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What's new in tax in autumn 2023


Time for autumn tax update part A
Time for autumn tax update part A

The October 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.



Ros Martin tax consultant
Ros Martin tax consultant

The guest is Ros Martin a tax consultant and trainer. Ros can be contacted at ros@taxdr.co.uk 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


Details contents and timings

3:08 Dividend diversion scheme used by OMBs

3:20 Spotlight 62

4:10 Using dividends to pay school fees - scheme explained

5:09 Parents are deemed indirect settlors

5:40 Paying university school fees / costs

6:27 Impact of DOTAS

7:13 Likely approach of HMRC on penalties, interest etc

7:51 Existing schemes used in past years

8:53 HMRC guidance

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

15:05 Which trusts have to register with HMRC

15:29 Trusts registration scheme manual

16:40 How to register a trust with HMRC

17:22 How you will know it has been registered

17:57 Requirement to keep trust details up to date

19:09 Penalties and mitigation

19:40 Trusts created by a will

22:55 IR35 current issues and schemes as identified in Sept 23

23:58 Umbrella companies and why they are bad news

25:02 Should the sub-contractor know? Do they have a basis for reasonable excuse?

26:16 The IR35 issue for accountants in autumn 2023

26:42 R & D - how it affects accountants even if you have not done the claim

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

32:34 Options to amend / withdraw 'dubious' R & D claims

33:52 How to contact Ros Martin

34:31 Updated HMRC tax avoidance campaign

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