Small business tax – HMRC’s consultation on simplifying business tax

Small business tax – HMRC’s consultation on simplifying business tax

The Government seems intent on simplifying tax for small businesses. The Office of Tax Simplification (OTS) published three documents in February 2012. One document dealt with HMRC administration, and a second dealt with disincorporation relief. The third OTS document looked at simpler income tax for the ‘smallest’ business, or what it refers to as ‘nano’. Read more

Management charges – Claiming a deduction under general accounting principles

Management charges – Claiming a deduction under general accounting principles

Management or service charges between related businesses are fairly common. Such charges are sometimes applied as part of a tax planning exercise, e.g. between associated companies where a trading company falls within the marginal rate of corporation tax, but the service company falls well within the small profits rate. A management charge by the service. Read more

BPro Tax

Tax Online

Online access to Bloomsbury Professional books, looseleafs and journals, across numerous practice areas. Free Trial