Bloomsbury Professional Corporation Tax 2021 22 1st Edition by Satwaki Chanda, Jacquelyn Kimber, Andrew Parkes ISBN 9781526518224 1526518228

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ISBN 10: 1526518228
ISBN 13: 9781526518224
Author: Satwaki Chanda, Jacquelyn Kimber, Andrew Parkes 

Bloomsbury Professional Corporation Tax 2021 22 1st Edition Table of contents:

Chapter 1 Introduction to corporation tax
Signposts
Corporation tax legislation
Company law aspects
The fundamentals of corporation tax
Company accounts and directors’ duties
Taxation and accounts
Chapter 2 Trading income
Signposts
Introduction
Trading profits
Trade
Self-assessment of trading income
Net profits from non-trading activities
Expenses with a restricted deduction
Expenses with a permitted deduction
Expenditure in connection with employees
Expenses of a specific trade
Deductible and non-deductible expenses
Receipts not taxable as trading income
Receipts taxable as trading income
Property income treated as trading income
Redress payments for mis-selling
Activities treated as a trade by statute
Barter trading
Appropriations of profit
Valuation of stocks and work in progress
Change in basis of accounting
Post-cessation receipts
Illustrative computational example
Bodies granted exemption from corporation tax on trading income
Charitable donations relief
Charitable receipts
Mutual companies
Members’ clubs
Community amateur sports clubs (CASCs)
Relief for expenditure on grassroots sport
Chapter 3 Capital allowances (plant and machinery)
Signposts
Tangible fixed assets
Plant and machinery allowances
Rates of capital allowances
What qualifies as plant or machinery
Annual investment allowance
First year allowance
Expenditure on which an FYA may not be claimed
Allocation of expenditure between the AIA, FYAs and other capital allowances
Fixtures
Computation of capital allowances
Special rate expenditure and the special rate pool
Contribution allowances
Leasing
Anti-avoidance
Chapter 4 Single company trading losses
Signposts
Trading profits and losses
Carry-forward of trading loss
Set trading loss against total profits
Relief for qualifying charitable donations
Terminal loss relief
Loss relief restrictions
Self-assessment
Entitlement to first-year tax credits
Chapter 5 Groups
Signposts
Business structures
Accounting and tax treatment of groups
Group relief
Group relief claims
Availability of group relief
Group relief compliance
Corporate interest restriction
Digital services tax
Anti-avoidance: transfers of corporate profits
Chapter 6 Investment business
Signposts
Introduction
Investment income
Management expenses
Investments in shares or loan stock
Community investment tax relief (CITR)
Chapter 7 Property investment
Signposts
Introduction
Trading or investing?
Profits of a property business
Property losses
The lease premium rules
Reverse premiums
Annual tax on enveloped dwellings (ATED)
Non-UK residents’ gains on UK property
Specialist investment companies: real estate investment trusts
Chapter 8 Buildings and structures
Signposts
Introduction
Structures and buildings allowances
Buildings and structures
Allowances only available if the business owns the relevant interest in the property
Who qualifies for the allowance and how much is it?
What is qualifying expenditure?
Qualifying activities
When does the allowance begin and when does it come to an end?
VAT
Evidentiary requirements
Anti-avoidance
The business premises renovation allowance
Chapter 9 The Construction Industry Scheme
Signposts
Introduction
Employment status
Construction contract
Tax deductions from contract payments to sub-contractors
Registration for gross payment
Verification, record-keeping and penalties
Record-keeping
Monthly return procedures
Cancellation of registration for gross payment
Application of sums deducted from contract payments
CIS penalties on contractors
Security deposit legislation
Chapter 10 Close companies and connected issues
Signposts
Introduction
Close companies
Connected persons
Close investment-holding companies
Companies owned by spouses or civil partners
Chapter 11 Loan relationships
Signposts
Company finance
Accounting treatment
Close companies
Trading and non-trading loan relationships
Trading loan relationships
Loan relationships with an unallowable purpose
Non-trading loan relationships
Relief for non-trading deficits
Pre loan relationship and pre-trading expenditure
Costs of obtaining loan finance
Connected companies relationships
Consequences of connection
Groups and consortia
Foreign exchange gains and losses
Anti-avoidance legislation
Company tax return
Chapter 12 Intangible fixed assets
Signposts
Scope pre- and post-FA 2002
Meaning of an intangible asset
Corporation tax treatment
Prescribed debit and credit adjustments
Sale of a chargeable intangible asset
Groups
Other aspects
International aspects
Chapter 13 UK Patent Box
Signposts
Introduction
Scope and nature of the Patent Box
Qualifying company
Qualifying IP rights
Relevant IP profits or losses of a trade
Alternative ‘streaming’ approach
Patent Box from 1 July 2016
Treatment of relevant IP losses of a trade
