This time we are having a VAT special, although if VAT is not your thing there is plenty of other news and updates to interest everyone.

You may have noticed that we are broadening our VAT section so that we cover your FAQs. We have a new guide on VAT for Start-ups, and as VAT and property is a particularly difficult area for advisers, if you are buying or selling commercial property then don't miss our new guides to Opting to Tax and the Capital Goods Scheme. If you are a VAT registered business and are renting out a non-opted property then you should have a look at our guide to Partial Exemption. 

It's 'all change' in company accounts filing at Companies House, as you are probably aware. For accounting periods commencing on or after 1 January 2016, filing abbreviated accounts is no longer an option. Many of you now have four choices, you may file full, abridged, filleted or mico entity accounts. Just like most of you I, too, am baffled as to why we need so many different options. Hopefully our a mini-guide to company accounts will help you fathom the differences for yourselves. Do bear in mind that your bank, HMRC and anyone wishing to buy your business will want full accounts. 

Enjoy the guides and updates and the news is below. 

Back soon

Nichola Ross Martin FCA Tax Director


Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers

Quick news (freeview)

Making Tax Digital: CIOT and ATT survey results
Members of the CIOT and ATT have expressed grave concerns about the costs and timetabling of HMRC’s Making Tax Digital Proposals in a survey conducted by the professional bodies.

Pensions: no secondary annuity market
The government has dropped plans to create a secondary market for annuities following consultation. 

Act by 31 October to get disguised remuneration transitional relief
EBTs: if you want to benefit from transitional relief on investment growth from a disguised remuneration scheme you have to register your interest to settle with HMRC by 31 October 2016. 

HMRC Agent Update Oct/Nov 2016
HMRC have issued their Agent Update for October / November 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered. 

HMRC Employer Bulletin: October 2016
HMRC have published their Employer Bulletin for October 2016. We summarise the key content for you, with links to our detailed guidance on the topics covered. 

Practical Tax Guides and Updates (subscribers) 


Small Company accounts
NEW: A guide to the new small company and micro-entity accounts filing requirements.

Purchase (repurchase) of own shares
UPDATED: information added on HMRC's recent, and arguably incorrect, objections to ER on a multiple completion contract.

Corporate Criminal Offence: failure to prevent tax evasion
UPDATED: legislation has now been released as part of the Criminal Finances Bill together with draft guidance.


VAT: Starting in business
NEW: Should my new business register for VAT?  A guide to the pros and cons and issues to consider when registering.

Capital Goods Scheme
NEW: When does the Capital Goods Scheme apply?  How does it work?  Our new guide to the VAT Capital Goods Scheme includes worked examples.

Opting to tax land and property
NEW: What is an option to tax? What do I need to do to opt to tax? What happens if I buy an opted property? 

Partial exemption
How do you calculate the amount of input tax you can recover under the VAT partial exemption rules? What are the de minimis rules?

What constitutes a valid VAT invoice?
UPDATED: case of James Edwin Boyce (t/a Glenwood) v HMRC on HMRC's discretion to allow input tax claims added.

VAT Groups
UPDATED: a new Upper Tribunal case added on who is entitled to reclaim overpaid VAT when a company leaves a VAT group.

Editor's Choice

Directors' Tax Planning Toolkit 2016/17
This planner looks at a range of director tax issues, including company profit extraction.

Finance Act 2016 and rolling planner
Our unique 'At a glance' guide to what's new in 2016/17 and what's coming up in the future, across all the taxes.

Fixtures: overview
UPDATED: more details on the interaction of a capital allowances claim and CGT on disposal.

ISA investments & crowdfunding
UPDATED: a Statutory Instrument has now been passed to extend scope of the Innovative Finance ISA.

Missed last time's update?

Nichola's SME Tax Update 13 October


  • The BBC fails in an attempt to manipulate IR35 evidence
  • Last chance for Business Property Renovation Allowance
  • SDLT on annexes
  • Responses to OTS consultations.
  • More HMRC phishing attempts
  • Cases on stallholder pitches and VAT, annual return penalties and SOCA's tax powers.
  • How to form a company: a back to basics practical guide.
  • Tax penalty appeals
  • What expenses can a director claim?

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