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Useful commentary and time-saving guidance in popular Bloomsbury Professional titles, as recently featured in Practicewire. Eligible firms have free access to Bloomsbury's comprehensive online library.

Registered users can go directly to Bloomsbury Professional Online and use the ICAEW link to login.

If you are not registered, individuals in eligible firms can register for access online.

Family Investment Companies

Practice members now have access to a new expert commentary in the Bloomsbury Accounting and Tax Service. Our Family Investment Companies product by Deborah Clark at Mills & Reeve. A Family Investment Company (FIC) is a bespoke vehicle which can be used as an alternative to a family trust.

First shared in Practicewire in June 2024

Residence relief claims

The FTT decision in Patwary v HMRC [2024] UKFTT 29 (TC) demonstrated the need for evidence to support a claim to residence relief. Users of the Bloomsbury Accounting and Tax Service can read the details of the case and the relevant law in the Main residence relief section of the Capital Gains Tax Annual.

First shared in Practicewire in May 2024

Agricultural property relief and woodlands relief restriction

The Spring Budget introduced a restriction to agricultural property relief and woodlands relief from inheritance tax to property located in the UK from 6 April 2024.

These changes are highlighted in the most recent update to Bloomsbury Professional's Busy Practitioner.

First shared in Practicewire in May 2024

Company gifts and IHT

In close companies, companies, assets are commonly transferred from the company to its owners and family members. While practitioners dealing with such transactions routinely consider the income tax and NIC implications for the recipients and the corporation tax issues for the company, IHT implications can be over looked.

The latest update to Bloomsbury Professional’s Busy Practitioner contains some valuable advice on this issue.

First shared in Practicewire in April 2024

Making Tax Digital update

On 22 February 2024, updated regulations (the ‘amending regulations’) were laid before Parliament which amend the record keeping requirements in Regulation 6 of the Income Tax (Digital Requirements) Regulations 2021 (SI 2021/1076) (‘MTD ITSA Regs)’. These changes are reflected in the recent update to Bloomsbury Professionals’ Making Tax Digital Tracker.

First shared in Practicewire in April 2024

Tax Litigation Handbook update

Some new content has been added to the Bloomsbury Professional online resource.

The Tax Litigation Handbook, authored by a specialist team at Pump Court Tax Chambers. They aim to share some of their knowledge and practical experience in relation to the procedures for engaging in tax enquiries, investigations and the main types of tax litigation, not only before the Tax Tribunals, but also judicial review, professional negligence, High Court applications, and enforcement and insolvency litigation.

First shared in Practicewire in March 2024

Enterprise Management Incentives (EMI) options

Finance (No 2) Bill 2023 contained a provision which extends the time limit for companies to notify HMRC of a grant of EMI options. The aim is to support small and medium sized companies to recruit and retain staff by simplifying the process to grant EMI options.

This will apply from 6 April 2024 and is covered in the recent update to Bloomsbury Professional’s Employee Share Schemes commentary (Chapter 8: Enterprise Management Incentives).

First shared in Practicewire in March 2024

Profit and loss calculations

A reminder that following a transitional year, the way in which the profit and loss of a business is calculated for income tax purposes changes from the current year basis to the tax year basis from 6 April 2024 for sole traders, partners in trading partnerships, other incorporated entities with trading income and non-resident companies with trading income charged to Income Tax.

A summary of the news rules, with examples, can be found in the Bloomsbury Professional A-Z of Business Tax Deductions, section 5.7

First shared in Practicewire in February 2024

Tax treatment of goodwill

When a company acquires a business under a sale agreement, the goodwill will normally be treated as having been acquired on the date of the contract. However, it is possible for there to be a different acquisition date where there has been a de facto transfer of the business outside of the sale agreement.

The latest update to the Capital Gains Tax Reliefs for SMEs and Entrepreneurs commentary incudes analysis of the decision in 2 Green Smile Ltd v HMRC [2023] UKFTT 15 (TC) which considered this issue.

First shared in Practicewire in January 2024

SDLT non-residential rate claims

HMRC have been challenging a number of claims that the non-residential rates of SDLT apply to the purchase of a dwelling with land, where the taxpayer was claiming that the land acquired was not part of the ‘garden or grounds’ of the dwelling. Bloomsbury Professional’s Stamp Taxes commentary contains a number of case decisions practitioners will do well to consider when preparing a claim.

