The things we do for tax

This episode looks at the MTD Pilot for small businesses and landlords commencing April 2024.Amongst many things we cover it is explained why all practices should pop one or two clients on to the pilot. How the turnover is calculated to determine who will join in 2026 when it is compulsory and there is a nasty surprise lurking for clients.Throughout we explain the process and the detailed contents include:2:07      Which taxpayers are affected2:38      When the MTD pilot starts2:55      The new HMRC pilot compared with previous versions3:18      Which clients can be signed up? Do you have to sign up all clients?5:31      Why joining might help with the penalty regime6:17      Which taxpayers will have to join MTD quarterly reporting and from what date?9:00      Which quarters have to be used?10:32    What has to be submitted and the 'fifth' submission12:54    API enabled software15:15    Three-line accounting16:06    Using spreadsheets17:17    When do submissions have to be made by?19:59    Cumulative basis22:00    The digitally excluded and MTD24:30    Quarterly payments????26:34    How the turnover is calculated and it has a nasty surprise33:33    How to put clients on the pilot basisCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

This short episode explainsThe planned publishing schedule for the next few monthsWe are aiming to publish at least once a monthNext episodes including a look at HMRC Digital Services in 2024Introducing webinars and podinarsAnd the discount code to use for webinars4 April 2024Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

The first podcast episode for 2024 covers the Budget from March 2024. We look at the issues that affect SMEs and how the proposed changes might impact this sector.  With many changes proposed for 2025 or 2026 it has never been harder to plan.The guest is Ros Martin.·         National Insurance·         IR35 / Umbrella companies·         The implications of the end of FHL·         High income child benefit changes·         ISA changes·         Transfer of assets abroad and close companies·         CGT on residential property·         APR and woodland relief·         Payment of IHT - vital administration changes·         SDLT·         Full expensing - leases·         Film companies, theatres, museums etc·         Training costs update·         VAT limits·         Regulating tax professionals·         Brief review of the 'non-dom' proposed changesCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

Episode description not available.

This episode looks at how to incorporate a sole trader or partnership.  The guest is Nick Wright of Jerroms Miller a leading UK specialist in taxation. Nick is a published tax author in publications including Taxation. Nick can be contacted for consultancy at www.jerromsmiller.co.uk or nickwright@jerromsmiller.co.uk.  This second episode covers:·         Practical administration guidance on incorporation·         Tax issues with capital allowances and stock·         How to include new partners / shareholders in the new entity·         LLPs·         Property and SDLT and the importance of sum of lower proportions·         Important tax cases to consider·         Scheme warning that will not work·         ATED considerationCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

The Budget / Autumn statement was held in late November 2023. This episode provides a run through of the main areas you need to be aware of as it progresses to becoming the next Finance Act. The guest is Ros Martin a leading tax consultant and trainer.   In 45 minutes, you will gain an excellent understanding of all the main changes made in the budget.Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

This is an episode looking at recent changes to the administration of the tax system We focus on a range of topics that affect accountants working in practiceHow you might obtain a reply from HMRC for old postChanges to the Agent Helpline - it is not good newsOverlap relief Obtaining SA refundsChanges to VAT registrationPAYE - closing a scheme downPaying tax liabilitiesCrucial changes to VAT central assessmentsPayment plans on line Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

Episode description not available.

A short explanation of why there are quizzes accompanying each episode, how they work and where to download. The optional quizzes can help you verify or prove you undertook the CPD training.Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

The episode is a refresher and update on developments affecting legislation known as IR35.  It includes  ·         a run through of the basics of IR35, including key changes over the last few years·         the key tests often applied in determining employment status·         Check employment status for tax tool and a suggested approach for the use of the tool·         Umbrella company updates and compliance By the end of the episode you will have an updated and excellent knowledge on IR35, how it works and the current approach to employment status compliance. The guest is Ros Martin. Ros is leading tax consultant and can be contacted at ros@taxdr.co.uk or www.taxdr.co.ukCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

