The things we do for tax: Recent Episodes
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 affected
2:38 When the MTD pilot starts
2:55 The new HMRC pilot compared with previous versions
3:18 Which clients can be signed up? Do you have to sign up all clients?
5:31 Why joining might help with the penalty regime
6:17 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' submission
12:54 API enabled software
15:15 Three-line accounting
16:06 Using spreadsheets
17:17 When do submissions have to be made by?
19:59 Cumulative basis
22:00 The digitally excluded and MTD
24:30 Quarterly payments????
26:34 How the turnover is calculated and it has a nasty surprise
33:33 How to put clients on the pilot basis
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
This short episode explains
- The planned publishing schedule for the next few months
- We are aiming to publish at least once a month
- Next episodes including a look at HMRC Digital Services in 2024
- Introducing webinars and podinars
- And the discount code to use for webinars
4 April 2024
Check 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 changes
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
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 consideration
Check 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 practice
- How you might obtain a reply from HMRC for old post
- Changes to the Agent Helpline - it is not good news
- Overlap relief
- Obtaining SA refunds
- Changes to VAT registration
- PAYE - closing a scheme down
- Paying tax liabilities
- Crucial changes to VAT central assessments
- Payment plans on line
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
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.uk
Check 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
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Explains each issue and points to watch out for
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Looks at planning points, action to take and likely HMRC approach
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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 entrepreneur
Check 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
-
Explains each issue and points to watch out for
-
Looks at planning points, action to take and likely HMRC approach
-
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 claim
Check 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 claim
- A range of real-life practical examples
- Planning points with these two important reliefs
By 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.uk
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
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.uk
Check 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 loans
Check 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 exams
2:45 The compulsory ATT exam papers
3:11 Open book exams i.e. taking the exam remotely
3:52 The non-compulsory exam papers
6:11 When the exams are taken
7:29 Exemptions from papers
8:52 Computer based exams
11:52 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 papers
18:25 Apprenticeships
20:17 The CTA pathway from ATT
22:58 The Tolleys approach, support and study materials
23:49 CBE study materials
24:32 Study courses
28:05 Practice exams and mock exams
29:28 How much studying is needed?
30:05 Tolleys guaranteed pass scheme
30:55 Costs of the study packages
Check 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 timings
0:44 Introduction
2:16 Georgiana Head's background
4:30 Overview of the recruitment market in 2023
8:26 In-house tax teams
9:01 Working from home - current approach from employers and employees
11:35 Salary vs work life balance
13:03 Company cars and car allowances
14:41 Car parking spaces
15:15 Bonus payments
17:35 The advert to attract top employees
19:24 Salary bands
24:05 Graduate salaries
24:20 The importance of overtime
25:22 Time off in lieu - have you checked
26:23 How to and when not to use remote interviews
30:55 How many interviewers on the panel and some suggested alternatives
33:52 The role of psychometric testing
35:30 Use of Myers-Briggs
41:59 How to contact Georgiana
Check 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-avoidance
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
The guest on the two episodes is Nick Wright of Jerroms Miller a leading UK specialist in taxation.
Nick can be contacted for consultancy at www.jerromsmiller.co.uk or nickwright@jerromsmiller.co.uk. Nick is a published tax author in publications including Taxation.
The podcast is split in two episodes of about 30 minutes each and are packed with content. The podcast looks at dividend waivers and alphabet shares with particular reference to payment of dividends. We explore a range of issues to consider.
The episodes are supported with a test of competence (quizzes) to aid the verification you completed the CPD, this will be vital under ICAEW CPD rules. The quizzes can be downloaded from the site. They are password protected and the passwords are given out during the episodes.
Dividend waiver episode
Overview of what dividend waivers and alphabet shares are – Employment related securities – Settlements legislation – How were the shares issued and / or gift of shares – Subscriber shares / founder shares – Was there bounty? – The importance of Arctic systems – Dividend only shares – The importance of distributable reserves – The deed and who can execute it – Thin shares – Are dividend waivers really worth it?
Alphabet shares
What are the share rights and are they in ‘all respects uniform’ – New shares or transfer of existing shares – Personal relationship exemption – Reorganisation provisions and consider BPR and BADR – Spousal exemption – Issues of shares to spouses, connected and unconnected persons – Grandparents and alpha shares – Employee shares issued at a discount – Reporting under old ‘form 42’ – Bad leaver clauses – 431 elections. Are alphabet shares worth it?
