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 25 Sept 2008Trading is looking grim for many businesses right now, so this week we take a look at losses and what you can do for those clients who are likely to make a loss in the current year. The newsletter covers income losses, capital losses and VAT deregistration.
Tax newsletter 18 Sept 2008What a week that was in the financial markets! The fall-out will certainly be wide and deep, so this week we look at three tax issues loosely related to the credit crunch: VAT for builders, Transferable tax debts especially in the context of contractors, and finally the serious issue of Red or white diesel (Red being used by off road vehicles).
Also in this issue, a reminder to complete our first user feedback survey, a note of recent items on our blog and as usual a short ‘tax fun’ piece.
Incorporation, disincorporation and related mattersAs a thank you for completing our user feedback survey in September 2008 we are pleased to make the following available to you as a free download from our website.
Tax newsletter 10 Sept 2008
This week in our newsletter for accountants in general practice we provide updates on three issues we have covered previously, but where we now have fresh information from HMRC: The Service Company question on tax returns, transfers of the IHT nil rate band and VAT office address.
Tax newsletter 4 Sept 2008
The summer holidays are over for most of us, but there are two items of news this week that have a holiday theme: overseas holiday homes purchased through a company and the new stamp duty ‘holiday’. We also want to draw your attention to the joint professional bodies' new guidance on tax engagement letters - propduced by a working party of which I was the Chairman.
This article by Bill Stevenson arises from his observations on a couple of recent cases and it would be easy to fall foul of a negligence claim if you don't take proper care and attention. There is a suspicion that HMRC are trying to cut corners to get through all the "golden" information they hold and not apply the law as it was intended. They should not be allowed....and YOU are at risk
Read on ....
As the summer holiday period draws to a close so the tax return season moves into full swing. This week our three practical tax issues address the new self assessment filing deadline, a reminder of some changes to the self employed pages of the returns, PAYE Settlement agreements and the mid October deadline and finally, another 31 October deadline – this time the one for advance clearance re Business Property Relief claims.
Make more profits from your Accountancy practice clients
During Mark Lee's talks on this subject he often encourages the audience to share their views as regards certain issues. Once these have been collated Mark then makes the summaries available to all those present.
Tax newsletter 21 August 2008
Despite summer holidays the tax season is starting to hot up. This week our three practical tax issues include: how to secure more tax relief for energy saving products; securing tax relief for building alterations and other costs incurred complying with disability laws; and a topic that caused some alarm in the press this summer – staff canteen cards.
Tax newsletter 14 August 2008In our weekly tax update, as usual, we offer 3 practical points that will be of particular interest to accountants in general practice. This week we focus on some practical VAT issues: when a VAT return is actually due, what VAT you can recover when you start a new business or company, and a change in HMRC practice concerning VAT errors.
Tax newsletter 8 August 2008The 2008 Finance Act is now law and has brought in changes to the tax rules starting from various dates ranging from 12 March to 1 August 2008. In this week's newsletter we highlight three areas now affected and which may impact the advice you are currently giving your clients:
- Record keeping by owner-managed companies
- Associated Companies
- Research and Development tax credits
Our Chairman, Mark Lee, is a regular speaker at conferences and training events for accountants. One of his talks over the last few years has been on the subject of Avoiding Negligence Claims. At the end of the talk he collates the views and ideas of delegates and has collated these into a number of documents which are now freely available through our website.
Tax newsletter 31 July 2008This week's practical tax update again contains 3 further issues relevant to accountants in practice. Today we focus on the issues relevant to 2007/08 tax returns by reference to the fundamental changes to capital gains tax which took efect from 6 April 2008. You need to consider the implications of the new regime when completing deferral claims in your clients’ 2007/08 tax returns. There is a new election to consider where shares have been exchanged and there are last year's CGT changes for partnerships too.
Tax newsletter 23 July 2008This week's practical tax focused newsletter includes updates to the problems with filing tax returns online we reported in our newsletter on 17 July. Also advice for payroll managers on how to deal with the change in personal allowances, and a word of warning about the HMRC website.
Tax newsletter 17 July 2008
The summer holidays are almost here, so you may be winding down for a few weeks. But we're still here offering 3 practical tax update notes week in and week out - as well as providing tax back up and support as and when you need a helping hand.
This week we've some practical advice about warning your clients about the deadline for renewing Tax Credit claims, various practical issues concerning the 2007/08 tax returns and the facility to make negligible values generally and especially re Northern Rock shares.
Tax newsletter 10 July 2008
Welcome to this week's practical tax update. The rising price of fuel is putting employers under pressure to pay higher mileage allowances, but this can result in tax and NI liabilities, which we discuss below. We also report on further developments with the service company question, and tax repayments generated by this year's tax returns.
Why I gave up giving tax adviceTop tax man reveals frustrations with the tax system as main reason he no longer gives tax advice.
This relates to Mark Lee's revelations in a leading Comment piece in today's Taxtion magazine. In effect they explain one of the key catalysts for the creation of the Tax Advice Network.
Press release - Taxation article 3 July 2008Headline: Top tax man reveals frustrations with the tax system as main reason he no longer gives tax advice.
This relates to Mark Lee's revelations in a leading Comment piece in today's Taxation magazine.
Tax newsletter 3 July 2008Although the 2008 Finance Bill is still working its way through Parliament, some parts of the law are already in force and apply to current buying and selling decisions.
In this weeks practical tax update we update you on the latest position and remind you about the importance of the HMRC's List 3 for completing forms P11Ds.
- Annual Investment Allowance
- Entrepreneurs' relief on single assets
- Updated List 3 re subscriptions
Mark Lee, Chairman of the Tax Advice Network, has written a twenty page guide for anyone who may be confused as to the difference between an 'accountant' and a 'tax adviser'.
