Hello,
This week's top news item asks whether you can spot what's wrong in a scam email targeting tax agents. See what you think. We also have a cautionary tale on the National Minimum Wage (NMW) rules and are showcasing guides and updates covering a range of new measures and proposals. In amongst all that we have the latest news and more cases.
I won't say too much more. Do scroll down through this email as it's a 'goody' containing a vast amount of fantastic content, guides and briefings. Hopefully there's something for everyone.
If you are a subscriber to rossmartin.co.uk you can, of course, commission Client Briefings too. I have also picked out key guides that answer many tax FAQs. If you are not a subscriber to our service: why not? Our Practical Tax Database comes to you at unbelievable value: a fraction of the cost of any other technical provider.
Back soon
Nichola & the Team
www.rossmartin.co.uk
Your Virtual Tax Partner®: online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.
Quick News
Scam emails now target Tax Agents
Email scammers are trying to take advantage of HMRC's processes for verification of tax agent identity by sending out phishing emails that claim to be from HMRC's Agent Service. A new email purporting to come from HMRC directs agents to click on a link back to the scammers which could easily fool people reading on a small screen.
Agent Update: August 2024
HMRC have published their Agent Update for August 2024. We have summarised the key content for you with links to our detailed guidance on the topics covered.
One-to-many letter for high earners
HMRC's Wealthy Team are sending a one-to-many letter to individuals with annual earnings over £200,000 who have a dormant account with HMRC, received a Notice to File a tax return for 2021-22 but did not file, and those who have never registered for Self Assessment.
Advisory fuel rates from 1 September 2024
HMRC have published new advisory fuel rates for company car drivers that apply from 1 September 2024.
Free Study Skills Session: Preparing for Your Tax Exams
Free Study Skills Session: Preparing for Your Tax Exams on 10th September 2024 at noon.
Tax Cases
HMRC error costs £588,700
In Luis Carvajal and Anor v HMRC [2024] TC09248, the First Tier Tribunal (FTT) found that HMRC could not pursue underpaid Inheritance Tax (IHT) of £588,700 on an ineffective IHT planning arrangement as a clearance certificate had been issued by HMRC, in error.
No travel or substance for umbrella agency workers
In Mainpay Limited v HMRC [2024] UKUT 0023, the Upper Tribunal (UT) confirmed that employees of an umbrella company couldn't claim an allowable deduction for reimbursed travel or subsistence expenses. Each agency assignment was deemed a separate employment, making the underlying workplace permanent.
Employer alert: Savings Scheme breaches NMW
In HMRC v Lees of Scotland Ltd [2024] EAT 120, the Employment Appeal Tribunal (EAT) found that a company that operated a voluntary savings scheme was found to have breached the National Minimum Wage (NMW) regulations, reversing an earlier decision by the Employment Tribunal.
Editor's Choice
R&D: Contracting out R&D & Externally Provided Workers (EPW)
NEW: What is contracting out R&D? When does contracted-out R&D qualify for relief? Who can claim the relief? When do externally provided worker costs qualify for relief? What are the special rules applying to Northern Ireland companies?
Employee Shares: setting up share classes with different rights for directors & employees
Can you set up different classes of shares? How do you create Alphabet or ABC shares? What are the rules in giving different classes of shares to directors and employees?
Non-Doms & Remittance 2024 Proposals: Client Briefing
We take a closer look at the updated proposals for abolishing the concept of Domicile and the Remittance Basis from UK tax and the replacement Residence-based regime
Guides & Updates
AML: Anti-Money Laundering Procedures and Checks
Subscriber essential KYC checklists for Anti-Money Laundering (AML) procedures and checks, including what factors to consider when taking on a new client and conducting your 'Know Your Client' (KYC) procedures.
Self-employed
Subsistence (self-employed)
What is subsistence? Is subsistence allowable for tax? What are the considerations?
Basis Period reform
What is basis period reform? Who is affected? What is the new basis year for tax? What are the transitional rules?
Partnerships
Partnerships: What's New 2024-25
NEW (published last week) What are the issues on Basis Year reform? What is the fuss about hybrid structures? Where are we on partnership tax appeals?
Directors & Companies
Loan relationships: Connected Companies
How do the loan relationship rules apply to connected companies? What are the special rules? When do they apply? What are the exceptions to the special rules? What are deemed releases?
Land & Property
Furnished Holiday Letting: What's New?
Draft legislation and an associated policy paper were published in July 2024. What is Furnished Holiday Letting? How do you qualify for Furnished Holiday Letting? What are the rules for Furnished Holiday Letting?
Incorporation: Property business/Buy-to-let
What relief can I claim if I incorporate my residential property business? What claims and elections do I need to make? What are the Capital Gains Tax (CGT) and Stamp Duty Land Tax (SDLT) implications?
Employers
Agency Workers: Employment intermediaries rules (subscribers)
What are the tax rules for Employment Intermediaries and Agencies? Are agency workers subject to PAYE?
Private Client & Estate Planning
Trust Registration Service
What is the Trust Registration Service? What trusts does it apply to? What are the requirements and deadlines?
IHT: Loans and restrictions on liabilities against the estate
When are loans deductible from the estate on death? What restrictions are there? What anti-avoidance rules do I need to consider?
VAT News & Cases
Buy-to-lets & VAT
Buy-to-lets and VAT: when can VAT be recovered with respect to buy-to-lets? What are the conditions? Are there limits?
Cars & Vans: VAT
What is a car for VAT? What is a van for VAT? What VAT can be recovered on a car that is bought? Leased? What about fuel? Or mileage reimbursements?
Tax Tools & Calculators
Tax tools & calculators
UPDATE: 2024/25 versions available now. We have a suite of useful tax tools that help agents, business owners and sole traders calculate their taxes.
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.
CPD for Lunch
Byte-sized chunks of lunchtime CPD for subscribers
- CPD: Change of basis periods: Transitional rules 2023-24 Returns
- CPD: VAT Penalties Update
- CPD: CGT Reporting and payment deadlines
More at CPD Index
Tax Queries?
UK Agent for registration of Overseas Entities
Do you require assistance in the registration and verification of an overseas entity that owns UK land or property?
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 wide range of expertise: covering direct and indirect tax, as well as accounting, R&D claims, reorganisations and much more.
Missed the Last Tax Update?
Ross Martin Tax: SME Tax News 22 August 2024
- Employer Bulletin: August 2024
- Employee hours RTI data deferred
- Free Study Skills Session: Preparing for Your Tax Exams
- Redesigned IHT100 forms
- Private Hire Vehicle Operators: Agent or Principal for VAT purposes?
- What does it mean to be a child?
- No agricultural relief for snail farm
- Partnerships: What's New 2024-25 NEW
- Compare software for Making Tax Digital for Income Tax UPDATE
- R&D: Staff costs & reimbursed expenses UPDATE
- Abolition of the FHL regime: Briefing UPDATE ...More
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