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
The guest on the two episodes is Nick Wright of Jerroms Miller a leading UK specialist in taxation.
Nick can be contacted for consultancy at www.jerromsmiller.co.uk or nickwright@jerromsmiller.co.uk. Nick is a published tax author in publications including Taxation.
The podcast is split in two episodes of about 30 minutes each and are packed with content. The podcast looks at dividend waivers and alphabet shares with particular reference to payment of dividends. We explore a range of issues to consider.
The episodes are supported with a test of competence (quizzes) to aid the verification you completed the CPD, this will be vital under ICAEW CPD rules. The quizzes can be downloaded from the site. They are password protected and the passwords are given out during the episodes.
Dividend waivers
Overview of what dividend waivers and alphabet shares are – Employment related securities – Settlements legislation – How were the shares issued and / or gift of shares – Subscriber shares / founder shares – Was there bounty? – The importance of Arctic systems – Dividend only shares – The importance of distributable reserves – The deed and who can execute it – Thin shares – Are dividend waivers really worth it?
Alphabet shares
What are the share rights and are they in ‘all respects uniform’ – New shares or transfer of existing shares – Personal relationship exemption – Reorganisation provisions and consider BPR and BADR – Spousal exemption – Issues of shares to spouses, connected and unconnected persons – Grandparents and alpha shares – Employee shares issued at a discount – Reporting under old ‘form 42’ – Bad leaver clauses – 431 elections. Are alphabet shares worth it?
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
This episode’s guest is Ros Martin who is a leading tax trainer and consultant. Ros can be contacted through her website taxdr.co.uk or via email at ros@taxdr.co.uk
The episode is a refresher of the tax issues met when dealing with the small private landlord. A reminder of key issues and a look at areas that are often overlooked.
Brief overview of tax situation – Selection of year-end – Use of cash accounting – Class 2 and 4 National insurance – MTD – Initial costs of the property – Refurbishments and capital costs including a range of examples – Interest on loans to finance the property – Tax losses – Furnished holiday lets – SDLT issues to watch out for including multiple dwellings – Reporting capital gains
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
This podcast looks at the CTA exams. The podcast is designed for individuals considering taking the CTA exams or partners with team members considering the exams.
The podcast has two guests. The first is Sophie Hill who is a leading tutor from Tolley’s exam training and CPD trainer. The second guest is Jess Tighe a Chartered Accountant and recent CTA exam student who brings real-life experience of the current exam process.
The podcast explains the exams that are compulsory and those levels where there are options as to which papers are taken.
The contents include: Who should take the CTA exams? – Comparisons with ACA exams – The computer based exams – The tax papers and the options – Best papers for individuals working in General Practice – When the exams are taken – Format of exams and are they open book or closed book – The case study paper – Study materials – Study options and support and Tolley’s guaranteed pass scheme.
Please note this podcast refers to Tolley’s exam training. Tolley’s did not pay nor were paid as part of this podcast.
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
Paul Malin of Paul Malin Consultancy is one of the country’s leading tax investigations specialists. Now running his own consultancy, he can be contacted through his website www.pmc.tax. He specialises in helping accountants through more complex investigations.
Does HMRC know the business exist – if not, why not? – Appoint an agent – Which tax office and which department? – The initial letter and contact from HMRC – Quick look at Common reporting standard and Connect – Code of practice 9 and 8 (in that order) – TMA 1970 – Is it criminal or civil? – Make an initial payment – The initial meeting – objectives, how to handle it and style and approach – Record the interview? Approach to minutes of meetings – Do you sign the minutes of the meeting – Zoom / Teams style interviews – HMRC legal powers s36 Notices – Asking for information about family members or business partners – Settlement – Sending a closure notice when the case stalls – Risk of first tier tribunals – Back to penalties (they are so important)
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
Our guest today is Simone Hurst from www.vatease.co.uk. Simone is a leading VAT trainer and consultant and can be contacted on simone@vatease.co.uk. This episode provides listeners with an update on some current topical VAT issues.
