The Taxation of Small Businesses 2022-23 is a practical guide to all aspects of direct taxation of small businesses in one volume. It is ideal for sole practitioners and small partnerships, but will be a handy reference guide for all tax advisers. The book aims to give a clear explanation of the relevant legislation and practical advice on ways of minimising clients’ tax liabilities and warning against common pitfalls. The fourteenth edition has been updated to incorporate changes as a result of the Finance Act 2022.

The Taxation of Small Businesses 2023-24 is a practical guide to all aspects of direct taxation of small businesses in one volume. It is ideal for sole practitioners and small partnerships, but will be a handy reference guide for all tax advisers. The book aims to give a clear explanation of the relevant legislation and practical advice on ways of minimising clients’ tax liabilities and warning against common pitfalls. The sixteenth edition has been updated to incorporate changes as a result of the Finance Act 2023. Contents List of abbreviations Chapter 1. Income Tax Computation 1.1. Aggregation of Taxpayer’s Income 1.2. Interest 1.3. Limit on Deductions from Adjusted Net Income 1.4. Payments to Charities 1.5. Personal Allowances Deducted from Net Income 1.6. Computation of Tax 1.7. Tax Reducers 1.8. Tax Retained on Interest, Royalties and Gift Aid donations 1.9. Comprehensive Example 1.10. Death and Separation 1.11. Married Couples – Joint Property 1.12. Minor Children 1.13. High Income Child Benefit Charge Chapter 2. Taxation of Trading Income 2.1. Introduction 2.2. Statutory Definitions of Trading 2.3. Statutory Trades 2.4. Case Law 2.5. Gambling and Speculation 2.6. Illegal Activities 2.7. Individuals Trading in Shares 2.8. Definition of Trading – National Insurance 2.9. Mutual Trading 2.10. Election to Use Cash Basis 2.11. Capital and Revenue Receipts 2.12. Receipts not Received in Course of Trade 2.13. Other Receipts 2.14. Capital and Revenue Payments 2.15. Expenditure Incurred in the Course of a Trade 2.16. Duality of Purpose 2.17. Repairs and Maintenance 2.18. Replacement of Assets 2.19. Depreciation and Amortisation 2.20. Subscriptions and Donations 2.21. Sponsorship 2.22. Bad Debts 2.23. Provisions 2.24. Payments to Employees & Appropriations of Profit 2.25. Entertainment 2.26. Gifts to Customers and Samples 2.27. Gifts to Educational Establishments and Charities 2.28. Cost of Leasing Cars 2.29. Legal and Professional Fees 2.30. Fines and Payments Against the Public Interest 2.31. Interest and Bank Charges 2.32. Pre-trading Expenditure 2.33. Indirect Taxation 2.34. Compensation and ex gratia Payments to Former Employees 2.35. Redundancy Payments 2.36. Removal Expenses to New Business Premises 2.37. Premiums for Insurance 2.38. Payments to Employees for Restrictive Undertakings 2.39. Staff Training and Development 2.40. Counselling Courses in Connection with Termination of Employment 2.41. Payments to Secure Release from Unprofitable Contracts 2.42. Payments to Political Parties 2.43. Preservation of Goodwill 2.44. Payments on the Cessation of Trade 2.45. Post-cessation Expenditure 2.46. Rent 2.47. Lease Premium 2.48. Patents and Intellectual Property 2.49. Telephone 2.50. Business Rates and Council Tax 2.51. Security Expenditure 2.52. Loan Guarantee Payments 2.53. Use of Home 2.54. Website Expenditure 2.55. Expenses Connected with Foreign Trades 2.56. Valuation of Stock 2.57. Overseas Aspects of Trading Chapter 3. Capital Allowances on Plant and Machinery 3.1. Introduction 3.2. Definition of Plant and Machinery 3.3. Assets Deemed to be Plant and Machinery 3.4. Definition of Expenditure 3.5. Date of Expenditure 3.6. Disposal of Assets 3.7. Allowances 3.8. Calculation of Capital Allowances 3.9. Short-life Assets 3.10. Cessations and Successions 3.11. Hire Purchase and Leasing 3.12. Fixtures 3.13. Disposal of Fixtures 3.14. Anti-avoidance Chapter 4. Other Allowances 4.1. Business Premises Renovation Allowance 