What's new in tax in Autumn 2023 - part B

The things we do for tax

The October / Autumn 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

1. Explains each issue and points to watch out for

2. Looks at planning points, action to take and likely HMRC approach

3. What to do now if you are affected, the administration you need to do e.g. how to report CGT gains on properties

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 [e-mail] or www.taxdr.co.uk.

The update is split into two episodes of about 30 minutes each.

In part A we looked 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

Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

Chapter

1. What's new in tax in Autumn 2023 - part B (00:00:00)

2. CGT reporting of gains on properties (00:01:41)

3. Different treatment of UK resident and non-UK resident individuals (00:02:57)

4. Which properties are affected? (00:03:12)

5. When and where to report? (00:04:29)

6. Can I use my agent's account? (00:05:28)

7. Penalties (00:06:16)

8. Practical example (00:08:12)

9. Impact of Connect and Land Registry (00:11:27)

10. Capital allowances and end of super deductions (00:13:39)

11. New HMRC guidance on balancing charges and super deductions (00:14:40)

12. Basis period - point to watch on early change of date (00:18:06)

13. Changing accounting date in 2022/23 not 2023/24 (00:18:22)

14. Can you change the date back? (00:19:32)

15. Small company tax planning and can it be challenged? (00:21:02)

16. Importance of wholly and exclusively (00:21:38)

17. Can a salary / pension scheme split be too aggressive? (00:22:48)

18. Using pension contributions to create a loss. Beware (00:24:47)

19. BADR planning for the serial entrepreneur (00:28:09)

20. Associated companies - brief reminder (00:32:12)

21. Additional guidance on capital allowances from HMRC (00:34:53)