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 ICPA ACCOUNTANCY & TAX PORTAL

Welcome to the ICPA Accountancy & Tax Portal provided in conjunction with our partners Taxationweb.

Below is a list of our most important recent articles which you can read in full by clicking on the links.

Alternatively you can select a topic from the menu to the left of the screen to see our full list of articles for that topic. We hope you find the articles both useful and informative.

HMRC Email Re: MLR Changes

The Money Laundering and Terrorist Financing (Amendment) regs 2019 came into effect on 10th January 2020. here is HMRC's email announcing how they will react and how itr will effect new applicants and existing registrants.

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Buy-to-Let owners: An anti-avoidance trap

As Mark says the standard assumption is that the sale of a buy-to-let property will result in a Capital Gains Tax liability. However, as this article points out nothing is 100% certain so beware.

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Interest on Overdrawn Directors Loan Accounts

Overdrawn Directors Loan Accounts can result in a Benefit in Kind charge on the Director in certain circumstances. here are those circumstances duly spelt out.

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Vat Bad Debt Relief : What to claim if using a Margin Scheme

If you have a client operating Vat under one of the Margin Schemes and sadly they suffer a bad debt on a sale just how do you calculate the Vat Bad Debt relief that is due? The HMRC Manual has the answer with some examples.

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Business Property Relief: Traps to avoid

BPR is a valuable relief available in an Inheritance Tax situation. However, as Mark says there are conditions and restrictions to be aware of if you don't want to lose the relief. In this article Mark sets out what to do and what not to do.

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Annual investment allowance : Straddling changes in the rate

The amount of the allowance has changed a few times since it's inception but of course not all expenditure is incurred in a period when the allowance was unchanged. Time apportionment comes into play and in this article the team at CronerTaxwise provide some detailed examples to help out.

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Shared parental leave and pay

Do you know how Shared Parental Leave works? Do you understand the obligations it places on the employer and the employee? ACAS do and this article will help get you up to speed as it were.

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Report changes to your details for money laundering supervision if supervised by HMRC

Are you registered with HMRC for Money laundering purposes? If you are do you know what changes to your circumstances yo need to notify them about? here is the answer.

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7 ways Social Media can help future proof your communication strategy

If your practice is still struggling with the concept of Social Media as a marketing tool thenthis article will definitely help you.

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HMRC - What do they know?

If you forgive the pun HMRC are starting to connect the dots as it were to make the most of all the information they have available to the. Their "Connect" system is proving invaluable in their work to combat evasion and avoidance. 

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Action to be taken post Morse review

Published just before Christmas H M Treasury sets out what action the Government will take regarding the "Loan Charge"
 
 
Promoting positive mental health at work

Mental health costs the UK £30 billion every year. Will 2020 be different? if you do nothing that's highly unlikely. ACAS sets out how to start making a change for the better

Sound advice on AML: It's all about the risk

A Risk Based Approach is at the core of the Money Laundering Regulations as this article highlights and we all need to consider the implications for our practices.

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Venture Capital: What is it and how does it work?

You've heard the term, you think you understand it but here is a quick refresher that should the term need explaining to a client of colleague you will be well placed.

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Entrepreneurs' Relief: The elephant test

You'd think it should be obvious what a "Trading Company" actually is wouldn't you? well as with most things in our tax code HMRC often have a very different idea to anyone else.

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Homeworking

What's the differenced between homeworking and tele-communting? ACAS have the answer as well and some great guides and tips fr both the employer and employee alike.

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Why am I being asked for a VAT Security payment?

HMRC take a very dim view of not getting paid their due. A vat security payment is one of the weapons in their armoury as this article details. Just see all teh consequences of non-payment.

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Can I get a Small Business Grant?

Raising finance is always important and Grants are just one of the options available  buit do sm,all businesses qualify and how and what can a small business apply for? The team from IWOCA take a look and the options available.

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PPR - Higgins and other PPR fallout

PPR is a major relief for residential property disposals which is of course exactly why HMRC have been looking to restrict the tax lost, as they see it as a result of PPR claims. This quality article traces the issue from 2013 with sase decisions and examples. It is well worth a view by any Accountant.

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Need to apply for more time to file Company Accounts?

Client under pressure to deliver their company accounts to you? could they need a filing extension? Here is the latest from Companies House4 on how to go about it, Remember though it's too late to apply if the filing deadline has already passed.

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Register a non-resident company for Corporation Tax

Who exactly should register? When and how do you register? and then what happens? HMRC have all the answers in this latest update from them.

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Who's in control of your Practice?

Do you feel like you are struggling or overwhelmed running your practice? have a look at Vanessa's seven-point plan to help you take back control and start feeling good again.

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Investigation Tips Direct from HMRC

HMRC's own Enquiries manual says "Meeting are an important part of an enquiry" it also its officers tips for handing face ti face meetings. Don't you want t know what those tips are? forewarned is as they say forearmed.

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LLP Profits: What to return and when

LLP incorporated 18/10/18 with first trading to 31/10/19 what goes on the 18/19 LLP Return? This was the question put to the team at CronerTaxwise and here is their answer.

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Joint Marital Rental Property: Can we alter the income ratios?

As Accountants we look to mitigate the tax burden for our clients and when it comes to jointly owned marital property we get asked this question a lot. The team at CronerTaxwise have the answers as well as warning about possible future consequences.

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HMRC's IR35 Tool CEST under fire as NHS fined £4.3m

HMRC's IR35 tool CEST or to give it it's full title Central Employment Status for Tax has again come under fire as it was apparent;ly used by NHS Direct and the result was a fine.

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What's HMRC up to now?

Discovery or Determination? As this article shows to some they may seem similar but get it wrong and react accordingly and you could well rue the day.

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How some accountants are solving the communications challenge

We all know full well that simply sending an email doesn't necessarily mean it has been received let alone read or actioned. The team at My Firms App take a look at the options available to us all when it comes down to communicating with our clients.

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Do you have to provide references for former employees?

When a prospective employer writes asking for a reference for a former employee do you have to respond? do you have to answer all the questions asked? CronerTaxwise take a look and give is the answers.

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Incorporating a buy to let LLP

Lots of very good articles exist about incorporating a buy to let sole tradership or partnership but what about an LLP? Mark McLaughlin highlights some important differences where an LLP is concerned.

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