This time:

Contrasting the old Form 17 (joint property election) and the new one leads us to think that advisers may want to review existing elections.

Two essential updates for subscribers, freeview guides and news, please scroll down for links.

Best wishes


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



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Guides and updates

FREEVIEW mini-guides

Starting in business: start here
NEW: menu and tax summaries

Joint property elections
UPDATE: HMRC change Form 17

Ceasing trading: overview
UPDATE: a summary of the mechanics for companies with a look at the tax on final distributions

Retirement: a purchase of own shares
NEW: menu and summary

For PAID subscribers (because you are special :)

Essential reading this time:

Joint property: legal v beneficial ownership
UPDATE: a rewrite, this guide explains the differences, looks at transfer of beneficial ownership, issues for spouses and Declarations of Trust

Repairs and renewals
UPDATE: new "At a glance" section & case law: highly recommended

Recent updates

Capital reduction: distributing capital reserves
UPDATE: why and how to guide for advisers

Bona Vacantia & striking off
UPDATE: a summary of the key issues for advisers to watch out for and advise clients

Solvency statement: reduction of capital (winding up)
Template: as required for a reduction in capital

Capital reduction with a purchase of own shares
UPDATE: this is a very complicated combination, so we have created this checklist

Capital reduction: tax treatment
UPDATE: this guide examines the position where a capital reduction is used and trading is ongoing.

Broadband (Employer's guide)
NEW: our at a glance guide summarises the different combinations and their tax treatment.

Tax penalties: grounds for appeal
UPDATE: cases added for reasonable excuse and reliance on accountants. Note VAT and direct tax differences.

Finance Act 2011: tax planner
UPDATE: our rolling CPD tool is designed to keep you on top of key legislative changes and announcements.

Can I back-claim capital allowances on residential property?
UPDATE: a rewrite of this guide with improved links.

Recent updates

Running an LLP in tandem with a company
UPDATE: in tandem or corporate partners? Lots of plusses and minuses for professional practices.

Employment status checklist
UPDATE: following the Autoclenz decision clients may wish to review their working relationships with self-employed subcontractors.

Employment status: directors
UPDATE: the difference in treatment of office holders under tax and employment law.

Employment status: partners
NEW: this guide considers a problem for some professional firms.

Furnished Holiday Letting
UPDATE: a major rewrite to include 2011 FA provisions including examples on Averaging and Period of Grace reliefs.

Business Property Relief: holding companies
UPDATE: following recent queries we have included further examples to deal with mixed trading groups.

Joint property elections
UPDATE: new links, following new guidance from HMRC.

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

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

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



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