneration
UPDATE: With so many recent changes to the disguised remuneration rules we have had to completely re-write this guide.
Corporation tax instalment payments
UPDATE: Larger companies and groups will move onto a different, earlier payment timetable from April 2019 meaning all instalments are due during the accounting period. The limits defining ‘larger’ seem high at profits of £20m, but are per group and are soon reached when there are a few group companies to divide them between.
VAT
VAT update: What's New: Nov 2017
NEW: an update on the last 6 months of VAT activity for those who want a ‘Budget break’!
Agents and principals
NEW: where someone is acting as agent for a principal, it is possible that the income received by the agent on behalf of the principal is outside the scope of VAT for the agent. What is an agent for VAT purposes? When do these rules apply?
CPD Webinars
Missed last time's update?
Nichola's SME Tax w-update to 17 November 2017
Features:
- Personal Service Company Update
- How much are a wife's wages
- Problems with HMRC's Check Employment Status Tool
- Pecuniary liability
- Can my company build my house?
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