July Newsletter | Tax Matters That Matter | Tax Partner Pro Edition 6 by ETC Tax

Tax Partner Pro Edition Six

TAX MATTERS VAT –

Avoid a trip to the fiscal theme park

HOW TO RETAIN STAFF WITHOUT JUST INCREASING SALARIES

STAFF TRAVEL

– Employer UK tax obligations for employees on assignment.

R&D TAX CLAIMS - Research & Development claim for a company in the farming industry

Upcoming Webinars Webinar

Date

Tax Efficient Ways of Incentivising Employees

18th August

Taxation of Cryptocurrencies & Other Digital Assets

27th October

Use of Family Investment Companies in Inheritance Tax Planning

8th December

To discuss how ETC can help you plan your tax affairs efficiently call the team on 0161 711 1320 or email enquiries@etctax.co.uk

Making the complex simple

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Contents

July 2022 Edition

First word

" If I had my way, I’d remove January from the calendar altogether and have an extra July instead.” – Roald Dahl We hope you enjoy our latest edition of Tax Matters, That Matter.

Features

Our next newsletter will be released in September and going forward our newsletters will now be sent every quarter.

VAT - avoid a trip to the fiscal theme park

How to retain staff without just increasing salaries

Staff Travel – Employer UK tax obligations for employees on assignment.

We’ve taken this decision to better align with our new company communication strategy. We will still release regular important news, updates & opinions from our highly skilled and experienced team of tax advisers, but we want to do this in a way which is more focused on what our readers want to see, and to empower you to tell us what tax matters & updates you want to read about. As such, by updating your preferences on receipt of this newsletter, we can tailor our news, updates & opinions to specifically suit your needs. This month we bring you - E mployer UK tax obligations for employees on assignment, Amie Manchester give us an overview of the UK tax considerations from an employer’s perspective when either seconding employees to work overseas or employees coming to work in the UK. - V AT: avoid a trip to the fiscal theme park, Keith Miller explains why there is no such thing as a stupid question. - C ase of the month from Zeeshan Khilji - Research & Development claim for a company in the farming industry.

Tax Partner Pro - Ask the experts – How To Make the Complex Simple.

- C live Haworth discusses how cash strapped companies can incentivise staff without laying out cash.

As always, we have our usual round-up of the goings-on here at ETC Tax.

R&D Tax Claims – Research & Development claim for a company in the farming industry.

- Peter Loughlin tells us How to Make The Complex Simple – Ask The Experts. Many thanks to Sarah Aston and all the contributors who made this edition happen. If you have any queries, comments, or observations, then please let us know. We’d love to hear from you. Best wishes

Regulars

18 20

In the spotlight

Peter Loughlin Head of Business Development peter.loughlin@etctax.co.uk

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VAT –

July 2022 Edition

Avoid a trip fiscal theme

There’s no such thing as a stupid question when it comes to VAT. Don’t be afraid to pick the phone up for a second opinion. We’ll either confirm that you’re already on the right track, or provide the advice that you or your client need.

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p to the e park

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Keith Miller Associate VAT Director keith.miller@etctax.co.uk

s a transaction tax, VAT impacts almost all business activities. Ahead of its 1973 introduction (no I can’t remember, I was too pre-occupied by Hector’s House and The Clangers) then Chancellor Anthony Barber described VAT as ‘a simple tax’, a phrase I’m often reminded of by clients and colleagues who have been bamboozled by its sometimes-illogical outcomes. This in turn reminds me of the other famous VAT-related quote (from Justice Sedley) who took the view that VAT was “a kind of fiscal theme park in which factual and legal realities are suspended or inverted.” On the whole, however, I do think that VAT does normally follow a logical path and still waters can usually be found when navigating through a VAT query. Some transactions are not as straightforward as they appear and this is where we come in. The beauty of Tax Partner Pro is that a quick call can establish whether the matter is simple (as it often is) or is a more complex issue that perhaps needs further exploration before being resolved. Quite often a call to our TPP line enables us to confirm what the caller already knew, and our TPP members do find that the opportunity to get a ‘second opinion’ is invaluable. If the matter is more complex, we can discuss what further information we might need to resolve the query and take it from there. We’re flexible about how advice is delivered/structured and will typically adopt the approach favoured by the TPP member/client.