First shared in Practicewire in November 2023

Leaving employment - tax treatment

The tax treatment of payments received by those leaving employment are often complicated and this needs be borne in mind when appealing any decision to the Tribunal. The latest update to Tax on the Termination of Employment in the Bloomsbury Accounting and Tax service includes commentary based on Mrs A v RCC [2022] UKFTT 421 which considered whether a payment for a restrictive undertaking was taxable.

First shared in Practicewire in October 2023

CGT loss claims reminder

The recent Upper Tribunal decision in Cumming-Bruce HMRC [2022] UKUT233 (TCC) was a reminder to practitioners that a claim for a CGT loss needs to be made in the return for the year in which the loss was incurred. The summary was included in last month’s update to Guide to Tax Payers’ Rights and HMRC Powers in the Bloomsbury Tax and Accounting Library.

First shared in Practicewire in September 2023

Domicile of choice

A recent FTT decision summarised in the Bloomsbury Professional Tax Case Summaries Shah v Revenue and Customs [2023] UKFTT 539 (TC) found against the appellant on the question as to whether or not he had abandoned his domicile of choice in England and Wales.

Further guidance on domicile of choice, including further useful case summaries, can be found in in a number of products in the Bloomsbury Accounting and Tax Service, including Personal Tax Planning and Booth and Schwarz on Residence, Domicile and UK Taxation.

First shared in Practicewire in September 2023

Allowable employment expenses

A new addition to the Tax Case Summaries product in the Bloomsbury Accounting and Tax Service is the decision in Nduka v Revenue and Customs [2023] UKFTT 420 (TC), which looked at allowable employment expenses. The Expenses section in our Taxation of Employments product is a useful reference point for practitioners.

First shared in Practicewire in August 2023

Limited Liability Partnerships

The latest update to the Accounts and Audit of Limited Liability Partnerships content on the Bloomsbury Accounting and Tax Service is now live. As well as commentary and worked examples, members may not be aware that this content includes pro forma financial statements for single LLPs and Groups.

First shared in Practicewire in July 2023

Meaning of ‘employment’

The most recent update of Robert Maas’s Taxation of Employments on the Bloomsbury Accounting and Tax Service features analysis of the Court of Appeal Decision on HMRC v Atholl House Productions Ltd [2022] EWCA Civ 501, which advisers should now view as one of the most definitive cases on employment status.

The key points are set out here: Meaning of 'employment', section 4.23-4.24, Taxation of Employments.

First shared in Practicewire in July 2023

CGT - disposal of assets

One of the CGT measures announced in the Finance Bill is aimed at disposal of assets under unconditional contracts in certain cases. Some analysis of this was included in the last update to Bloomsbury Professionals Busy Practitioner content. Related commentary can be found in the Capital Gains Tax Annual.

First shared in Practicewire in June 2023

Self-employed cash basis

At the Spring Budget 2023, one of the consultations launched by HMRC is looking at extending the scope of the self-employed cash basis. One of the latest technical updates in the Bloomsbury Tax and Accounting Service looks at the background to this document and why it has been introduced.

First shared in Practicewire in March 2023

Let property and furnished holiday lettings (FHL) calculations

Do the calculations of profits and losses arising from let property and from furnished holiday lettings (FHL) need to be kept separate when both categories of property are held within the same company? The complexities of this issue are dealt with in the latest technical briefing published in the Bloomsbury Accounting and Tax Service.

First shared in Practicewire in March 2023

Change to the basis periods rules

The transition period for the change to the basis periods rules is almost upon us. Under this change, all profits will be assessed on an actual tax year basis and this will present particular challenges to many farmers whose annual accounts are prepared solely for tax purposes. The Bloomsbury Tax and Accounting Service has useful guidance on this issue in Tax Planning for Farm and Land Diversification.

First shared in Practicewire in March 2023

Tax relief claims - impact of altering acquisition contracts

A recent case decision (Cobalt Data Centre 2 LLP and another v HMRC [2022] EWCA Civ 1422) covered in the recent update to the Corporation Tax annual in the Bloomsbury Accounting and Tax Service, has highlighted that practitioners need to be aware of the impact on tax relief claims when alterations are made to a contract relating to the acquisition of plant and machinery.

