Welcome from the editor-in-chief
In print and online
This month we have a rich range of content covering a host of practical, technical and personal development areas. You can access all of our content and more online at www.taxadvisermagazine.com – the weekly CTA and ATT emails give links to regular Tax Voice articles which cover some of the more niche areas of tax and give more in-depth analysis to topical tax subjects.
Alternative dispute resolution
At the end of 2017 the Civil Justice Council published an interim report on the future role of Alternative Dispute Resolution (ADR) in relation to civil disputes. The CIOT responded to this report from a tax perspective. Helen McGhee considers the reasons to encourage your clients to consider ADR. Helen notes that where tax payable is in dispute, tax practitioners could be more proactive and assertive in discussions with HMRC regarding pursuing ADR.
VAT and property
When a business buys a building and pays VAT, input tax recovery depends on its use of the building. Neil Warren considers the VAT challenges facing an accountancy practice buying a property for use in its business, which it then rents out three years later.
Individuals with UK registered pension savings now have significant flexibility over how and when they can take their retirement benefits. Choosing the right path can be complex, especially where the pension beneficiary is resident overseas. Rob Goodley and Mike Bonner-Davies consider the pension issues when planning for retirement overseas.
Intangible fixed assets
Intangibles generally follow the accounting treatment but tweaks round the edges in recent and coming years have muddied the water. CIOT prize winner, Dan Millichip, provides a reminder and update on seemingly simple intangible fixed assets.
The new international accounting standard on leases, IFRS 16 will mean many more leases are accounted for as finance leases (rather than operating leases), with depreciation and finance charges (rather than rent) posted through the income statement. This could increase tax costs, particularly where the CIR applies to restrict the amount of finance costs deductible for tax purposes. Caroline McCabe considers the impact of IFRS16 on the corporate interest restriction.
Patrick Cannon and Simon Farrell QC examine what remedies users of Disguised Remuneration arrangements may have against the advisers and IFAs who recommended they enter into the arrangements. The usual problem of proving a loss with a failed tax scheme may not apply here. However users should get their skates on with issuing a claim to avoid the expiry of the limitation period for negligence claims.