July 2022 Edition

One interesting query we received was from an accountant whose client had registered for VAT and before they submitted their first VAT return wanted to double check that they were getting the VAT right. Their client provided travel services in the UK, the EU and elsewhere. The VAT treatment of travel services can be complex and after a short conversation and a brief review of the client’s activities, it appeared that, contrary to the client’s initial thoughts, because of some anomalous rules half-caused by Brexit and half-caused by the EU dragging its heels on VAT reform, only a small proportion of the client’s income would be subject to VAT. We were engaged to advise further on the matter and were able to confirm the position for the client. The area that causes most problems for accountants is how VAT applies to property transactions and we probably receive more VAT queries from accountants and other professionals on property VAT than any other subject. An example of this was a transaction where a commercial property was being acquired by a client of an accountant. The seller had opted to tax the property so intended to charge VAT on the full selling price. The buyer had informed their accountant that they would also opt to tax the site, which would enable them to recover the VAT paid on the purchase. We were asked to confirm that this was the correct treatment to apply. Normally, if a buyer intends to carry on using a commercial property for commercial purposes, an option to tax would enable VAT recovery because the future income from the property would be subject to VAT.

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“ Quite often a call to our TPP line enables us to confirm what the caller already knew, and our TPP members do find that the opportunity to get a ‘second opinion’ is invaluable.” However, it transpired that the client intended to demolish the property and build a wholly residential property (apartments) on the site. This made an option to tax irrelevant and also gave the transaction a whole new complexion. Because the client wanted to retain the newly constructed residential property as an investment, its income stream would be VAT exempt rental income (which would not support recovery of the VAT on related costs, including the VAT paid on the acquisition of the site and build costs). Having been engaged by the client, we were able to advise them on a simple structure that achieved what they wanted whilst securing full VAT recovery. We also enabled an SDLT refund because we identified that the client had overpaid VAT (and thus SDLT) on the purchase of the property, because it had been used partially for residential purposes prior to sale (it was a pub with living accommodation) so the option to tax that the seller had made should only have been applied to the non-residential part of the building. This is a common issue when pubs are bought and sold. Another popular area in which we get lots of questions is online trading, whether goods or services.

Enjoying this article, but need more advice on any of the topics covered? To discuss how ETC can help with your tax questions call the team on 0161 711 1320 or email enquiries@etctax.co.uk

Brexit has brought significant changes for businesses that sell goods from the UK to EU consumers. Prior to Brexit, UK suppliers simply charged UK VAT to EU customers unless the sales turnover in a particular EU country exceeded the ‘distance selling’ threshold (typically €100,000 per calendar year) at which point you would have to register for VAT in that country. Post-Brexit, these thresholds have disappeared, and UK online sellers are faced with the prospect of either passing the tax burden onto customers (so the customer has to settle any VAT and duty payable to ‘clear’ the goods) or register for EU VAT and charge EU VAT at the point of sale (no threshold).

It’s arguably worse for UK providers of online electronic services because there is no threshold, so any sales to EU consumers will potentially bring them within scope of EU VAT registration. To soften the blow, there are ‘one stop shop’ EU VAT registrations available, where a single EU VAT number can be used to account for supplies across all EU countries. It’s not all bad news though because although there are heightened risks of having to register for VAT in the EU, there are many UK businesses that don’t have to register for VAT in the UK because their supplies now fall outside the scope of UK VAT. For example, we have recently had two clients referred to us after initial TPP discussions, where we were able to demonstrate that although there was a risk of having to register for VAT in the EU, there was no liability to register for VAT in the UK. Other recent VAT queries we’ve had include: • The VAT liability of fruit trees (and their fruit) • The VAT treatment of nutritional drink powders • How the Tour Operators Margin Scheme works • Treatment of income streams generated from YouTube videos • Treatment of holiday lets • Sales of gold and collectors pieces (watches) • VAT treatment of Pokemon card valuation services • VAT consequences of moving an online business to the UAE • The VAT treatment of vehicle delivery services • Recovery of VAT on costs relating to Parliamentary lobbying events • The VAT treatment of overseas student support services These are just a snippet of the questions we get asked about, so please don’t hesitate. There’s no such thing as a stupid question when it comes to VAT. 7

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Clive Haworth discusses how cash strapped companies can incentivise staff without laying out cash.