The October / Autumn 2023 update provides you with an update on a range of practical issues that are topical or have been recently raised as important by HMRC.  The episode  1.     Explains each issue and points to watch out for2.     Looks at planning points, action to take and likely HMRC approach3.     What to do now if you are affected, the administration you need to do e.g. how to report CGT gains on properties The episode aims to explain the issues and the action you can take. The guest is Ros Martin a tax consultant and trainer. Ros can be contacted at ros@taxdr.co.uk or www.taxdr.co.uk. The update is split into two episodes of about 30 minutes each. In part A we looked at ·         HMRC’s spotlight 62 and owner managed businesses·         Practical issues registering trusts·         IR35 – developments in Autumn 2023·         R & D the issues you need to know about even if you have not done the claim In part B we look at ·         CGT reporting of gains on properties and the current problems·         HMRC update on capital allowances and the end of super deductions·         Basis period – point to watch ·         General points on SME tax planning and extraction of funds·         BADR planning for the serial entrepreneurCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

The Autumn 2023 update provides you with an update on a range of practical issues that are topical or have been recently raised as important by HMRC. The episode  1.     Explains each issue and points to watch out for2.     Looks at planning points, action to take and likely HMRC approach3.     What to do now if you are affected, the administration you need to do e.g. how to actually register a trust etc. The episode aims to explain the issues and the action you can take. The guest is Ros Martin a tax consultant and trainer. Ros can be contacted at ros@taxdr.co.uk or www.taxdr.co.uk. The update is split into two episodes of about 30 minutes each. In part A we look at ·        HMRC’s spotlight 62 and owner managed businesses·         Practical issues registering trusts·         IR35 – developments in Autumn 2023·         R & D the issues you need to know about even if you have not done the claimCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

This episode looks at holdover and rollover relief claims and why they have become so important again. The episode looks at What can and cannot be claimed for both reliefs The claims procedures – how and where to claim, time limits and current practical issues that could invalidate the claimA range of real-life practical examples Planning points with these two important reliefsBy the end of the episode you will have an updated and excellent knowledge of holdover and rollover relief, how they work, the claims procedures and how to use them in planning. The guest is Ros Martin. Ros is leading tax consultant and can be contacted at ros@taxdr.co.uk or www.taxdr.co.ukCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

Episode description not available.

The basis period is subject to reform for sole traders and partnerships with HMRC requiring the taxable profits to be on a tax year basis. This episode looks at the new rules, how they will be applied, the problem areas and how the transition will be applied in 2023/24. We look at the issues unique to 2023/24 including overlap relief and the spreading provisions. Our guest is Emma Rawson. Emma is a Technical Officer with ATT. In that role Emma has been involved in discussions, meetings and representations to HMRC on the basis period change, making Emma a perfect guest for the subject. Emma is a freelance CPD trainer and tax author and can be contacted at erawson@att.org.ukCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

The CPD tax podcast provides a refresher of the tax issues of director’s loans. The podcast covers·         A review and refresher of the rules·         Coverage of the bed and breakfasting rules·         Advanced aspects that can cause problems issues The guest is Ros Martin. Ros is a tax consultant and trainer and used to work for HMRC. Ros is available for consultancy at ww.taxdr.co.uk or ros@taxdr.co.uk By the end of the course you will be up to date with current legislation on director’s loansCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

VAT registrations and de-registrations are seemingly straight-forward areas but there are many issues that can cause problems in practice or running a business. This episode explores the main problem areas and points to watch in this easily overlooked area.Essential listening for all the team including those preparing accounts and VAT returns The guest on this episode is Simone Hurst of VATease Limited. Simone used to work for HMRC and is now a leading VAT consultant and trainer. You can contact Simone for consultancy at www.vatease.co.uk or via email at simone@vatease.co.uk.Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

