A–Z of Business Tax Deductions

A–Z of Business Tax Deductions

The 2021 online edition of A-Z Business Tax Deductions has, in the same way as the previous versions, been thoroughly checked and updated by the authors to reflect legislative changes, new tax cases and HMRC interpretations, relevant to expenses allowable for tax purposes of unincorporated businesses.

Particular changes to note are:

• a new chapter on the effects of COVID-19. (section B7) While maintaining the focus of the book on expenditure, not income, the chapter offers an overview of Government Covid support strategies relevant to deductible expenses. Further detail of the Covid effect is referred to wherever appropriate throughout the book and those chapters are listed within the COVID-19 section
• a section within the chapter on foreign exchange losses (section B.18) outlining the use of cryptoassets (para B18 1.4) in business transactions. This refers to HMRC’s new (March 2021) manual covering the tax treatment of cryptoassets and the importance of identifying whether or not a trade is being carried out
• highlighting recent tax cases that throw further light on the ‘wholly and exclusively’ (chapter 4) rules that help determine the deductibility of business expenses for tax purposes
• within the chapter on remuneration, the reference to optional remuneration arrangements now includes a more detailed overview of the ‘cycle to work’ scheme (para B43.1.5)
• for consistency, an explanation of the relevance of all tax cases is now included within every chapter at its appropriate point, rather than being in part separately listed.

Nicola Moore has thirty years’ experience as a Chartered Tax Adviser and is a director of Target Tax Services Ltd, providing businesses and professional firms with expert tax advice and solutions. After training as a Chartered Accountant with a medium-sized London based firm, she worked for twenty years’ with two Big-Four firms, specialising in corporate and international tax. Nicola now advises on all aspects of tax for SMEs, with a focus on reorganisations, succession planning and corporate loan relationships. Nicola has previously worked with the CIOT examination team. She can be contacted at nicolamoore@btinternet.com .

Annette Morley is an experienced tax adviser, having worked across a wide spectrum of taxes including corporate and personal tax, capital taxes, overseas tax issues and she has a specialised knowledge of the agricultural and rural business sector. Although the various office locations where Annette has been based are in the South and South West of the UK, in recent years she switched to include a remote audio and visual link service. This particularly reflected the varied scope of the projects she was receiving. Annette is a qualified member of The Chartered Institute of Taxation. She has served on professional tax committees and working parties including HMRC facing. Annette has presented many accounts focused courses and tax seminars. As an author Annette has contributed to a variety of tax publications. She can be contacted at amorley@annettemorley.co.uk