We were thinking that if you are still in the office reading this and not on holiday that either you need some light reading or that things are so quiet that you might be able to cope with some of the more complicated new tax rules...

We have updates on the new corporate loss rules and the new dom rules, both of which are backdated to 1 April 2017. in terms of lighter reading we have new guides on Holiday Homes and investments and if you still have any appetite for yet more tax then new guides on Directors and tax returns and  Partnerships.

Hope the summer is going well for you.  

If you have any tax queries please do try out our Virtual Tax Partner support portal at www.VtaxP.co.uk

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)

IHT on enveloped property
Draft legislation has been published from Finance Bill (No.2) 2017 showing the new rules to keep UK residential property within IHT. 

Deemed UK domicile
Draft legislation for the backdated proposals affecting long term UK resident non-domiciled individuals

Powers of Attorney fees overcharged
The MOJ confirms that some refunds may be due: amounts are small

HMRC and the taxpayer: Strategy and Charter
HMRC have published two documents regarding its relationship with the taxpayer and how this is developing/will develop in future. 

Introducing the Corporate Criminal Offence: failure to prevent tax evasion
The new offence of failure to prevent the facilitation of tax evasion applies from 30 September 2017.

Case Update (freeview)

Negligible value claim lacked detail
In Richard Steven Ward v HMRC [2017] TC05919 HMRC incorrectly disallowed a negligible value claim: it was sent by email and poorly worded with the result that the taxpayer had to foot the cost of a tribunal to resolve the matter.

Trustee mistake not capable of rectification
In Gresh v RBC Trust Company (Guernsey) Ltd and HMRC (judgment 6/2016) Guernsey’s Royal Court would not allow trustees to set aside a decision that caused a beneficiary an unexpected tax charge on his pension lump sum: a claim could be made against the advisers instead. 

Editor's Choice (subscribers)  

Holidays and investments

Furnished Holiday Letting
It's the summer: time to look at holiday cottages?

Buy to let  (or holiday home) ownership
Personal v Company?

Practical Tax Guides and Updates (subscribers) 

Directors: when do I need to file a tax return?
NEW: guide and client briefing


Types of different partnership
Limited or unlimited or LLP?

When does a partnership exist?
NEW: what makes a valid partnership, what makes joint owners a partnership.

SDLT: partnership incorporation
UPDATE: relief from SDLT on incorporation


Losses: trading and other losses
UPDATE: the proposed changes will be backdated to apply from 1 April 2017. There may still be some scope for tax planning and trying to mop up brought forward losses, or to consider grouping. Some complications for larger companies include the £5m profits cap, restrictions for interest relief and loss streaming following takeovers.

Penalties and compliance

Corporate Criminal Offence: failure to prevent tax evasion
UPDATE: the new offence to include the date it comes into force. 

Penalties: Accountants, Advisers & Agents
Updated in respect of failure to prevent tax evasion. 


Place of supply: services
A business must charge VAT depending on the place where the supply is liable to VAT, the nature of the supply and the type of customer

Place of supply: goods
VAT on goods is determined by the place of supply (POS); whether they are UK based supplies, imports, exports, EU dispatches, or EU acquisitions.

Is the supply services or goods?
What are goods and what are services for VAT? The answer may have an impact on the time of supply, the place of supply and in some cases the rate of the supply. The answer is not always as straightforward as it may seem.

Making Tax Digital

MTD delayed for small business and landlords
New timetable for VAT registered business

A really useful simple and cost effective App for your small business clients to record information for you to process on.


CPD Webinars

New CPD click here

Missed last time's update?

Nichola's SME Tax w-update 21 July 2017


  • Topical cases
  • Land and property toolkets
  • Loan relationships: our new toolkits
  • Investment bonds and tax
  • Adviser's penalty planner
  • VAT


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