Engagement letters for tax practitioners, issued in April 2018, provides guidance to tax practitioners about engagement letters for tax work. This has been supplemented by a schedule of services: Making Tax Digital for VAT (MTDfV).
The settlement offer was introduced by s111A of the Employment Rights Act 1996 to provide a new tool to assist employers to resolve issues at work. The offer and the subsequent discussions between the employer and the employee can result in them concluding a settlement agreement by which the employment is terminated in a mutually acceptable way.
A number of important rights have been introduced in an effort to address the work/life balance problems faced in modern working families. These rights are only accorded to employees. Most of them depend upon serving a particular period of continuous employment. Employers are free to provide enhancement to these rights if they wish but the outline below is the basic statutory entitlement.
Technical factsheet: professional conduct in relation to taxation
Tax advisers operate in a complex business and financial environment. The increasing public focus on the role of taxation in wider society means a greater interest in the actions of tax advisers and their clients. This guidance, written by the professional bodies for their members working in tax, sets out the fundamental principles and standards of behaviour that members are expected to follow.
This scheme was introduced on 1 September 2013 by the Enterprise and Regulatory Reform Act 2013. The idea
behind it was to create a new class of employee who would have a stake in the company, but not enjoy the same
employment rights as normal employees.
Technical Factsheet 170 - UK tax valuation rules and reporting
This factsheet aims to provide the user with a summary of the basic tax valuation rules for each of the principal taxes which impinge upon valuation – CGT, IHT, SD and the application of the ITEPA rules on restricted and unrestricted market value. The factsheet does not cover inter group transactions or corporation tax issues.
Technical Factsheet 168 - Valuing property and farming companies
A summary of the issues that need to be considered when engaged in the valuation of property and farming companies. Deals with: circumstances where an assets approach is appropriate, contingent taxation, the necessity for asset revaluation, issues surrounding hybrid companies and the levels of discount appropriate in considering minority interests in companies of this nature.
A summary of the issues that need to be considered when engaged in the valuation of companies of all sorts by using an earnings-based approach. The calculations will give an indication of the valuation which the buyer/seller may consider rather than an exact figure. Covers the application of Price Earnings ("P/E") ratios, EBITDA multiples and turnover multiples, discounted cash flow ("DCF") approaches, including discount rates, terminal values and appropriate cash flows, the normalisation of earnings, how to deal with minority interests and briefly looks at those situations where an earnings-based approach is not appropriate.
Guidance on simple tax-based option schemes such as Enterprise Management Initiative (“EMI”) schemes and the like, as well as the Black Scholes Option Pricing Model (“BSOPM”) and its application, an overview of more complex models such as barrier options, binomial and trinomial approaches and other types of valuation options.
Entrepreneurs’ Relief was introduced as part of the wholesale reform of capital gains tax introduced with effect from 6 April 2008. It has evolved into one of the most generous reliefs on the statute books.