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Incorporating and Disincorporating a Business, 3rd Edition

Incorporating and Disincorporating a Business, 3rd Edition

Author: Mark McLaughlin; Jackie Anderson
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781526507693

Previous Edition ISBN: 9781780439044
Published In: May 2019
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

This is a practical and detailed guide on tax issues, planning points and pitfalls which may be encountered when incorporating a sole trade or partnership business, or when transferring a company's business to a sole trade or partnership.

It guides tax practitioners and accountants who need to advise their clients on whether or not to incorporate their business and if they are going to incorporate, what obligations they have.

There is detailed coverage on all tax issues that might apply to small businesses (including NIC, CGT, IHT, VAT and capital allowances) but also in-depth content on how to deal with legal and accounting compliance issues. Tax advisers and accountants need to be able to advise their clients not only of the relative tax implications of incorporation but also what legal and accounting obligations they will have as the level of compliance necessary to become a company may sway business owners' ultimate decision.

Since the last edition was published in early 2016, there has been significant legislative change reflected in three Finance Acts, in particular:

Entrepreneurs' relief: the relief restriction on the acquisition of goodwill from related parties (FA 2016)
Dividend tax reforms (FA 2016)
The 'anti-phoenixism' targeted anti-abuse rule (FA 2016)
Intangible fixed assets and the restriction of deductions in respect of goodwill (F (No 2) A 2017)
Change in tax rate for loans to participators (FA 2016)
The new Investors' relief (FA 2016)
The changes to IR35 rules for public bodies (FA 2017)
The abolition of reliefs for employee shareholder shares (FA 2017)
Corporation tax carried forward losses (F (No 2) A 2017)
Increased flexibility for the substantial shareholdings exemption (F (No 2) A 2017).

PART 1 – INCORPORATING A BUSINESS

Section A: Deciding whether to incorporate (These chapters may be merged into one chapter for this 2nd edition)

Chapter 1: Business structures
Chapter 2: Why incorporate?
Chapter 3: Advantages and disadvantages of a company

Section B: Tax consequences of incorporation

Chapter 4: Income tax and cessations
Chapter 5: National Insurance contributions
Chapter 6: Capital allowances
Chapter 7: Capital gains tax
Chapter 8: Stamp duties
Chapter 9: Inheritance tax
Chapter 10: Value added tax

Section C: Other issues

Chapter 11: Goodwill
Chapter 12: Legal issues
Chapter 13: Other considerations
Chapter 14: Assets held outside the company
Chapter 15: Surplus company profits – other extraction methods
Chapter 16: Close companies
Chapter 17: Anti-avoidance
Chapter 18: Employment status
Chapter 19: Investment businesses

There will be additional chapters on the following (exact placement TBC):
- accounting issues
- incorporation of LLPs
- incorporation of a property portfolio

PART 2 - DISINCORPORATION

Chapter 20: Why disincorporate?
Chapter 21: Tax issues for the company
Chapter 22: Tax issues for shareholders
Chapter 23: Disincorporation relief
Chapter 24: Winding up the company