Hello

We have a Private Client update this week: I definitely recommend that you read this if nothing else. However, we of course have our pick of interesting cases, and if you like VAT, then we are continuing our detailed look at land and property.

Not thinking about tax (for a change!) there is ongoing debate about the state of our local high streets. I remember when new supermarket chains were blamed for killing off local grocers, then came the 'out of town shopping experience'. I suppose we should really blame that on town planners, however the best way to store and display a large range of goods is going to be in an industrial sized unit and the best way to get your shoppers there is to have a car park and a cafe. Then of course we had outcry over the large influx of non-business rate paying charity shops taking up the prime retail spots, and an unpresidented rise of coffee shops, but we still had department stores, although their business models dictate that their concessions are more likely at the luxury end of the scale. Now we have a lot of online retailers. Unless you need a coffee, you can do most things from home (interent access permitting). I think that in truth, for many small towns, the concept of a local high street with a range of retailers died many years ago. We are consumers: we want choice. We are business owners: we want low overheads and to maximise our ability to display our wares. Online selling whether goods or services makes perfect sense. In terms of the high street, we always want to go out for meals and to be sociable, why not have a different kind of re-think how we use the space that was the high street? 

You can comment on anything in our SME news section, so please do.

Don't forget to swot up on our unique Finance Bill 2018 rolling Tax Planner, this gives you instant CPD, summarising all the new developments in tax across the SME spectrum for the 2018/19 tax year. Exciting new tax tools are on their way so stay with us.

If you have any tax queries please do try out our Virtual Tax Partner support portal at www.VtaxP.co.uk: subscribers you are entitled to free quick queries so do ask.

Enjoy the guides and updates and the news is 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 & tax advisers

Quick news (freeview)

2018 Scottish Budget date announced
The Scottish Parliament has announced that its Draft Budget 2019/20 will be published on 12 December 2018.

VAT Fuel scale charge approved
The European Commission have approved the continued use of the UK's VAT fuel scale charge adjustment for private use of cars until 31 December 2020. 

Making Tax Digital (freeview)

Making VAT Digital tool: who has to join
Take the test and see if you are in

Editor's Choice (subscribers)  

Private Client: what's on October 2018
NEW: a round up of the latest developments in tax for private clients, covering income tax, CGT and IHT.

Mutual trading, members clubs and community trades
NEW: Our new guide to mutual trading and members clubs explains how to deal with these types of clients and what the tax pitfalls may be.

Finance Bill 2018: 2018/19 tax update and rolling planner
UPDATE: instant CPD we track all the key developments for you.

Tax Guides and Updates (subscribers) 

Investors' Relief
UPDATE: more information on how to qualify for this 10% CGT rate.

Which investment relief: IR, ER, SEIS, EIS or BIR
What is the difference between Enterpreneurs' Relief and Investors' Relief? How do they compare to investments in Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS)? There is also a special relief available for Non-domiciled individuals called Business Investment Relief this allows tax-free remittances for investment purposes.

FAQs for Disguised Remuneration
UPDATE: For what to do if you have missed the settlement deadline, and further clarification on the loan charge, how to deal with the trust, and on what happens on death.

Dividend tax index
Guides to answer all your FAQs from how to declare a dividend to how to tax one

Case Update (freeview)

Denial of holdover relief breaches Human Rights
In William Reeves v HMRC [2018] UKUT 293, the Upper Tribunal (UT) found that a non-resident taxpayer can gift a UK trading asset to a UK company he owns and claim holdover relief.

No trade, no real expenditure, no capital allowances
In
Daarasp LLP And Betex LLP v HMRC [2018] TC06718 the First Tier tribunal refused £43million of capital allowance claims for software licences; the LLPs were not trading and even if they had been, the expenditure had not been incurred in the relevant accounting period.

Open access to FTT papers
In Hastings Insurance Services v HMRC [2018] TC06656 the FTT confirmed that the principle of open justice allows the public to access unpublished legal arguments used in a public Tribunal hearing even if you have no direct connection to the case.

VAT (freeview)

Fuel scale charge approved until Dec 2020
The European Commission have approved the continued use of the UK's VAT fuel scale charge adjustment for private use of cars until 31 December 2020. 

Zero-rated e-books move closer
The European Commission has approved a proposal which will enable Member States to reduce the VAT rate applicable to e-books.

DIY VAT refund refuse: no proof business intention had ceased
In Richard Akester v HMRC [2018] TC06711, the First-Tier Tribunal (FTT) determined that the taxpayer was not entitled to recover VAT under the DIY housebuilders scheme because at the time of the claim, the intention was to operate a rental business.

Flat rate scheme: no VAT back on racing car
In RPD Building Limited v HMRC [2018] TC06740, the First-Tier Tribunal (FTT) denied VAT recovery on costs related to upgrading a car to a high performance racing car.

VAT (subscribers) 

Land & Property: Non-residential
NEW: a guide on VAT issues for construction, sale, lease, rent, and more of non-residential property.

Land & Property: Relevant residential & relevant charitable purpose
NEW: a guide on VAT issues for construction, conversion, sale, lease, rent, and more of property used for a relevant residential or relevant charitable purpose.

CPD Webinars

New CPD click here

Missed last time's update?

Nichola's SME Tax w-update 5 October 2018

Features:

  • CGT Private Residence Relief (PRR)
  • Partial exemption and input VAT
  • Residential property: Personal ownership v Company
  • Land and Property: Dwellings
  • Making VAT Digital tool: who has to join
  • and much more..

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