29th March 2015
As is so often the case we started the day with a blank agenda only to find out that everyone had come well-armed with topics to raise, experiences to share and problems to solve.
Overall subject matter included entrepreneurs relief, mixed partnerships, incorporation of medical practices, non-standard clearances, VAT on golf clubs, ABC shares, probate registration with ICAEW, loan relationships, company buy back of own shares, BPR, penalties, deputyships, Dutch fiscal unities, SDLT schemes, goodwill and trade related properties, student accommodation amongst other things.
We also had a useful update from Guy Smith of Abbeytax on advance penalty notices and wider HMRC investigation activity. This highlighted that whilst the PAC go on about businesses and individuals paying their "fair" amount of tax, HMRC no longer work to this ethos. Quantity rather than actual liability seems to be the Revenue’s focus with deals being done that fail to recover much of what is due and deals being offered to scare people into settling liabilities that may not exist.
Overall an enjoyable day with 10 of our area members represented made all the more valuable as more young tax professionals join the group.