The ATT exams In this episode we look at ATT exam training with Tolley’s Sophie Hill.The episode is designed for training partners/directors, HR departments and all practices or businesses looking to take on ATT students in 2023.  The episode is ideal for prospective ATT students. It will help you have a good understanding of the ATT exam and study process. The episode explains the compulsory exams that students will have to take and the subsequent  optional papers.  We explore the costs of the exams and study packages and look at possible apprenticeship funding. By the end of the episode, you will have a good understanding of the ATT exams and whether they are suitable for your business or practice. Likewise possible ATT students will be able to understand the process and help determine if this is the correct tax training route.Detailed course contents and timing during the episode 2:05 Differences between CTA and ATT exams2:45 The compulsory ATT exam papers3:11 Open book exams i.e. taking the exam remotely3:52 The non-compulsory exam papers6:11 When the exams are taken7:29 Exemptions from papers8:52 Computer based exams11:52 How long will it take to complete the full course?12:20 What books can you take into an open book exam?14:23 Go to university or straight to work?14:57 The foundation papers18:25 Apprenticeships20:17 The CTA pathway from ATT22:58 The Tolleys approach, support and study materials23:49 CBE study materials24:32 Study courses28:05 Practice exams and mock exams29:28 How much studying is needed?30:05 Tolleys guaranteed pass scheme30:55 Costs of the study packagesCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

A  packed episode which is essential listening for employers and employees. The guest is on the episode is Georgiana Head, a specialist in tax recruitment. We look at a range of topical issues including ·         A review of the current taxation recruitment market in late 2023·         A review of the salary pay rounds in 2022 and 2023. Are your pay rises too much or too small? Or alternatively is your (i.e. employee) pay too low and not keeping pace with the market?·         The current position taken on Working from Home (WFH) by both employees and employers·         What other benefits are expected by tax employees and how important is work-life balance in the tax workplace?·         How to improve your chances of recruitment success through the interview process?·         How is remote interviewing being used by the tax profession?·         Overtime – how the firm’s approach can influence recruitment success and what every employee should look out for·         A review of the use of psychometric testing, including Myers-Briggs.  Georgiana is without doubt an expert on tax recruitment. She welcomes calls and enquiries from both employers and employees. This can be a chat through current remuneration levels to a vacancy or for employees looking to move jobs. Georgiana’s approach is to build business relationships and not to churn employees from job to job.  Podcast timings0:44 Introduction2:16 Georgiana Head's background4:30 Overview of the recruitment market in 20238:26 In-house tax teams9:01 Working from home - current approach from employers and employees11:35 Salary vs work life balance13:03 Company cars and car allowances14:41 Car parking spaces15:15 Bonus payments17:35 The advert to attract top employees19:24 Salary bands24:05 Graduate salaries24:20 The importance of overtime25:22 Time off in lieu - have you checked26:23 How to and when not to use remote interviews30:55 How many interviewers on the panel and some suggested alternatives33:52 The role of psychometric testing35:30 Use of Myers-Briggs41:59 How to contact GeorgianaCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

This episode is a refresher of Business Asset Disposal relief rules. The relief can see a capital gain of up to £1m taxed at 10% subject to meeting all the qualifying conditions.The episode runs through the main rules and discusses some of the problem areas.  The guest is the excellent Ros Martin. Ros was employed at HMRC before commencing her own tax and training consultancy. Ros can be contacted at taxdr.co.uk or ros@taxdr.co.uk Who can claim BADR? – Categories of assets that qualify for BADR – Directors – Time limits for claim – How the 5% is calculated – Points to watch for with directors and employees – When and how to make the BADR claim – Does the company qualify? – Ensure the business is a trading company – Cash balances – Clearance procedures – Trade, professions and FHL – Goodwill and anti-avoidance – Unascertainable deferred consideration – Partial sales – Trusts – Investments in subsidiaries – Partial disposals – Associated disposals – EMI – Cessation of trade – Anti-avoidanceCheck www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants