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Tax Advice on The Increase

Twice as many calls, same great service No doubt many of our clients are relieved that the 31st January deadline has now passed and are looking forward to workloads returning to normal levels! As you would expect the calls to our tax advice line increase significantly during January, with call volumes almost double the number that we normally receive. Our Tax Advice line also handled 20% more calls this January…

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Business Property Relief on Furnished Holiday Lettings

Business Property Relief In a recent tax case, the Personal Representatives of Grace Joyce Graham (deceased) v HMRC [2018] TC06536, it was held that inheritance tax business property relief was available on furnished holiday lettings. Business property relief (BPR) IHTA 1984 S103 to 114 Business property relief is available on the value of transfers of business property (in the UK or elsewhere), providing certain conditions as to the length of…

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Taxation of Cryptoassets

HMRC updated the guidance on the tax treatment of cryptoassets, such as bitcoins, on 19th December 2018. The paper sets out HMRC’s view – based on the law as it stands at the date of publication – about how individuals who have cryptoassets are taxed. It does not explicitly consider the tax treatment of cryptoassets held for the purposes of a business carried on by an individual. They state that…

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Brexit and the VATMOSS

What happens when we are no longer an EC Member State? Unless something dramatic happens in the next few months the UK will leave the EU on 29 March 2019 but, at present, no-one knows whether we will leave with or without a deal or, if we do leave with a deal, whether that deal will enable us to continue to operate in the same way with the EC as…

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What are the VAT Differences Between Publications?

EU Council addresses VAT differences between electronic publications and physical publications The e-publication directive has been adopted by the EU Council after an agreement was reached on 2 October 2018. Effective from 6 November 2018, the Council is allowing alignment of VAT rules for electronic and physical publications. This has opened up the possibility for the UK to implement a zero rate VAT into English law if our Government wishes…

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Definition of a dwelling amendment

HMRC have updated their VAT Notice 708. The latest amendment issued on 20th July 2018 has been released to include a clarification of the definition of a dwelling. Paragraph 2.1 has been amended to show that a dwelling can consist of more than one building. The wording used by HMRC has to be applauded as it is very clear and concise, and I have been struggling to think of a…

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cyber essentials

Cyber AMI – A must have for accountants

Cyber Essentials for Accountants Working in conjunction with our partners Berea, we are delighted to give you the opportunity to purchase Cyber AMI, a Web based business app to help you achieve and maintain compliance with Cyber Essentials, the government’s risk management specification for cyber threats. Accountants hold a large amount of highly sensitive client data. From this point of view there is a significant threat from cyber criminals or…

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We’re updating our brand and expanding our business

It has been four years since Qdos Re-entered the Fee Protection Market as Qdos Vantage and it has undoubtedly been a real success story. Each year hundreds of accountants have made the decision to join us, benefiting from our simple and transparent approach, on-line support systems and personal service. Above all we understand that first and foremost our clients want a Tax Fee Protection Insurance provider that prioritises the delivery…

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Phoenixing Rules – Rising from the Ashes

FAQs – Phoenixing Rules A topic that is frequently asked about on our helpline relates to the Phoenixing Rules. “Phoenixing” which was introduced by Finance Bill 2016 and is in the legislation at ITTOIA05 S396B. The purpose of ITTOIA05 S396B is to prevent individuals converting what would otherwise be a dividend into a capital payment, and so reducing their overall tax liability.  This provision applies to distributions in a winding-up…

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Taxation of Capital Gains

Taxation of capital gains – scope extended by HMRC HMRC extends the scope of the UK’s taxation of capital gains accruing to non-UK residents to include gains on disposals of interests in all UK property. This measure was announced at Autumn Budget 2017 and a consultation ran from 22 November 2017 to 16 February 2018 under the title, ‘Taxing gains made by non-residents on UK immovable property’. HMRC and HM…

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