How to retain staff without just increasing salaries

ith the current cost of living crisis, businesses face increased payroll costs as employees seek pay rises to keep pace with inflation. However, many businesses are themselves suffering from increasing costs which are squeezing margins and reducing profitability meaning there simply aren’t the funds available to increase salaries. On top of this, there is of course currently a Social Care Levy which increases national insurance payable on wages by 1.25%. So, for 2022/23, the main rates of national insurance are 13.25% for employees and 15.05% for employers.

There are a few ways that employees can be rewarded at no cost to the employer. Salary sacrifice Salary sacrifices now only applies to: • Pension contributions • Electric car schemes • Cycle to work schemes

Against this backdrop, employers are faced with the unenviable task of ‘squaring the circle’ – how do you keep your staff happy without increasing salaries? 9

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How salary sacrifice works An employee can choose to reduce their salary in return for any of the above benefits. The advantage of this is that the employee saves income tax and national insurance (NIC) on the amount sacrificed. Taking a simple example of a salary sacrifice of £200 per month, the net cost to the employee of the salary sacrifice will depend on their tax and national insurance rate. For example: Basic rate taxpayer

Higher rate taxpayer

Main NIC rate applies

2% NIC rate applies

Income tax saving

40.00

80.00

NIC saving

26.50

4.00

Total saving 66.50

84.00

Pension contributions Based on the above, the employee can have an additional £200 paid into their personal pension plan at a net cost to them of £133.50. Also, the employer does not pay national insurance on the £200 salary sacrifice (saving around £30) which the employer can either retain or choose to also contribute to the pension. Electric car schemes There has recently been a huge push towards electric cars, these can offer significant savings for both the employee and the employer. As in the example above for pensions, the salary sacrificed saves tax and national insurance and again the employer can choose whether to pass on any national insurance savings to employees (effectively by reducing the amount the employee has to sacrifice). The employee is assessed to a benefit-in-kind on the provision of the electric car, but this is only at 2% of the list price for the current year. There is some detail to go through to successfully implement an electric car scheme – the employer needs to consider insurance, servicing, repairs, home charging points etc. Another important factor is that the employer should be able to claim capital allowances on 100% of the capital cost of the electric car.

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Cycle to work schemes The latest state-of-the-art bikes can be expensive and serious cyclists may like the idea of acquiring a bike through salary sacrifice. Note that if the cost of the bike is over £1,000 the employer will need authorisation from the Financial Conduct Authority. Again, the salary sacrificed saves tax and national insurance and the employer can choose whether or not to pass on NIC savings to the employee. The bike is effectively hired to the employee for a specified period (usually 12 to 18 months). The employee can also claim 100% capital allowances on the cost of the bike. At the end of the hire period the employee usually buys the bike at the then market value. For a bike costing £1,000 HMRC will accept that the value after 18 months is only £210. Share schemes and incentive plans There are several share schemes that can be implemented which do not involve a cash outlay, except for the legal and professional costs of implementing the scheme. Enterprise Management Incentive (EMI) Schemes The main conditions that need to be satisfied for EMI schemes are as follows: • The company must have gross assets of under £30 million and less than 250 employees. • The company must not be controlled by another company. • The company must carry on qualifying activities – most trading activities will qualify but there are exclusions – notably property development. • The value of the share options at the date of the grant must be less than £250,000. • The scheme can be offered to selected employees, but employees must be full-time employees. • When granted the options must be notified to HMRC (otherwise there is a disqualifying event). EMI share options are often used as an incentive for a future exit event. The net proceeds are subject to capital gains tax and are eligible for Business Asset Disposal Relief (“BADR” -formerly Entrepreneurs’ Relief). The annual capital gains tax allowance (currently £12,300) is also available to set against any gains.

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Clive Haworth Senior Manager clive.haworth@etctax.co.uk

Company Share Ownership Plans (CSOPS) There are virtually no restrictions on eligible companies – there are no restrictions on the size of the company or qualifying conditions, but as with EMI the company must not be controlled by another company. As with EMI there is no requirement to include all employees in the scheme. The major disadvantage of CSOPS is that the maximum value of share options that can be granted is £30,000. Again, the options qualify for capital gains tax treatment but do not qualify for BADR. Growth share schemes Growth shares do not have the same tax advantages as EMI shares but can nevertheless be an effective incentive for employees.

Enjoying this article, but need more advice on any of the topics covered? To discuss how ETC can help with your tax questions call the team on 0161 711 1320 or email enquiries@etctax.co.uk

A new class (or classes) of shares are created which participate in value over a set ‘hurdle rate’. It is usual to set the hurdle sufficiently high so as not to cause any valuation issues with HMRC. For example, if a company is worth £5 million, a hurdle rate of £5.5 million might be appropriate. The growth shares only participate in some or all the value above £5.5m and again this would commonly be used as an incentive with a view to an anticipated sale of the company in the future.

Unapproved Share Option Schemes Such schemes are also sometimes referred to as Long-Term Incentive Plans (LTIPS). The employee is awarded share options, usually at the current market value of the shares. There are no immediate tax implications but when the options are exercised the employee is subject to income tax on the difference between the price paid (usually nil) and the market value at the date of the grant. Usually, only income tax is payable on unquoted shares. Any growth in excess of the initial market value will be subject to capital gains tax, although BADR will not be available. Nil paid shares Here the employee is given shares at their market value, but the balance payable is left outstanding and is usually issued with a planned future exit in mind. The amount outstanding is treated as a beneficial loan which means the employee pays a benefit in kind each year until the exit. Where relatively small numbers of shares are involved, this can be extremely tax efficient since there is no benefit in kind for beneficial loans below £10,000.

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Employer UK tax obligations for employees on assignment. An overview of the UK tax considerations from an employer’s perspective when either seconding employees to work overseas or employees coming to work in the UK. Inbound With employees once again travelling for work purposes, it’s vital for employers to understand the UK tax implications and obligations that come with this. The strict position is that where an individual works in the UK, their earnings are subject to UK tax, even if this is just for a few days. There are two exemptions to this arrangement, which are available if either: 1 - the duties in the UK are incidental to the overseas role; or 2 - individuals are exempt under a double taxation agreement (See below). If the employer has a ‘tax presence’ in the UK and without either of the above exemptions, PAYE should be applied to an employee’s earnings. Just because an overseas employer has individuals working in the UK, this does not necessarily mean that the company will have a ‘tax presence’ in the UK. A ‘tax presence’ can be a branch, agency or office in the UK. HMRC essentially require a UK company address to contact the employer at i.e., to send them PAYE related correspondence and take further actions if needed. If an employer doesn’t have a UK ‘tax presence’ then earnings paid to employees can be paid gross. The responsibility then lies with the employees to ensure income tax is paid to HMRC. The employee can apply to HMRC for a ‘Direct Payment’ scheme and HMRC will then assist the individual with calculating the correct amount of income tax and National Insurance due. Aime Manchester Tax Manager aime.manchester@etctax.co.uk 12

With regards to double tax treaties exemption mentioned above, an employer can apply for an ‘Appendix 4’ agreement which essentially relaxes the PAYE requirements and significantly reduces the employer’s PAYE obligations, as long as various conditions are met. Once the Appendix 4 agreement is in place, there is no requirement for the employer to deduct PAYE. Instead, they must file an annual report to HMRC, providing details of individuals who have visited the UK during a certain tax year and any additional information HMRC require (based on the number of days they spent in the UK per year). Please reach out to us should you require further guidance in relation to Appendix 4 agreements. Outbound Generally speaking, there is no requirement for an employer to withhold PAYE from an employee who is non-resident in the UK and working overseas. Where a non-resident individual spends workdays in the UK (which aren’t incidental to their overseas duties, i.e. not training or meetings), PAYE needs to be applied to their earnings. If a UK resident individual is working overseas, UK PAYE must continue to be applied to their earnings, regardless of where the individual is paid from. There are often cases where an individual is subject to tax in two jurisdictions on the same income and in this case, an employer can make an application to HMRC to use the ‘net of foreign tax credit scheme. This scheme allows HMRC to offset any overseas taxes due against UK PAYE each month, helping with cash flow management for the individual and providing double tax relief on a real-time basis. If an individual is breaking UK tax residence, and a P85 is submitted to HMRC in order to obtain an NT tax code, this code can be put in place by the employer, and no PAYE withheld.

