Nichola's SME Tax W-update 15 September 2022

Hello,

As the country is in a period of national mourning we have a very short news update this week, with mainly freeview content for you.

More news, updates and cases below.

Back soon, 

Nichola Ross Martin FCA CTA (Fellow)
Tax Director

www.rossmartin.co.uk

Your Virtual Tax Partner® online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.

Quick News (Freeview) 

Tribute to Her Majesty Queen Elizabeth II
We are most saddened by the death of Her Majesty Queen Elizabeth II and we share our deepest condolences with the Royal Family.

Government announces Energy Price Guarantee
The Government has announced that a new Energy Price Guarantee will have effect from 1 October 2022, replacing the Price Cap and ensuring that the average annual energy bill will be £2,500 for the next two years. 

Mini-budget 23 September 2022
Tax breaks for the City? The Chancellor, Kwasi Kwarteng is expected to deliver a Mini- Budget on 23 September 2022. 

Editor's Pick  (subscriber guide)

SDLT, LBTT, LTT: What's new 2022-23?     
NEW: What is new for Stamp Duty Land Tax, Land and Buildings Transaction Tax and Land Transactions tax for 2022-23?  How are they taxed?  What reliefs may apply?  What has changed?  What are the latest cases and developments?

Tax Calculators
Come and try out our new range of Virtual Tax Partner tax calculators: company owners: do you pay a salary or dividend or a mixture, if so what combination? Self-employed? Easily calculate your tax liability. VAT: how do you work that out?

Guides & Updates 

A Tax Inspector calls

Spotlight 60: Umbrella companies and tax avoidance  
Freeview: HMRC have released Spotlight 60: Warning for agency workers and contractors employed by umbrella companies.  This highlights features of umbrella companies which could indicate that the arrangements amount to tax avoidance schemes. 

Tax Penalties

Penalties: Under-Assessment: At a glance
Freeview: HMRC can apply tax-geared penalties if it issues you with a tax assessment that is too low and you fail to tell HMRC that it is too low.

Land & property  

A Landlord? Start here
This freeview 'At a glance' guide is essential reading for landlords.

Employers 

Cycles & cyclist's safety equipment
UPDATE: What tax breaks are available to you and your staff if you provide your workforce with eco-travel solutions?

Private Client & Estate Planning 

Gift Aid
UPDATE: What is Gift Aid? How does it work? What are the rules?  

IHT: Lifetime charitable giving
A discount on the rate of Inheritance Tax (IHT) applies for deaths after 5 April 2012 where 10% or more of the net value of the estate is left to charity under the terms of a will. Charitable gifts can also be made during a donor's lifetime. Which is the most tax efficient for donor and donee?

Overseas

Requirement to Correct (Offshore Evasion)
UPDATE: A summary of the Requirement to Correct (RTC) undeclared tax relating to offshore matters and the tougher penalties that will apply for a Failure to Correct (FTC).

Tax Cases (Freeview)

Settling UK debt not a remittance
In Raj Sehgal and Sanjeev Mehan v HMRC [2022] TC 8581, the First Tier Tribunal (FTT) found that arrangements which resulted in a non-UK entity settling a UK-based indemnity did not represent a taxable remittance for the taxpayers.

Court confirms UK's group asset transfer rules
In Gallaher Limited v HMRC (Case C-707/20),  the Advocate General to the CJEU decided that the UK group asset transfer rules were justified in restricting the EU Freedom of Establishment and the lack of ability to defer the tax payment was not disproportionate given that consideration was received.

VAT Cases & Guides 

Great British VAT penalty takeaway 
In the Great British Takeaway v HMRC [2022] TC8584 a fish and chip shop failed in an attempt at appealing a sizeable VAT assessment, including tax penalties levied at 50% of lost tax. The business owners failed to convince HMRC that it had a reliable daily till reconciliation processes with witness statements given to the tribunal by the owners being ruled inadmissible and their verbal evidence unreliable.

Books and Printed Matter
What are the VAT rules on books and printed matter? What about e-publications?

Tax Tools 

Tax Tools
Be a winner with our game-changing tax diagnostics tools for Business Asset Disposal Relief, SDLT & annexes/subsidiary properties, Company reorganisations, R & D Zone and TAAR on winding up. Sign up now!

Calendar of tax deadlines and new tax measures
UPDATE: This is a freeview 'At a glance' rolling calendar of common recurring tax deadlines, new tax measures and other tax significant events. 

Tax Queries?

Virtual Tax Partner© Support
Have a tax query? Need a second option? Open a ticket and ask a question. A team of tax experts with a very wide range of expertise: covering direct and indirect tax, as well as accounting, R&D claims, reorganisations and much more. 

CPD for lunch 

Byte-sized chunks of CPD for subscribers

• NEW: CPD: Where are we with Crypto?
• CPD: How to avoid the High-Income Child Benefit Charge (HICBC)
• CPD: MBOs: How should they be structured?
• More at CPD Index

Missed last time's Web-update?

Nichola's SME Tax W-update 8 September 2022

• PAYE: Paying HMRC 
• OTS review of hybrid and distance working: Call for evidence 
• Reopening of Museum and Galleries VAT refund scheme
• Starting in business: Start here
• Keeping horses not a trade for EIS relief
• Disqualifying arrangements prevented SEIS relief 
• ATED penalties: HMRC may issue retrospective notices
• No SEISS grant on incorporation
• Ambulance transport services zero-rated for VAT
• Football club VAT assessment was raised in time  
• A beginner's guide to VAT
• Partnerships: Capital Gains Tax
• SDLT: Case study purchase of an estate
• Herd basis: Farming
• SEIS & EIS: Investor relief briefing
• R&D Tax Relief: Overview 
• Termination, redundancy and leaving payments
• LBTT: Land and Buildings Transaction Tax (LBTT) ...More 

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