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30 April 2018
Put your client admin into motion.
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Do any of your clients operate online marketplaces? Draw their attention to the agreement HMRC wishes such platforms to sign and explain the implications and obligations of doing so.
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The Court of Appeal remitted Newey (trading as Ocean Finance) to the First-tier Tribunal, so the outcome has yet to be finalised. However, the case does show that restructuring to save VAT must be handled carefully to reflect the economic reality and some arrangements may be considered abusive.
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Recent tribunal cases in which the taxpayer has succeeded in having late filing penalties overturned show the importance of checking HMRC notices to ensure the return date relates to the correct year.
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Have you reviewed client engagement letters recently? Make sure these are up to date, comprehensive and that they are always issued to new clients. The professional bodies offer guidance, one source being the CIOT website at tinyurl.com/y8bmehal.
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Subcontractors will now be thinking about submitting their 2017-18 returns with a view to obtaining a refund. Ensure that the deductions claimed can be supported with evidence and have been allocated to the correct tax year.
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One of the more successful reliefs discussed in the CIOT/IFS debate was research and development relief. Check whether any clients are eligible to claim this. It is complex but generous so worth the effort.
- The requirement – or not – to submit a tax return rears its head in this week’s Readers’ Forum (‘Form filling’). Clients will have begun receiving notices to file 2017-18 returns – it would be worth encouraging them to send their information so you can make a start on completing the forms.