Making or revoking a Patent Box election
Anti-avoidance provisions
Transferring trades
Chapter 14 Research and development
Signposts
Introduction
R&D capital expenditure
R&D revenue expenditure
Rules specific to SMEs
Rules specific to large companies
‘Above-the-line’ expenditure credit for large companies
Restrictions on R&D and other reliefs
Tax relief for expenditure on vaccine research
Claiming R&D reliefs
Remediation of contaminated or derelict land
Chapter 15 Creative sector tax reliefs
Signposts
Introduction to the reliefs
Film tax relief
Television tax relief
Video games tax relief
Theatre tax relief
Orchestra tax relief
Museums and galleries exhibitions tax relief
Special rules for losses
Chapter 16 Chargeable gains
Signposts
Introduction
Basic chargeable gains computation
Roll-over relief on replacement of business assets
Gifts to charities, etc
Gifts of pre-eminent objects to the nation
Substantial shareholdings exemption (SSE)
Substantial shareholdings exemption for qualifying institutional investors
Intra-group asset transfer
Special computational provisions
Anti-avoidance
Losses attributable to depreciatory transactions
Restrictions on allowable capital losses
Attribution of gains to members of non-resident companies
Chapter 17 Buying and selling companies
Signposts
Buying and selling a corporate business
Company reconstructions and amalgamations
Trading losses
Capital allowances
Restrictions on transfer of deductions
UK Patent Box
European mergers and reconstructions
Transactions in securities
Clearance procedures
Chapter 18 Distributions
Signposts
Introduction
Payments classed as distributions
Qualifying and non-qualifying distributions (now distributions to which CTA 2010, s 1100 applies and other distributions)
Small company dividend payments
Payments not treated as distributions
Demergers
Purchase by a company of its own shares
Striking off a defunct company
Surplus ACT
Dividends received by companies
Exemption of distributions received
Relief for underlying foreign tax on dividends
Chapter 19 Liquidations
Signposts
Insolvency
Administration proceedings
Liquidation proceedings
Dissolution by striking off
Disincorporation relief
Tax avoidance, evasion and phoenixism
Chapter 20 Foreign matters
Signposts
Introduction
Company residence
UK resident company with overseas income
Non-UK resident company carrying on a trade in the UK
Non-resident company: UK trading income
Non-resident company: UK non-trading income
International movement of capital
UK company becoming non-UK resident
Double tax relief
Controlled foreign companies
Foreign branch exemption
Foreign currency accounting
Diverted profits tax
Profit fragmentation
Chapter 21 Transfer pricing
Signposts
Introduction
Base erosion and profit shifting
The UK transfer pricing rules
Pre-existing dormant companies
Small and medium-sized enterprises
Miscellaneous rules relating to transfer pricing
Self-assessment
Country-by-country reporting
Advance pricing agreements
Advance thin capitalisation agreements
Tax arbitrage
Hybrid and other tax mismatches
Mutual agreement procedure and arbitration
Chapter 22 Self-assessment
Signposts
Introduction
Company tax return
Contacting HMRC
Duty to keep and preserve records
Accounting periods
Form CT600
Filing date
Online filing
Routine enquiry into company tax returns
Investigation of tax fraud
Appeals procedures
Company appeal
Alternative dispute resolution
HMRC’s litigation and settlement strategy
Chapter 23 Rates and payment of corporation tax
Signposts
Rates of corporation tax
How to pay corporation tax
Payment dates
Large companies: quarterly instalments
Late payment interest on corporation tax
Group payment arrangements
Quarterly accounting for income tax
Penalties for failing to pay tax on time
Accelerated payments of tax
Claims for overpaid corporation tax
Difficulties in paying corporation tax
Security deposit legislation
Chapter 24 Self-assessment penalties
Signposts
Introduction
Penalties for incorrect tax returns
Company failure to notify taxable activities
Failure to deliver a return by the filing date
Penalties for failing to pay tax on time
Penalty procedures generally
Publishing details of deliberate tax defaulters
Managing serious defaulters
Tax agents: dishonest conduct
Chapter 25 HMRC powers
Signposts
Introduction to HMRC powers
Information and inspection powers
Record-keeping
HMRC time limits for raising assessments
HMRC correction of tax returns
Tax debtors
Duties of senior accounting officers
Disclosure of tax avoidance schemes (DOTAS)
General anti-abuse rule (GAAR)
Public sector procurement restrictions
HMRC action to counter tax avoidance schemes
Multilateral co-operation
Chapter 26 Accounting and tax
Signposts
Accounting standards
UK GAAP
Current UK GAAP
FRS 102
FRS 101
Accounting for tax under UK GAAP
International GAAP
Interaction of accounting and tax principles
Amendments to FRS 102 and FRS 105: rent concessions
Chapter 27 The year end
Signposts
Corporation tax computation
Tax planning
Appendix 1: Retail prices index from March 1982 onwards
Index

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