What’s new in our tax online services? Steve Savory summarises the highlights.
- Readers who have used Beswick & Wine over the years will confirm that a new edition is always cause for celebration. Author Susan Singleton is a great communicator – the complex procedural and commercial game of hopscotch that is required in the run up to an acquisition or disposal is covered with a great adroitness which is thorough without ever becoming turgid. For example, consider these notes on key points and possible actions arising from the advent of the GDPR.
'…Unless it is impractical to do so, tell workers if their employment records are to be disclosed to another organisation before an acquisition, merger or re-organisation takes place. If the acquisition, merger or re-organisation proceeds make sure workers are aware of the extent to which their records are to be transferred to the new employer.
Key points and possible actions
In some circumstances “insider trading” or similar restrictions will apply. An example is where providing an explanation to workers would alert them to the possibility of a takeover of which they would otherwise be unaware and could thereby affect the price of a company’s shares. The obligation to provide an explanation to workers is lifted in such circumstances.'
- By popular demand, the full, consolidated text of TMA 1970, IHTA 1984 and VATA 1994 has been added to the tax legislation database for UK Tax Online. Here’s some links to the Acts:
Taxes Management Act 1970 - https://www.bloomsburyprofessionalonline.com/view/uktaxlegislation/TMA1970.xml
Inheritance Tax Act 1984 - https://www.bloomsburyprofessionalonline.com/view/uktaxlegislation/IHTA1984.xml
Value Added Tax Act 1994 - https://www.bloomsburyprofessionalonline.com/view/uktaxlegislation/VATA1994.xml
- Andrew Needham has provided a very useful checklist on digital records requirements for MTD from the perspective of a VAT practitioner. Here are the notes on output tax.
'To show the link between the output tax in business records and the output tax on the return, the business must have a record of:the output tax owed on sales;
- the output tax owed on acquisitions from other EU Member States;
- the tax due under the reverse charge procedure;
- the tax that needs to be paid following a correction or error adjustment;
- any other adjustment required by VAT rules.'
The full checklist is here:
- A useful reminder from Lee Sharpe in February’s One Month in a Minute that it is possible to challenge a late filing penalty:
'The Low Incomes Tax Reform Group (LITRG) is very concerned that some of those who, for good reason, have not met the tax return filing deadline, and receive a penalty in consequence, may be unaware that they can challenge it. LITRG is urging taxpayers to appeal penalty notices in appropriate circumstances, using the SA370 form (online or postal) or a letter, but to do so within 30 days of the penalty decision. LITRG has also pointed out that a reasonable excuse does not last indefinitely, and that the taxpayer should take steps to file promptly, once the excuse has ceased/no longer applies.'
The complete February update is here: https://www.bloomsburyprofessionalonline.com/bpro/newsitem/1674/one-month-in-a-minute-february-2018
Precedent of the month: We touched earlier on coverage in the new edition of Beswick & Wine of the GDPR in the context of buying and selling a business. With that in mind, here’s a draft set of useful clauses to consider in data room rules, from the seller’s perspective: