Incorporating and Disincorporating a Business
Authors: Mark McLaughlin CTA (Fellow), ATT (Fellow), TEP and Jackie Anderson LLB, ACA, CTA
Incorporating and Disincorporating a Business
Incorporating and Disincorporating a Business, provides clear, detailed and practical guidance on the tax issues, planning points and pitfalls which may be encountered when incorporating a sole trader or partnership business, or when transferring a company's business to a sole trader or partnership.
This authoritative content includes detailed coverage on all tax issues that might apply to small businesses, including income tax and NICs, CGT, IHT, VAT and stamp taxes as well as in-depth content on how to deal with legal and accounting compliance issues.
The practical assistance provided includes numerous worked examples, key point summaries, pro-forma elections and tables comparing the overall tax position for incorporated and unincorporated business owners, including the comparative tax impact of a bonus vs dividends.
The user-friendly structure features 'signposts' at the beginning of each chapter to provide a useful summary of the main points and 'focus points' which highlight important issues in each chapter. Tax practitioners, accountants and business proprietors will all benefit from the expert guidance offered here.
A selection of the issues covered in the most recent update include:
- New and updated commentary on accounting aspects of incorporation (11.3-11.4).
- Case law including Demetriou v Revenue and Customs (inheritance tax business property relief) (7.13).
- Reference to the forthcoming abolition of the furnished holiday lettings tax regime (5.2).
- Updated incorporation vs sole trader comparative calculations for 2024/25 (A1.7)
- New case law including the latest tribunal employment status decisions (16.14)
- Updated bonus vs dividend comparative calculations for 2024/25 (13.5 – 13.11)
- A note of the abolition of multiple dwellings relief for stamp duty land tax purposes (6.16).
STOP PRESS – Autumn Budget update: A summary of the proposals in the Autumn Budget statement on 30 October relevant to this commentary can be found here