Frequently used Bloomsbury content

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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

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

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

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.

• See section Buy-backs - Financing issues and problems (in Rayney's Tax Planning for Family and Owner-Managed Companies 2021/22)

First shared in Practicewire in March 2022

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:

• Bloomsbury content on Multiple Dwellings Relief

First shared in Practicewire in March 2022

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.

• See Directors, creditors and insolvency (in Rights and Duties of Directors)

First shared in Practicewire in February 2022

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.

• See Set trading loss against total profits (in Corporation Tax 2021/22)

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.

• See Covid19 - temporary legislation (in Accountants' Legal Service)

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.

• See The matrimonial home and the CGT main residence exemption (in Tax Planning 2021/22)

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.

• See 14.103, Qualifying Activity (in Capital Allowances Transactions and Planning)

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.

• See B18.1.4 Cryptoassets (in A-Z of Business Tax Deductions)

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.

• See Enterprise Management Incentives (EMI) schemes (in Rayney's Tax Planning for Family and Owner-Managed Companies)

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.

• See Appendix 'What expenses can be claimed for a buy-to-let property business?' (in the Buy to-Let Property Tax Handbook)

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