Using a worked example, the podcast looks at VAT compliance visits and the subjectivity of penalties at the conclusion. Deliberate – Non-deliberate – Prompted – Unprompted – Concealed – Not-concealed – All are areas likely to cause problems due to the subjective nature of the issue. Failure to take reasonable care – Repeated errors – Suspension of penalties (when you can and when you cannot) – Suppression of income – Claiming VAT on private expenses and penalty implications – The new late submission penalty for 2023 – Late Payment penalties – Practical advice on time to pay. Listener questions covering reverse charge errors in the construction industry and failure to keep export documents. Simone’s topical issues including centrally raised assessments and a planning point on opted-to-tax buildings and subsequent transfers
Check www.thethingswedofortax.co.uk for updates, news and new episodes
Paul Malin of Paul Malin Consultancy is one of the country’s leading tax investigations specialists. Now running his own consultancy, he can be contacted through his website www.pmc.tax. He specialises in helping accountants through more complex investigations.
The episode runs through important topical issues including where we are up to with Covid investigations, how to deal with a ‘nudge letter’ through to the more complex investigation.
The episode is split into easy to refer to chapters showing the timings. It covers: Covid tax investigations and where HMRC are up to – Low-level compliance visit – How HMRC are using Connect – HMRC office structure and how it has changed over the years – The start of an investigation – What is a nudge letter – Can you help Dolores? – The let property campaign – Assessing own penalty – More serious cases – Code of practice 9 and meetings with HMRC – Common Reporting Standard – Payments on account, how much and the importance of communication – What if the tax payer has no idea what the nudge letter is about – Tax-geared penalty – Taxpayer (or is that customer) behaviour for the future – Deliberate and concealed – Can you horse-trade your way out of a penalty?
A detailed guide on how tax investigations are working in 2023.
Check www.thethingswedofortax.co.uk for updates, news and new episodes
This podcast episode looks at the impact the two rates of corporation tax have on small companies from 1 April 2023 and how associates can increase a company’s tax liability.
The guest is Ros Martin, a leading tax consultant and trainer. Ros explains the key issues you need to consider. Whilst these are not new rules, the single rate of corporation tax until 1 April 2023 reduced their practical impact.
Using a detailed worked example with Monica and her family and all their many different trading entities to help explain the practical issues you will meet.
Main issues from 1 April 2023 – Definition of associated companies – Simple spouse associated companies – Irreducible control – Who are the associates in the family? – 1 April 2023 and how to count the associates – Non-trading and dormant companies – Investment companies and watch for non-resident companies – Family company associates: a detailed worked example covering financial, economic and organisational interdependence – Lack of co-operation when working out associates – HMRC CT manual examples – Statutory Instrument – CT600 – Common control
It is excellent tax CPD for accountants working in practice. It is totally free tax CPD.
Check www.thethingswedofortax.co.uk for updates, news and new episodes
A run through the VAT and related issues when exporting goods to the EU. Our guest today is Simone Hurst a leading VAT trainer and consultant. She can be contacted at www.vatease.co.uk or simone@vatease.co.uk. The episode provides tax update training for tax professionals.
We look at some of the issues when exporting: Small goods – IOSS – Registering in Ireland as an option – Is Norway an option? – Documentary evidence of export evidence – Public notice 703(6) – Sending larger goods to EU – Origin – Freight forwarder and similar suppliers – Who pays the EU VAT and duties? – Temporary exports and demonstration equipment – Customs Agent
The episode runs through the options including sending small value goods, much higher value goods and then temporary exports.
Check www.thethingswedofortax.co.uk for updates, news and new episodes
A run through the March 2023 budget and other tax changes that affect SMEs. Our guest today is Ros Martin a leading tax trainer and consultant. She can be contacted at www.taxdr.co.uk or ros@taxdr.co.uk. The episode provides tax update training for tax professionals. Check our website www.thethingswedofortax.co.uk
The episode covers: current topical consultancy issues including a tax suggestion when dealing with Business Asset Disposal Relief. Tax treatment of pensions, Corporation tax and planning for associates, CGT changes, dividend and bank interest allowance, mileage allowance, capital allowances and full expensing, R&D changes, Finance Bill comments, Reporting of disposing of residential property and payment of tax (60-day rule), Tax-year basis, IHT agricultural and property reliefs
Check www.thethingswedofortax.co.uk for updates, news and new episodes