First shared in Practicewire in February 2023

Real Estate Investment Trusts (REITs)

The Government is keen to encourage Real Estate Investment Trusts (REITs) to provide housing. The tax regime for Real Estate Investment Trusts were relaxed in Finance Act 2022, and these are explained in the most recent update to Robert Maas’s Property Taxes in the Bloomsbury Accounting and Tax Service.

First shared in Practicewire in February 2023

HMRC penalties issues and reasonable excuse

Practitioners representing their clients will be aware that the concept of reasonable excuse can be used to mitigate penalties issues by HMRC for errors or failure to notify.

The Bloomsbury Professional HMRC Investigations Handbook contains extensive guidance and a large number of precedents on this subject.

First shared in Practicewire in December 2022

Goodwill

The existence (and extent) of any goodwill when valuing a business is an issue that commonly occurs when practitioners are valuing businesses. A recent technical update in Busy Practitioner on Shrinking goodwill provides some guidance on this issue.

First shared in Practicewire in October 2022

Business Asset Disposal Relief

The legislation detailing the rules around Business Asset Disposal Relief (BADR) for partnerships were highlighted in Christopher Thomson v HMRC [2021] UKFTT 0453 (TC).

The latest update to David Whiscombe’s Partnership Taxation provides a useful summary of this important case.

First shared in Practicewire in September 2022

Furnished holiday accommodation

Repurposing buildings into furnished holiday accommodation is an option many farmers are now considering to fill the ‘subsidy gap’.

The importance of proper tax planning is key in these instances and Julie Butler highlights an important case for advisers to be aware of in the updated Tax Planning for Farm and Land Diversification commentary in the Bloomsbury Professional online library.

First shared in Practicewire in September 2022

Non-resident purchasers - higher rate SDLT

Non-resident purchasers of residential property in England and Northern Ireland are now subject to a higher rate of Stamp Duty Land Tax (SDLT).

The recently updated version of Booth and Schwarz: Residence, Domicile and UK Taxation in the Bloomsbury Professional Tax and Accounting service includes a new section of content outlining the new self-contained statutory test of residence that applies to this tax.

First shared in Practicewire in August 2022

Incorporating businesses

An increased number of users of the Bloomsbury Tax and Accounting Service have been searching for guidance on incorporating businesses in the last month.

One of the many issues highlighted in the recently updated Incorporating and Disincorporating a Business product is the need to check the income tax position arising on cessation of the unincorporated business and to choose a suitable date for incorporation to minimise the effect.

First shared in Practicewire in July 2022

Research and development

The government is continuing to encourage more companies to undertake research and development work as part of growing the economy and tax reliefs are available for businesses in a wide range of sectors.

Maria Kitt’s Research and Development Tax Reliefs product contains some great advice, including which costs can be claimed by SMEs.

First shared in Practicewire in July 2022

Payroll Management

The Payroll Management content is one of the hidden gems in the Bloomsbury Tax and Accounting Service and an invaluable support tool for those advising clients in this area.

Included in the recent extensive update was an extensive update to the NIC section, including details of the new Health and Social Care Levy and the associated rise in NIC rates.

First shared in Practicewire in June 2022

Consolidated accounts under UK GAAP

New content dealing with the preparation of consolidated accounts under UK GAAP has just been added to the Bloomsbury Professional online library.

Written by Steve Collings, this helps those trained in IFRS to understand the different requirements for group companies reporting under UK GAAP, including the treatment of goodwill arising in a business combination (in Group Accounts under UK GAAP, chapter 5, section 5.32).

First shared in Practicewire in June 2022

Making Tax Digital for VAT

With effect from 1 April 2022 all VAT registered businesses, including those with a turnover below the VAT threshold, are now within the scope of MTD for VAT. It is now less than a year before sole traders will be mandated into Income Tax Self-Assessment for MTD.

Bloomsbury’s Making Tax Digital Tracker allows advisers to stay up to date with requirements by following a question and answer based approach.

First shared in Practicewire in May 2022

IR35 - new case decisions

It is now a little over a year since the revised IR35 legislation came into force on 1 April 2021. In that time a number of new case decisions have merged in this area and the latest update to the Bloomsbury Off-Payroll Tax Handbook have addressed some of these and it is worth practitioners advising in this area to reflect on these.

