What's new in Autumn 2023 - part A

The things we do for tax

The 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 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 [e-mail] 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

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

Bab

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

2. Dividend diversion scheme used by OMBs (00:03:08)

3. Spotlight 62 (00:03:20)

4. Using dividends to pay school fees - scheme explained (00:04:10)

5. Parents are deemed indirect settlors (00:05:09)

6. Paying university school fees / costs (00:05:40)

7. Impact of DOTAS (00:06:27)

8. Likely approach of HMRC on penalties, interest etc (00:07:13)

9. Existing schemes used in past years (00:07:51)

10. HMRC guidance (00:08:53)

11. Paying a salary to the children and why it won't work and is not advisable (00:11:48)

12. Which trusts have to register with HMRC (00:15:05)

13. Trusts registration scheme manual (00:15:29)

14. How to register a trust with HMRC (00:16:40)

15. How you will know it has been registered (00:17:22)

16. Requirement to keep trust details up to date (00:17:57)

17. Penalties and mitigation (00:19:09)

18. Trusts created by a will (00:19:40)

19. IR35 current issues & schemes as identified in Sept 23 (00:22:55)

20. Umbrella companies and why they are bad news (00:23:58)

21. Should the sub-contractor know? Do they have a basis for reasonable excuse? (00:25:02)

22. The IR35 issue for accountants in autumn 2023 (00:26:16)

23. R & D - how it affects accountants even if you have not done the claim (00:26:42)

24. R & D nudge (one to many) campaign (00:28:51)

25. Options to amend / withdraw 'dubious' R & D claims (00:32:34)

26. How to contact Ros Martin (00:33:52)

27. Updated HMRC tax avoidance campaign (00:34:31)