In the days before the media became obsessed with celebs, the summer holidays were traditionally known as the "silly season". MPs were away on holiday and so journalists took to writing stories about the mundane and ridiculous.

It looks as though HMRC has got a head start on the latter: we learn that having failed to realise how many Self-Assessment statements it was supposed to be sending out for 31 July, our biggest department ran out of paper.

Makes a change from "lost in the post", I suppose.

Please scroll down for News, Freeview and Updates for subscribers below.

Best wishes


Nichola Ross Martin FCA
Tax Director
Your online Virtual Tax Partner: practical support for accountants, tax advisers and their clients



31 July reminders: HMRC runs out of paper
500,000 taxpayers affected

Lunn & Co: HMRC withdraws agent status again
Firm fails to justify why it should be allowed to continue

Goodwill and franchises (take two)
Another tax case show that franchisees do create saleable goodwill.

Directors' loan accounts: toolkit
UPDATE: for 2011/12

Adviser Tax Update
Rolling update for July 2011

Guides and updates

For PAID subscribers (because you are so special :)

Recent new guides and updates

Interest: paid on loans from directors
NEW: mini-guide. Is interest paid gross or net? At what rate? Tax relief when irrecoverable.

Capital Gains Tax: Entrepreneurs' Relief
UPDATE: new sections including planning points and pitfalls for private company shares

Capital gains reliefs: disposal of business assets
UPDATE: new and improved section on hold-over reliefs.

Valuation (of goodwill) on incorporation
UPDATE: new examples for small & lifestyle businesses.

Goodwill and the intangibles regime
UPDATE: new section, case law and links

Goodwill: trade related properties
UPDATE: new tabs, clearer guidance on valuation with new links.

Our notes and guides now list recent updates/rewrites in the "Small print and links" tabs.

Favourites from previous week's updates

Furnished Holiday Letting
UPDATE: ensure clients are ready for the changes.

Capital allowances
2011/12 updated: take a tour of the section.

ABC shares: family companies
A guide that examines the tax consequences of creating new share classes.

UPDATE: a section of the site with guides on valuation of goodwill, tax avoidance issues, and worked examples.

Accounts health check (self-employed)
UPDATED: a general re-write with more interactive links.

Directors: tax-efficient remuneration
These guides consider the different methods available for extracting funds from a company.



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