HMRC powers – Information notices and private bank statements

A controversial aspect of enquiries by HM Revenue and Customs (HMRC) into personal tax returns is requests to see the taxpayer’s private bank statements. Read more

Bloomsbury Professional Online: Case Study #1 - Reviewing the FA 2012 changes to the fixtures rules

This case study video by Steve Savory shows how to use the Bloomsbury Professional Online site to review the changes to the fixtures rules in FA 2012 and share content with colleagues and clients. ... Read more

Introduction to search - Bloomsbury Professional Online demo

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

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