The October 2023 - what's new in tax update
The October 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
 
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
 
Details contents and timings - part A
3:08      Dividend diversion scheme used by OMBs
3:20      Spotlight 62
4:10      Using dividends to pay school fees - scheme explained
5:09      Parents are deemed indirect settlors
5:40      Paying university school fees / costs
6:27      Impact of DOTAS
7:13      Likely approach of HMRC on penalties, interest etc
7:51      Existing schemes used in past years
8:53      HMRC guidance
11:48    Paying a salary to the children and why it won't work and is not advisable
15:05    Which trusts have to register with HMRC
15:29    Trusts registration scheme manual
16:40    How to register a trust with HMRC
17:22    How you will know it has been registered
17:57    Requirement to keep trust details up to date
19:09    Penalties and mitigation
19:40    Trusts created by a will
22:55    IR35 current issues and schemes as identified in Sept 23
23:58    Umbrella companies and why they are bad news
25:02    Should the sub-contractor know? Do they have a basis for reasonable excuse?
26:16    The IR35 issue for accountants in autumn 2023
26:42    R & D - how it affects accountants even if you have not done the claim
28:51    R & D nudge (one to many) campaign
32:34    Options to amend / withdraw 'dubious' R & D claims
33:52    How to contact Ros Martin
34:31    Updated HMRC tax avoidance campaign
 
 
Details contents and timings - part B
1:41      CGT reporting of gains on properties
2:57      Different treatment of UK resident and non-UK resident individuals
3:12      Which properties are affected?
4:29      When and where to report?
5:28      Can I use my agent's account?
6:16      Penalties
8:12      Practical example
11:27    Impact of Connect and Land Registry
13:39    Capital allowances and end of super deductions
14:40    New HMRC guidance on balancing charges and super deductions
18:06    Basis period - point to watch on early change of date
18:22    Changing accounting date in 2022/23 not 2023/24
19:32    Can you change the date back?
21:02    Small company tax planning and can it be challenged?
21:38    Importance of wholly and exclusively
22:48    Can a salary / pension scheme split be too aggressive?
24:47    Using pension contributions to create a loss. Beware
28:09    BADR planning for the serial entrepreneur
32:12    Associated companies - brief reminder
34:53    Additional guidance on capital allowances from HMRC