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How To Make the Complex Simple – Ask The Experts Peter Loughlin Head of Business Development peter.loughlin@etctax.co.uk

My client is looking to buy shares in an Isle of Man company which owns UK residential buy to let properties. Can you advise my client on the stamp duty implications of this transaction?

Let Michael Braun of Beans Accountants Ltd and Geoffrey Hollander of Cameron Baum Hollander tell you about their experience of Tax Partner Pro. Click here to view

Language and rules can often be confusing, and it’s fair to say the UK Tax Legislation is no exception; its sheer density of content which regularly changes means keeping up to date and being confident in advising Clients is a daunting, nae haunting challenge for many Professional Advisers. At ETC Tax we have built a team of tax experts who can confidently consult on ALL areas of UK Tax including VAT to ensure Professionals Advisers are doing the right thing for their Clients. Aside from what could be classed as “project work”, Tax Partner Pro is a service designed to help those in the Accountancy and Legal sectors get answers to their “small questions”. The benefits of tax partner Pro are manyfold; • Reducing Risk – nobody wants to be exposed to this, so a quick call to an expert can eliminate risk. • Freeing up time – I speak with Advisers on a daily basis and time is one thing that nobody in Practice seems to have in abundance – so getting a quick accurate answer on a scenario is often a better use of time than grifting through legislation. Also, for those with good tax knowledge, the burden of questions from their colleagues on specific points of tax often disturbs their workflow when time could be better spent elsewhere.

• Definitive answers – a proud boast of Tax Partner Pro based on consistent feedback from our Subscribers is that we give answers to their questions; we’re not there to regurgitate legislation back to you meaning you then have to interpret it yourself and formulate your own decision; the maturity and experience of ETC Tax Specialists ensure you get a practical answer to your question. • Convenience – like it or not, with the ever increasing workload to continually provide Clients with great service, many Advisers work out side of office hours. Again, we are here to help – rather than waiting to pick up the phone to us, your questions can be emailed through while they’re current and a Specialist will respond the next working day. We understand that different Practices will have different demands for tax help, so Tax Partner Pro provides subscription models to suit all size of firm.

ETC Tax have a slogan of “Making the Complex Simple”call or email to discuss exactly how we can do this for you and your Practice. 03304609887 enquiries@etctax.co.uk

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Research & Development claim for a company in the farming industry Many businesses in agriculture and farming invest in new technologies or processes to increase their production but are unaware that their activity is eligible for R&D tax relief, Zeeshan Khilji explains how we assisted a dairy farming business with their R&D tax claim.

Background Many businesses in agriculture and farming invest in new technologies or processes to increase their production but are unaware that their activity is eligible for R&D tax relief. We assisted a dairy farming business with their R&D tax claim for research carried out and improvements made to the nutrition of their cattle. The challenge After reviewing the financial performance of the company over previous years, a dairy farming business noticed a significant decline in their herd’s milk yield. The directors decided that research and development should be undertaken to find out what caused the reduction in milk quantity produced by their herd, and what could be done to improve this.

Zeeshan Khilji Associate Director zeeshan.khilji@etctax.co.uk 16

These included alterations to the feed delivery system, nutritional supplements added to the feed, and applying different fertilisers and specific sprays to improve soil quality. Several different formulas of feeds and fertilisers were tested alongside continuous testing of the soil quality to monitor improvements. The company continued to seek innovation by using scientific advancements and subcontracted a third party to conduct scientific analysis. They also instructed veterinarians to conduct ongoing testing on critical measures of the herd’s health, testing specifically designed cattle feed and measuring the feed’s integration into the herd. ETC managed the R&D claims process for the company from start to finish. From carrying out discussions with company directors to collating relevant data, ETC was on-hand to prepare and submit the R&D claim on behalf of the company.

The solution After conducting independent research, the directors sought assistance from a reputable university that identified factors such as underlying microorganisms and the overall quality of herd nutrition leading to the decline in milk yield. They tested soil samples and herd nutrition to explore possible reasons for the poor milk yield. In light of the research, the dairy farm implemented a treatment programme which involved a fundamental change in processes on the farm. 16

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In the spotlight: Phoebe Mcclean Team Administrator As Team Administrator at ETC Tax, Phoebe is a valuable member of our business support team. Phoebe provides effective administration support to the tax team and business support departments which include HR, Marketing and Finance.

