Taxation of small businesses 2018/19 / Malcolm James.

Format:

Book

Author/Creator:

James, Malcolm, author.

Language:

English

Subjects (All):

Business enterprises--Taxation--Law and legislation--Great Britain.

Business enterprises.

Small business--Taxation--Law and legislation--Great Britain.

Small business.

Income tax--Law and legislation--Great Britain.

Income tax.

Physical Description:

1 online resource (481 pages)

Edition:

1st ed.

Place of Publication:

London : Spiramus Press Ltd, 2018.

Summary:

The Taxation of Small Businesses 2018-19 is a practical guide to all aspects of direct taxation of small businesses in one volume.It is ideal for sole practitioners and small partnerships, but will be a handy reference guide for all tax advisers.

Contents:

Intro

About the author

Contents

List of abbreviations

Tables of authorities

Cases

Statutes

Regulations

Chapter 1. Income Tax Computation

1.1. Aggregation of Taxpayer's Income

1.2. Interest

1.3. Limit on Deductions from Adjusted Net Income

1.4. Payments to Charities

1.4.1. Gift Aid scheme

1.4.2. Gifts of land and buildings or shares

1.5. Personal Allowances Deducted from Net Income

1.5.1. Introduction

1.5.2. Personal allowance

1.5.3. Transfer of Personal Allowance

1.5.4. Blind person's allowance

1.5.5. Savings Allowance

1.5.6. Trading allowance

1.5.7. Property allowance

1.6. Computation of Tax

1.6.1. Tax rates

1.6.2. Extension of basic rate band

1.6.3. Dividends Nil Rate Band

1.7. Tax Reducers

1.7.1. Categories of tax reducers

1.7.2. Married couple's age allowance (MCAA)

1.7.3. Reduction in MCAA

1.7.4. Marriage during tax year

1.7.5. Transfer of MCAA

1.7.6. Maintenance payments

1.8. Tax Retained on Interest, Royalties and Gift Aid donations

1.9. Comprehensive Example

1.10. Death and Separation

1.10.1. Death

1.10.2. Divorce and separation

1.11. Married Couples - Joint Property

1.12. Minor Children

1.13. High Income Child Benefit Charge

Chapter 2. Taxation of Trading Income

2.1. Introduction

2.2. Statutory Definitions of Trading

2.3. Statutory Trades

2.4. Case Law

2.4.1. Badges of trade

2.4.2. Trading or investment

2.4.3. Profit motive

2.4.4. Subject matter

2.4.5. Frequency of transactions

2.4.6. Length of ownership

2.4.7. Supplementary work

2.4.8. Manner in which assets are acquired and circumstances surrounding sale

2.5. Gambling and Speculation

2.6. Illegal Activities

2.7. Individuals Trading in Shares

2.8. Definition of Trading - National Insurance

2.9. Mutual Trading.

2.10. Election to Use Cash Basis

2.10.1. Conditions for making election

2.10.2. Amendments to rules relating to computation of profits

2.10.3. Transitional provisions - unrelieved capital expenditure

2.10.4. Spreading of adjustment income

2.11. Capital and Revenue Receipts

2.11.1. General principles

2.11.2. Compensation for loss or sterilisation of profit-making apparatus

2.11.3. Compensation for loss of profit

2.11.4. Compensation for loss of or damage to fixed assets

2.11.5. Compensation and liability to tax

2.11.6. Know-how

2.11.7. Foreign currency transactions

2.11.8. Grants

2.12. Receipts not Received in Course of Trade

2.12.1. Non-contractual receipts

2.12.2. Unclaimed money

2.12.3. Commission, discounts and cashback

2.12.4. Sponsorship

2.13. Other Receipts

2.13.1. Rebates, insurance receipts, damages, statutory payments and interest

2.13.2. Release from debts

2.13.3. Directors' fees and professional appointments

2.13.4. Rent receivable

2.13.5. Casual receipts

2.13.6. Receipts in kind

2.13.7. Post-cessation receipts

2.14. Capital and Revenue Payments

2.15. Expenditure Incurred in the Course of a Trade

2.16. Duality of Purpose

2.16.1. General principles

2.16.2. Expenditure on meals

2.16.3. Business clothing

2.16.4. Travel and motoring expenses

2.16.5. Duality of purpose - other items

2.17. Repairs and Maintenance

2.18. Replacement of Assets

2.19. Depreciation and Amortisation

2.20. Subscriptions and Donations

2.21. Sponsorship

2.22. Bad Debts

2.23. Provisions

2.24. Payments to Employees &amp

Appropriations of Profit

2.25. Entertainment

2.26. Gifts to Customers and Samples

2.27. Gifts to Educational Establishments and Charities

2.28. Cost of Leasing Cars

2.29. Legal and Professional Fees.

2.30. Fines and Payments Against the Public Interest

2.31. Interest and Bank Charges

2.32. Pre-trading Expenditure

2.33. Indirect Taxation

2.34. Compensation and ex gratia Payments to Former Employees

2.35. Redundancy Payments

2.36. Removal Expenses to New Business Premises

2.37. Premiums for Insurance

2.38. Payments to Employees for Restrictive Undertakings

2.39. Staff Training and Development

2.40. Counselling Courses in Connection with Termination of Employment

2.41. Payments to Secure Release from Unprofitable Contracts

2.42. Payments to Political Parties

