Nichola's SME Tax w-update 1 December 2017

Hello

The latest Finance Bill was published today, following the budget. 

We have also an interesting selection of updates following the Autumn Budget 2017 including a client briefing on SEIS and EIS relief, both of which are proving very popular, and a guide to what is a 'Knowledge Intensive Company', this is handy to read-up on given the new EIS investment limits for investment in such companies.

Also in the budget were measures affecting 'Depreciatory Transactions' in companies. We don't often see these in practice and it did occur to us that many SME owners are probably not even aware that measures exist to combat such things. Do have a read through.

Many personal service company owners are now packing up their companies, following the changes to prevent 'off-payroll working in the public sector'. If you are going to close your company and you have excessive cash balances or you have cash or assets in excess of £25,000 to distribute, you need to engage a liquidator if you are going to attempt to claim capital treatment, and nor should you forget the TAAR. This is one area of tax that is wholly unsuitable for DIY treatment: seek tax advice before you make any distributions.

As we are all feeling so full of colds and wintery, we have created a Christmas Advent tax and accounting calendar to bring a little sparkle to your cold offices. Click on a new door each day and all sorts of wonderful delights await you!

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

www.rossmartin.co.uk

Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers

Quick news (freeview)

Finance (No.2) Bill 2017-19
The bill was published today. You can work through it in more easy to digest format via our Rolling Planner (below)

Government response to the Low Pay Commission's 2017 report
The Government asked the Low Pay Commission to make recommendations for the National Minimum Wage rates such that they are set as high as possible without causing unemployment effects.

Financing Growth in Innovative firms: the Industry panel response
The Treasury has published the response provided by an industry panel comprising entrepreneurs, academics and investment professionals.

Case Update (freeview)

Another win for Spurs
In HMRC v Tottenham Hotspur Limited [2017] UKUT 0453 (TCC), the Upper Tribunal (UT) considered whether termination payments to two football players (Peter Crouch and Wilson Palacios on their transfer to Stoke) should be subject to tax and NIC as earnings “from an employment” rather than under the special rules.

Workers' rights to paid leave will not expire
In C King v The Sash Window Workshop Ltd [2017] EUECJ C214/16 the European Court has issued its preliminary ruling that a worker is entitled to payment for holiday not taken and where the opportunity to take paid leave has been denied, entitlement continues until they have been given the opportunity to take it.

Leasehold confusion causes unexpected tax charge
In Robert Wright v HMRC [2017] TC06211 Mr Wright was found to have made a disposal when he was granted a lease in a leasehold property he already owned; creating a new lease resulted in a part disposal of the original lease.

Editor's Choice (subscribers & freeview)  

Christmas Advent Calendar
NEW: open a door in our calendar every working day in December and add a little sparkle to your tax and accounting day.

Tax Guides and Updates (subscribers) 

Corporate Criminal Failure toolkit
NEW: an interactive tool to determine 'At a glance' whether there has been an offence committed under the Criminal Finances Act (2017) in respect of a corporate failure to prevent the criminal facilitation of tax evasion. Worth a read: whatever your trading entity.

Depreciatory Transactions
NEW: a company owner guide to 'what is' a depreciatory transaction. Why it matters, plus the latest changes to the rules from the Autumn budget.

SEIS/EIS Investor briefing
UPDATE: how the different tax reliefs available on SEIS/EIS compare. Updated following the Autumn Budget 2017.

Knowledge intensive companies 'KICs'
NEW: What makes a company a company a KIC?  You can maximise your investment under the EIS, by investing in a KIC. We present a short guide on what constitutes a knowledge intensive company.

Buy-to-let ownership: personal v company? (subscribers)
UPDATE: updated for the Autumn Budget 2017, including changes to the NRCGT and SDLT.

Partnerships: changes to tax rules since 2013/14
UPDATE: update for the Autumn Budget 2017, how profits will be allocated, what the relaxed reporting requirements are for some investment partnership and how to deal with partnerships with partnerships as partners.

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’! 

Subscriber Essentials

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.

CPD Webinars

New CPD click here

Missed last time's update?

Nichola's SME Tax w-update to 24 November 2017

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