T.A.N.K
The Tax Advice Network Knowledge base is where members share articles and knowledge that they expect will be of interest to users of our website. You are welcome to contact the relevant member via their profile, via our local rate central phone number 0845 003 8780 or our landline number 01635 574 160. Our professional operators will put you straight through.
Articles
Tax Newsletter 4th FebToday's newsletter contains a cautionary and timely tale about the VAT flat rate scheme as it affacted an accountant in practice, and some further timely advice for your clients who let furnished holiday accommodation. We also have good news about HMRC's new approach to applications for P11D dispensations.
Tax Newsletter 28 JanThose accountants with personal tax, sole trader and partnership clients are almost at the finishing line. Good luck!
This week we have details of where you can send partnership SA tax returns with missing UTR numbers, which prevents them from being filed online. We also explain why your clients might receive multiple 2010/11 PAYE codes, and a new feature on the form P46 designed to help ex-students.
The snow has turned the landscape into negative relief, and occasionally the tax system reflects this with an upside-down logic that is difficult to follow. This week there are two examples to warn your clients about; an attack on the honesty of the most trusted profession and the calculation of VAT turnover thresholds. We also have a timely reminder about amending tax returns.
Tax Newsletter 7 JanSignificant tax savings can often be achieved if a transaction is planned well in advance, so discussing your clients' plans to dispose of property or shares is a good idea. This week we have some tips to help with such basic tax planning, and news of HMRC's changing attitude to travel to work schemes. We also have a seasonal reminder about winter fuel claims.
Minor to majorityA trust established in 1994 in favour of the settlor's minor unmarried son appears to have both possible beneficiaries and immediate beneficiaries. Is this a bare trust and is there an immediate income entitlement ? It may be possible to transfer rolled-up income without further tax charge.
(Taxation Magazine, 7th January 2010 : Readers' Forum Query T17,524)
Newsletter 17 December 2009This newsletter always focuses on timely, practical and commercial tax issues. So last week I said there was no need for reference to anything in the Pre Budget Report (PBR).
Well, on reflection there are two issues arising from the PBR that may have an immediate affect on your clients, specifically those who let property as furnished holiday accommodation and businesses that use the VAT flat rate scheme. We also have news about HMRC compliance reviews that could affect your practice.
Tax Newsletter 10 Dec 09
This newsletter always focuses on timely, practical and commercial tax issues. So this week there is no need for any reference to anything announced by the Chancellor in his Pre-Budget Report yesterday. The more immediate task for most practitioners is to submit outstanding 2008/09 SA tax returns. So this week we have a timely warning about new HMRC procedures for forms 64-8 and CG34 and some practical tips for reporting overseas income.
Tax Newsletter 03 Dec
1 January 2010 sees the introduction of new VAT rules for cross-border selling and a new procedure for reclaiming VAT paid in other EU countries. We have some practical advice on how you can help your clients by taking action now in both these areas. We also set-out the new advisory fuel rates for company cars.
Our practical points this week all relate to items about which it is fair to say we are having a little moan, but forewarned is forearmed. There are problems with the HMRC computer systems for Corporation Tax, VAT, SA, and PAYE. We are also not impressed by the late announcement of mileage rates for the users of company cars. After the practical points in this newsletter I have again put the Spotlight on one of our tax adviser members and offered another item for the tax fun spot.
Tax Newsletter 12 NovWe have practical tips this week on two tax issues that can easily be overlooked when completing personal tax returns: capital gains and losses on foreign currency accounts, and allowances for new pensioners. We also have a timely warning about the Taxman's powers to inspect business premises.
Tax Newsletter 05 NovAs you plough through the pile of tax returns and accounts mounting up for the January submission deadline, this week's practical tax newsletter contains a reminder about which expenses you should disallow for tax purposes. We also have some new information on the HMRC approach to tax debt, and an update on online filing issues.
This week is half term for many people (well their children really) but there's nothing half baked about the practical tax tips we're sharing with readers. Firstly we refresh our memories about the tax implications of two situations, which may become more common as this recession drags on: winding up a company and letting rooms to lodgers. We also offer a stark reminder of why you and your clients should not rely on verbal tax advice from HMRC 'helplines'.
Tax Newsletter 22 Oct 09This week's national postal strike could delay a large number of VAT returns and the personal tax returns due in by 31 October 2009. We have advice on how to avoid penalties for late filing of these returns. We also have tips on achieving some benefits from the changeover of the standard VAT rate effective from 1 January 2010, and we provide an update on changes to entitlement for state benefits from 2 November 2009.
This week we report some practical points gleaned from the Learning Together seminar with HMRC on the new compliance checks and penalties. We also take a brief look at taxation of Tips and Troncs as the law has recently changed in this area.
Tax Newsletter 27 August 2009'Its never too late to fall in love to start exercising or to change your life'. Perhaps so, but it can be too late to make tax claim. This week we have some tips on how you can persuade HMRC to accept a late claim, whether an R&D tax credit claim should be considered, and how you can help individuals previously only assessed under PAYE.
Tax Newsletter 08 Oct 09You may have submitted a number of loss claims in the past months, but have those claims been correctly processed by HMRC? This week we explain what can go wrong with a loss claim on the HMRC side of the fence. We also have practical advice on how to deal with debts that go bad after the end of the accounting period, and news about a HMRC tool to manage PAYE codes.
Tax Newsletter 01 Oct 09Are you and your clients going to be ready for compulsory online filing of VAT and PAYE returns? You need to be addressing this now if you want to avoid problems when it becomes compulsory next year. We have news of developments as regards both VAT and PAYE online filing. And our third practical point relates to changing clients' address details online.