2.43. Preservation of Goodwill

2.44. Payments on the Cessation of Trade

2.45. Post-cessation Expenditure

2.46. Rent

2.47. Lease Premium

2.48. Patents and Intellectual Property

2.49. Telephone

2.50. Business Rates and Council Tax

2.51. Security Expenditure

2.52. Loan Guarantee Payments

2.53. Use of Home

2.54. Website Expenditure

2.55. Expenses Connected with Foreign Trades

2.56. Valuation of Stock

2.56.1. General principles

2.56.2. Appropriations of stock

2.56.3. Long-term contracts

2.56.4. Discontinuation of trade

2.57. Overseas Aspects of Trading

2.57.1. Chargeability of overseas trades

2.57.2. Computation of profits of overseas trades

2.57.3. Traders not resident in the UK

2.57.4. Payments to entertainers and sportsmen

Chapter 3. Capital Allowances on Plant and Machinery

3.1. Introduction

3.2. Definition of Plant and Machinery

3.2.1. Statutory rules

3.2.2. Case law

3.3. Assets Deemed to be Plant and Machinery

3.3.1. Thermal insulation of industrial buildings

3.3.2. Assets acquired for personal security

3.3.3. Computer software

3.4. Definition of Expenditure

3.4.1. General principle

3.4.2. Grants, subsidies and contributions

3.4.3. Loan interest.

3.4.4. Exchange rate fluctuations

3.4.5. Assets originally acquired for non-qualifying purposes

3.4.6. Assets acquired at undervalue

3.5. Date of Expenditure

3.6. Disposal of Assets

3.7. Allowances

3.7.1. Writing down allowance (WDA)

3.7.2. Enhanced capital allowances (ECA)

3.7.3. Annual investment allowance (AIA)

3.7.4. Assets elligle for 100% ECA

3.7.5. Energy-saving plant and machinery

3.7.6. Cars with low CO2 emissions

3.7.7. Expenditure on zero-emission goods vehicles

3.7.8. Expenditure on plant or machinery for gas refuelling stations

3.7.9. Expenditure on electric vehicle charging points

3.7.10. Expenditure on environmentally beneficial plant and machinery

3.8. Calculation of Capital Allowances

3.8.1. Categories of plant and machinery

3.8.2. General pool expenditure

3.8.3. Special rate expenditure

3.8.4. Assets with private use

3.8.5. Partial depreciation subsidies

3.9. Short-life Assets

3.10. Cessations and Successions

3.10.1. Cessations

3.10.2. Successions

3.11. Hire Purchase and Leasing

3.12. Fixtures

3.12.1. Definition

3.12.2. Fixture installed in building in which qualifying activity is carried on

3.12.3. Transfer of allowances to lessee

3.12.4. Equipment leases

3.13. Disposal of Fixtures

3.13.1. Sale of qualifying interest

3.13.2. Expiry of qualifying interest

3.13.3. Discontinuance of qualifying activity

3.13.4. Use of fixture for purpose other than qualifying activity

3.13.5. Transfer of allowances to lessee

3.13.6. Severance of fixture

3.13.7. Fixture which is subject of an equipment lease or is owned by energy services provider

3.13.8. Merger of interest

3.13.9. Apportionment of sale proceeds

3.13.10. Allowances claimed by subsequent owner

3.13.11. Fixtures - anti-avoidance provision

3.14. Anti-avoidance.

Chapter 4. Other Allowances

4.1. Business Premises Renovation Allowance

4.1.1. Qualifying expenditure

4.1.2. Qualifying building

4.1.3. Relevant interest

4.1.4. Initial allowance

4.1.5. Writing down allowance

4.1.6. Grants and payments towards expenditure

4.1.7. Balancing adjustments

4.1.8. Termination of lease

4.2. Patents

4.3. Know-how

Chapter 5. Basis Periods

5.1. Current Year Basis (CYB)

5.2. Opening Year Rules

5.3. Closing Year Rules

5.4. Tax Planning on Commencement

5.5. Tax Planning on Cessation

5.6. Change of Accounting Date

5.7. Period Less than 12 Months

5.8. Period More Than 12 Months

5.9. Two Accounting Dates in Tax Year

5.10. No Accounting Date in Tax Year

5.11. Transitional Overlap Relief

5.12. Overlap profits and trading allowance

5.13. Changes in Size and Nature of Operations

5.14. Death of Trader

5.15. Mergers and Demergers

5.16. Date of Commencement and Cessation

5.17. Successions

5.18. Trader Becoming, or Ceasing to be, UK Resident

Chapter 6. Trading Losses

6.1. Introduction

6.2. Offset Against Future Trading Income

6.3. Transfer of Business to a Company

6.4. Offset Against Total Income and Carry-back

6.5. Offset Against Capital Gains

6.6. Losses in the Early Years of Trading

6.7. Terminal Loss Relief

6.8. Tax Planning and Loss Relief

6.9. Restriction of Loss Relief

6.10. Late Claims

Chapter 7. Property Income

7.1. Introduction

7.2. Basis of Assessment

7.3. Dilapidations

7.4. Lease Premiums

7.4.1. Premium taxable as property income

7.4.2. Duration of lease

7.4.3. Amount of premium

7.4.4. Premiums on grant of sub-lease

7.4.5. Reverse premiums

7.4.6. Assignment of leases granted at undervalue

7.5. Sale with Right of Conveyance

7.6. Expenditure Deductible.

7.7. Sea Walls.

Notes:

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

1-910151-43-2

OCLC:

1030941426