HMRC enquiries - Undisclosed company profits taxed as loans to participators

It is not uncommon for HMRC enquiries into the business accounts of an individual or company to result in additions to turnover and profits. For example, unexplained lodgements into a private bank... Read more

What is a ‘trade’? – A possible further badge of trade to consider

It will generally be clear whether a person is carrying on a trade, although there will always be grey areas of uncertainty. There is little help to be found in the tax legislation, which merely... Read more

Incorporation relief - What is a 'business' for CGT incorporation relief purposes?

The incorporation of a business will often involve the disposal by a sole trader or partnership to a company of chargeable assets for CGT purposes, such as free goodwill or land and buildings. The... Read more

Controlling persons - the Government's proposed rules and their implications

The government announced in Budget 2012 that measures would be introduced to tackle avoidance through the use of personal service companies. It was also announced that there would be consultation on... Read more

Small business tax – HMRC’s consultation on simplifying business tax

The Government seems intent on simplifying tax for small businesses. The Office of Tax Simplification (OTS) published three documents in February 2012. One document dealt with HMRC administration,... Read more

Management charges – Claiming a deduction under general accounting principles

Management or service charges between related businesses are fairly common. Such charges are sometimes applied as part of a tax planning exercise, e.g. between associated companies where a trading... Read more

Loan interest relief – Loans to buy an interest in a close company

Securing tax relief for loan interest paid can be difficult. For example, the borrowings must be structured properly, and certain statutory conditions must be satisfied. Separate provisions apply for... Read more

HMRC enquiries - The importance of taking notes at meetings

An important aspect of HM Revenue and Customs (HMRC) enquiries into tax returns that is sometimes underestimated is meetings between taxpayers (and their agents) and HMRC officers, and the notes... Read more

NEW KickStart Masterclasses

Join us for our KickStart Masterclass - a free online product demo and live Q&A with our product and industry experts. Have you trialled our online tax service, but have questions? Read more

Settlor-interested trusts – Another ‘downside’ for settlors.

There are various,  potentially adverse, tax implications where an individual settles cash or other assets on trust but is capable of benefitting from the trust. Various anti-avoidance rules exist... Read more

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