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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.

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) share option schemes

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.

Accessing the Core Accounting and Tax Service

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.

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