What is your position here at ETC Tax? I am a Team Administrator What do you enjoy the most about your role? As I am a Team Administrator my role is very varied, no day is the same and I love the challenge of learning something new each day – I am constantly kept on my toes! What was the career path that brought you to ETC Tax? I left school at 16 for a legal administrative apprenticeship at a debt recovery law firm where I remained for 6 years, during my time at the firm I also qualified as a paralegal. I felt it was time for a change and went into retail for a short while but found the hours to be quite challenging and incompatible with my lifestyle. I’ve always loved being organised and helping others so felt the role at ETC Tax was quite fitting! Why a career at ETC? I have been given the opportunity to complete a course in Digital Marketing for Businesses and hope I can progress further within this area as I find it interesting. 18

Tell us about a recent task you worked on and how you made a difference? I recently took on the role of posting social media content across all platforms ETC Tax are on with the supervision of our senior digital marketing executive – our consistent posting has led to a rise in engagement and interaction on posts along with a higher number of users on the website. When all the tax problems of the day are solved how do you spend your time? I am straight onto the yoga mat when I get home, I find it is a great way to end the 9-5 and start my 5-9 after work. I have been working on my cooking skills after moving out nearly a year ago so likely, I’ll be in the kitchen trying something new. I also have a huge obsession with books and reading, my partner constantly steers me away from Waterstones whenever we go shopping.

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“ I also have a huge obsession with books and reading, my partner constantly steers me away from Waterstones whenever we go shopping. ”

How do we get in touch with you if we need Tax Advice? Feel free to drop me an email at phoebe.mcclean@ etctax.co.uk or call the office on 0161 711 1320 19

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The Report

Congratulations Lauren! A huge well done to Lauren, she has achieved a Distinction in her apprenticeship. All that hard work really paid off!

Our monthly case review and activity report

Let’s find out more…

• S hareholder/selling business - Tax planning

What have you studied? I have spent the last 18 months undertaking an apprenticeship in Business Administration. Why did you decide to do an apprenticeship? I wanted to do an apprenticeship as I knew I didn’t want to go to university and sit in lectures every day and much preferred the idea of gaining a relevant qualification and valuable skills alongside earning a salary. How did you balance work and study? Although at times it was difficult balancing my work and study, I was really grateful that ETC allowed me to take allocated study time each week, this helped me to complete my assignments during that time and the rest of the working week fulfilling my business support role.

What have you learned / gained from your apprenticeship? I have gained many valuable skills from my apprenticeship, my confidence has definitely grown and I’ve enjoyed learning how to work with a mix of different people; it has pushed me to explore my role further across Admin, Finance and HR. Results and Next Steps I achieved a Distinction in my apprenticeship which I am really pleased about and glad all the hard work paid off! I had a great time celebrating with my colleagues at our ETC Summer Social BBQ as well as a surprise trip to the theatre with my family. I’m thankful that I was offered a fulltime position as Business Support Administrator at ETC Tax; I’m looking forward to continuing to work closely with my colleagues, develop in my role and continue to support ETC to achieve success.

• Tax position on CPO • VAT on NFT Project • A ppeal discovery assessment and repayment of payment on account • VAT advice re Gibraltar structure

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Did you know? Russian Emperor Peter the Great placed a tax on beards in 1705. He hoped that the tax would encourage men to have a clean-shaven look that was popular in Western Europe.

Alexander celebrates 2 years at ETC Here’s what #taxviking had to say... Two years have flown-by! I joined ETC Tax two years ago and it has been a blast! I have grown enormously in these two years in what is a second career for me. The support from my colleagues has been exceptional and the opportunity to really get stuck-in on so many different projects has been fantastic.

Out and about walk Another great net-Walking event with Altrincham BID, this time for Amie and Olivia. On what seemed the hottest day of the year, the girls headed off round Altrincham. “It was a hot but great hour or so wandering round Denzil Gardens, commented Amie. Meeting local people who run businesses and representing ETC Tax was great, we are looking forward to the next event, trainers are ready to go”