Taxation of Small Businesses

This is a practical guide to all aspects of direct taxation of small businesses in the UK. It is ideal for sole practitioners and small partnerships, but will be a handy reference guide for all tax advisers. The book gives a clear explanation of relevant UK legislation and practical advice on ways of minimizing clients' tax liabilities and warning against common pitfalls. The fourth edition has been updated to incorporate changes as a result of the UK's Finance Act 2011. This includes new legislation on "disguised remuneration" and furnished holiday lettings. The tax advantages of incorporating a small business need weighing up carefully, and business owners need to decide whether or not the advantages outweigh the additional burden of compliance. The major topics covered include: taxation of business profits, taxation of employment, corporation tax, NIC, capital gains tax, inheritance tax, pensions, and entrepreneurs' relief.