Hello

Brexit dominates the news headlines and it seems that one thing is certain: no one seems to know what's happening.

In terms of 'known unknows', we do know that the Brexit Withdrawal Agreement only provides limited details on many matters. The devil will be in the detail, for example, we do not know what will happen to joint UK and EU academic research in 2020 or what rules will apply to any data sharing or how any joint UK/EU projects will be funded.

Another huge unknown might be answered in part by another paper that is due to be published perhaps later in the week, this will set out the future political relationship between UK and EU.

In terms of what we know, we have summarised what Brexit thus far means for the Northern Ireland border as this seems to be such a vital part of it all. 

If you have any tax queries please do try out our Virtual Tax Partner support portal at www.VtaxP.co.uk.

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)

Brexit: what is happening with the Northern Ireland border?
The 585 page Draft 'Brexit' Withdrawal Agreement includes transitional rules for the treatment of goods, and a ‘backstop’ to ensure the requirement for no north-south hard-border in Ireland will be maintained.

CIOT: still too many Budget surprises
Unsurprisingly there were complaints...

Resurrection of plans to increase probate fees
The government has announced plans to resurrect the new probate fee banding structure proposed in 2017.

Employment Related Securities: What's New Autumn 2018
HMRC's latest Employment Related Securities (ERS) Bulletin contains some handy tips. This is our enhanced version.

Tax abuse and insolvency: consultation outcome
HMRC have published ‘Tax abuse and insolvency: A discussion document – summary of responses’ confirming that legislation will be introduced to protect against loss of revenue for HMRC in insolvency cases.

Making Tax Digital (freeview)

Making Tax Digital: survival guide for the self employed
A factsheet is for the many self employed taxpayers, company owners and property landlords who are unaware of HM Revenue and Custom's radical plans to transform the tax online filing system.

Editor's Choice (subscribers)  

Directors Tax Planning: Update Autumn 2018
UPDATE: This is now updated for the Budget 2108 announcements affecting directors.

Self-employed: A to Z of different professions
What expenses can you claim if you work in a certain type of business? Guides that build up to summarise the key tax treatments for different types of self employed sole trader, or partnership.

Tax Guides and Updates (subscribers) 

Let Property Campaign
UPDATE: following guidance from HMRC about who can use the campaign to disclose undeclared rental income.

Travel expenses
What expenses can I claim? Avoid disallowed expenses in tax enquiries with this in depth guide for the self employed

Working from home: directors
What can you claim and how.

Case Update (freeview)

RTI: penalties cancelled: no proof returns were late
In Vasco Properties Ltd v HMRC [2018] TC06801 the First Tier tribunal allowed an appeal against RTI late filing penalties; HMRC failed to show that the returns were late.

Gift Aid assessments invalid
In Champions Fun Learning Centre v HMRC [2018] TC06685, a charity wrongly claimed Gift Aid on membership fees. HMRC raised assessments for tax and penalties however the FTT found that these were all invalidly issued and so allowed the charity's appeal against tax due and penalties.

VAT (freeview)

Penny auction credits are not a supply of goods
In Marcandi Ltd v HMRC [2018] C-544/16, the CJEU ruled that the bid credits sold by ‘Madbid’ to penny-auction participants are supplies of services, not part of the supply of goods.

Allergen-free chocolate is not food for VATpurposes
In Kinnerton Confectionery Limited v HMRC [2018] TC06548¸ the FTT decided that an allergen-free chocolate bar was standard rated as confectionary and was not food for VAT.

VAT (subscribers) 

Single or multiple supply?
Where a transaction comprises several different elements it is important to consider whether, for VAT purposes, it is a single supply or several distinct supplies bundled together.  This can affect both the VAT chargeable and input tax recovery.

VAT Update November 2018
What's new in VAT this Autumn?

 

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Missed last time's Web-update?

Nichola's SME tax W-update to 9 November 2018

Features:

  • Personal Service Companies: Off-payroll and private sector
  • IHT: BPR allowed for livery yard
  • IHT: failure to drawn down pension was a transfer of value
  • IHT: the last of the lease carve-outs fails
  • Penalties: HICBC cases reviewed, no penalty for trust with no income or gains
  • VAT Update
  • and much more..

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