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Incorporating and Disincorporating a Business, 3rd Edition

Incorporating and Disincorporating a Business, 3rd Edition

  • Author:
  • Publisher: Bloomsbury Professional (formerly Tottel Publishing)
  • ISBN: 9781526507693
  • 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

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