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15 August 2017
Put your client admin in motion.
- HMRC is holding several agents’ talking points events over the next weeks. These are free and last one hour. Why not sign up junior staff to take part – or indeed register yourself if you have time? They could be a source of useful information.
- The difference may be only one or two digits but, as the decision in X-Wind Power shows, completing the wrong form by mistake can be expensive. Always double-check that you, your staff and clients use the correct forms when submitting claims to HMRC.
- For clients that employ contractors on a self-employed basis, it is worth looking at the contracts these individuals are engaged under, as well as the nature of the work involved. This will help to ensure that they meet the tests HMRC sets out for self-employment versus being an employee.
- The general anti-abuse rule (GAAR) advisory panel has published its first opinion since the rule became a reality. Your firm may have carried out GAAR training when the rule was introduced. Perhaps it is time for a refresher.
- If you act for clients who have been appointed executor of a will, make sure they are aware of their responsibilities and deadlines. Failure to provide information on time can be costly.
- The Making Tax Digital proposals may have been delayed, but they are not going away. It would be helpful to explain to clients, especially those who are not digitally savvy, how technology could ease their business administration as well as save time.
- Although chargeable events on life policies are treated as income for personal tax purposes, in a trust the profit from the policy remains capital. Consequently, such receipts should not be distributed to a beneficiary who has an interest only in the income.