First shared in Practicewire in May 2022

Job-related accommodation and PPR

One of the more interesting recent cases summarised in Busy Practitioner for the Bloomsbury Tax and Accounting Service highlights the rules around job-related accommodation, and principal private residence (PPR) amongst other things.

There is some useful guidance on periods of occupation in the Capital Gains Tax annual (chapter 11).

First shared in Practicewire in April 2022

Residence, domicile and the remittance basis

The issue of residence, domicile and the remittance basis has been much discussed across the media in recent days. The Bloomsbury Accounting and Tax Service has extensive guidance on these issues, including in our Personal Tax Planning product (Chapter 21: Residence).

First shared in Practicewire in April 2022

Purchase of own shares 'connection test'

HMRC has recently issued new guidance on the Purchase of Own Shares ‘connection test’.

The latest update to Rayney’s Tax Planning for Family and Owner-Managed Companies on Bloomsbury’s online platform includes new commentary and an example on implementing a multiple completion POS.

Multiple Dwellings Relief

There have been a number of cases heard over the last couple of years on the availability of multiple dwellings relief. A recent decision Doe v Revenue and Customs [2022] UKUT 2 (TCC) was reported in the Bloomsbury case summaries in March. You can read more about the relevant guidance here:

Rights and duties of directors

There are a range of issues directors should be aware of if their companies are facing issues with creditors or insolvency.

One recent change in the law is the creation of a moratorium under CIGA 2020 a voluntary ‘stand-alone’ arrangement not linked to or dependent on the company entering into any other insolvency or related event, giving the company some breathing space while the directors work out and embark on any new strategy or arrangement. Bloomsbury Professionals' recently updated Rights and Duties of Directors describes how this might work.

Set trading loss against total profits

As an alternative to carrying forward the whole of any trading loss to set against future trading profits, a company may claim to offset the loss against its other profits.

Bloomsbury’s Corporation Tax annual has some new commentary and examples detailing the temporary extension of the 12 month loss-carry-back period to three years for losses arising in accounting periods ending between 1 April 2020 and 31 March 2022.

Covid-19 temporary legislation

The Corporate Insolvency and Governance Act 2020 (CIGA 2020) became law on 26 June 2020. It was enacted as a way of providing practical and financial assistance to companies experiencing financial difficulties as a result of coronavirus.

The latest update to Bloomsbury’s Accountants Legal Service provides practitioners with some useful guidance on what this may mean for clients they are advising.

The matrimonial home and the CGT main residence exemption

One of the consequences of divorces or a family breakdown is the sale of a matrimonial home to a third party. If the couple have owned or occupied more than one property the situation is even more complicated.

Bloomsbury Professional's Tax Planning guide contains invaluable advice for accountants looking to establish if the CGT main residence exemption will apply.

Capital allowances and qualifying activity

When considering whether a capital allowances claim can be made for plant and machinery, one of the conditions is that the claimant must be carrying out a ‘qualifying activity’. Bloomsbury Professional’s Capital Allowances Transactions and Planning title has some useful commentary and precedents covering this issue.

Tax treatment of cryptoassets

HMRC have recently issued a new manual covering the tax treatment of cryptoassets. The recently updated A-Z of Business Tax Deductions has a new section covering this in the foreign exchange losses section.

Enterprise Management Incentives (EMI) options

EMI Share Option Schemes can be a very tax-efficient way for companies to incentivise their staff if they are introduced and managed properly.

The Government recently introduced a measure which means that until 5 April 2022, individuals who are furloughed or who have their working hours reduced below the current working time limit as a result of COVID-19 will retain access to the scheme’s advantages. This will apply to existing participants to EMI schemes and where new EMI share options are being granted.

Have you got clients who may benefit from introducing an EMI scheme? Rayney’s Tax Planning for Family and Owner-Managed Companies has some excellent guidance on EMI Schemes including a summary of the main conditions.

Buy-to-let property tax relief

Do you have clients with rental property income? Understanding where tax relief may be claimed can be a time-consuming task.

Access the Buy to-Let Property Tax Handbook on the Bloomsbury Professional Core Accounting and Tax platform for some valuable time-saving guidance.

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