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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.

 

MTD: the latest from HMRC

The contents of of an email received form HMRC concerning the progress of the MTD agenda especially MTD4Vat.

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Who is in control? You?

Are you in control of your practice? or are your clients in charge? Vanessa gives us a seven point plan to help us take charge of our practice in this article taken from.

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PPR: Castles under Siege

 

We all know how valuable a relief PPR is which is no doubt why HMRC are keeping the Tribunal busy with claim rejections. The team at CronerTaxwise take a look an the main areas under attack. 

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Grow from within

 

You grow a practice by getting new clients don't you? No necessarily, as Rudi Jansen points out in this article think about your existing clients as well.

 

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AML Training and Awareness

 

Under the AML regulations we know that we and our staff must keep up with our AML training. What do HMRC have to say about training and what would they look at? Here is what they have to say on the subject.

 

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Future-proofing your small business; 5 Tips

 

So just how do you advise your clients to prepare for the unexpected? have you thought about it for yourself? Iwoca list 5 sensible tips that you can use for your clients and yourself.

 

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Have you received your EORI Number from HMRC?

Email received regarding no deal Brexit and how HMRC are writing to 88,000 vat registered businesses with their EORI numbers. Have you received yours?

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Quality not Quantity can help a PPR claim

Private residence Relief is under scrutiny by HMRC partly because there is no statutory definition of "residence". Mark looks at a case where despite short periods of residence the quality of the occupation was paramount.

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How to improve your client's Business Credit Score

Do your clients monitor their business credit score or does it just come as a surprise when they apply for finance? The Iwoca team tell you how to go about monitoring client's scores and why it's important.

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Vat on lost space of conversions for disabled people

HMRC have issued their latest Brief to re-state that zero rating could well have been applicable in relation to the "lost space" in a conversion for the disabled. This Brief sets out all the necessary information to see if an error has occurred in the past.

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Entrepreneurs' Relief: Nothing Personal

Entrepreneurs Relief is a very valuable relief and one that needs to be safeguarded following the changes introduced by the Finance Act 2019 as this article by Mark McLaughlin ably demonstrates.

 

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Self Assessment and Class 2 Nic

Taken from the latest Agent Update HMRC discuss the problems we have been encountering with their systems regarding Class 2 Nic and of course it's basically all our fault.

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MTD : The Latest Update from HMRC

HMRC update us on the progress of the MTD4Vat agenda post the end of the first Quarter to be filed under the new strictures. Everyone gets congratulated including us Accountants which is nice for a change.

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Building Confusion in the Construction Industry : Vat Reverse Charge

The Domestic Reverse Charge is definitely causing a lot of confusion if my inbox is anything to go by. In this article Lee Sharpe managing Editor of Taxationweb takes a detailed look and doesn't hold back in his criticism.  

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What is a "Qualifying Car" for Vat Purposes?

You can't reclaim input vat charged on a car purchase can you? If it's a Qualifying car you might but what exactly is one? The team from Cronertaxwise have the answers.

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Annual Pension Limits : Don't get Caught Out

High earners often contribute significant amounts to a pension scheme and often their employers do so as well because it's tax efficient and makes good sense. However, are you aware of the limits before the taxpayer gets hit with a charge? do you routinely check for a breech? This article sets out all the limits you need to be aware of.  

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How to make a voluntary disclosure to HMRC

If a client has not declared the correct amount in relation to Income Tax, Capital Gains Tax, National Insurance Contributions and Corporation Tax how do you notify HMRC? Well, HMRC have just this month updated their guidance and here it is

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Gambling Commission gets tough on Money Laundering

Since the birth of OPBAS Money laundering Compliance has become more expensive and tougher for us Accountants. Nice to see the gambling firms are being looked at and fined.There are some well know names in this list.

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Statutory Notice period

Is your client tardy in paying their suppliers for whatever reasons? is the end column of their aged bought ledger balances growing? Don't forget the VAT implications and makes sure they are aware

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Client not paying suppliers? Don't forget the VAT implication

Redundancies seem to be being announced every day now but what is the Statutory Notice Period? ACAS as ever have the answer and here it is

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How to sign up for MTD for VAT

The very latest guidance form HMRC on how a client can sign up for MTD4VAT and how you as an Agent can do for them

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MTD for VAT Sign Up Email Delays

August 2019 and HMRC have asked the ICPA to inform our members about delays in email responses to MTD4VAT applications. So here we are...

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IHT Exemption : No Waiting Required

Give it way, live for 7 years and job done as far as IHT is concerned. I think we all know about this exemption but what about a gift out of normal expenditure? Mark takes a look at an exemption that has no waiting time.

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 Law changes could prevent scrutiny of Money Launderers 

The AMLCC team report on new plans to help combat Money Laundering which actually could have exactly the opposite effect.

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When HMRC picked on the wrong taxpayer

So what happens if enquiries are opened into the wrong taxpayer?In a case Mark McLaughlin looks at HMRC opened enquiries into a taxpayer when they should have opened them into the Company. Read what happened and what could happen.

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Accounting for Vat after a price change

The latest HMRC Brief has been issued which contains why the changes outlined are necessary and how to made the changes. it clalrfies what exactly is a price change and what has to be included in credit and debit notes.

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A Vat Inspector Calls

Vat Inspections are a fact of life for a Vat registered business. The team from CronerTaxwise take you through preparing for the visit, what to look out for in advance of the visit and how handle and act on the day of the visit.

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Furnished Holiday Lets ; Conditions that must apply

As summer arrives (hopefully) and the school holidays beckon and last minute holidays are being booked. Do you have FHL clients? Do they fulfil the conditions? Do they even know the conditions? Taken from Bloomsbury Professionals Buy-To-Let handbook (Provided free to all ICPA members) here are those conditions. 

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Overtime

As staff are on holiday in the Summer you may need other staff to cover which may involve some Overtime. So, what are the rules about Overtime? The ACAS team have the answers.

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Penalties for failure to notify

The latest updated fact sheet from HMRC sets out when you have to notify, what happens if you don't, how a penalty is calculated and how you might be able to reduce it.

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Let's not get married!

If tax planning is a consideration when thinking about getting married than this article may help.

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