4.2. Patents 4.3. Know-how Chapter 5. Basis Periods 5.1. Current Year Basis (CYB) 5.2. Opening Year Rules 5.3. Closing Year Rules 5.4. Tax Planning on Commencement 5.5. Tax Planning on Cessation 5.6. Change of Accounting Date 5.7. Period Less than 12 Months 5.8. Period More Than 12 Months 5.9. Two Accounting Dates in Tax Year 5.10. No Accounting Date in Tax Year 5.11. Transitional Overlap Relief 5.12. Changes in Size and Nature of Operations 5.13. Death of Trader 5.14. Mergers and Demergers 5.15. Date of Commencement and Cessation 5.16. Successions 5.17. Trader Becoming, or Ceasing to be, UK Resident Chapter 6. Trading Losses 6.1. Introduction 6.2. Offset Against Future Trading Income 6.3. Transfer of Business to a Company 6.4. Offset Against Total Income and Carry-back 6.5. Offset Against Capital Gains 6.6. Losses in the Early Years of Trading 6.7. Terminal Loss Relief 6.8. Tax Planning and Loss Relief 6.9. Restriction of Loss Relief 6.10. Late Claims Chapter 7. Property Income 7.1. Introduction 7.2. Basis of Assessment 7.3. Dilapidations 7.4. Lease Premiums 7.5. Sale with Right of Conveyance 7.6. Expenditure Deductible 7.7. Sea Walls 7.8. Mutual Business 7.9. Relief for Capital Expenditure 7.10. Losses 7.11. Furnished Holiday Lettings 7.12. Rent a Room Scheme Chapter 8. Employment and Self-employment 8.1. Introduction 8.2. Benefits of Self-employment 8.3. Definition of Employment and Self-employment 8.4. Tests for Employment 8.5. Workers Supplied by Agencies 8.6. Non-executive Directors 8.7. Self-employment or a Number of Separate Employments 8.8. Provision of Services Through an Intermediary – Income Tax 8.9. Managed Service Companies 8.10. National Insurance – Deemed Employment 8.11. National Insurance – Deemed Self-employment 8.12. National Insurance – Persons Deemed not to be Employed Chapter 9. Employment Income 9.1. Income Tax – Introduction, Charging Legislation and General Definitions 9.2. National Insurance Contributions – Charging Legislation and General Definitions 9.3. Income Tax and National Insurance – a Comparison 9.4. Time of Receipt 9.5. Cash Payments to Employees 9.6. Payments Arising by Reason of Employment 9.7. Payments on Termination of Employment or Variation of Employment Terms 9.8. Damages and Compensation Paid to Employee 9.9. Sick Pay and Sickness and Other Benefits 9.10. Commission, Cashbacks and Discounts 9.11. Tax-free Lump Sum Payments 9.12. Payment of Expenses to Third Parties on Behalf of Employee 9.13. Payments for Clothing 9.14. Directorships Held by Partners 9.15. Payment of Employee’s Tax by Employer 9.16. Income Tax – Deduction of Expenses 9.17. Reimbursement of Expenses 9.18. Qualifying Travel Expenses 9.19. Entertainment 9.20. Expenses Incurred by Homeworkers 9.21. Other Deductible Expenses 9.22. Payments and Benefits Exempt from Income Tax and Class 1 National Insurance Contributions Chapter 10. Benefits in Kind 10.1. Valuation of Benefits in Kind 10.2. Benefits – Definition of Cost 10.3. Lower-paid Employment 10.4. Benefits in Kind and National Insurance Contributions 10.5. Payment of Expenses by Employer 10.6. Gift of Assets to Employees 10.7. Cash Vouchers, Non-cash Vouchers and Credit Tokens 10.8. Payment Made to a Registered Pensions Scheme for the Benefit of Two or More People 10.9. Waiver of Loan 10.10. Job-related Accommodation 10.11. Assets Available for Private Use 10.12. Expenses Connected with Living Accommodation 10.13. Cars 10.14. Fuel for Private Use 10.15. Pool Cars and Vans 10.16. Vans and Heavier Commercial Vehicles 10.17. Emergency Vehicles 10.18. Beneficial Loans 10.19. Scholarships 10.20. Relocation Packages and Guaranteed Selling Price Schemes 10.21. Medical Treatment and Medical Insurance Chapter 11. National Insurance Contributions National Insurance Contributions and Employees 11.1. Earnings Period 11.2. Aggregation of Earnings 11.3. Rate of Class 1 National Insurance Contributions 11.4. Class 1A Contributions 11.5. Calculation of Contributions 11.6. Class 1A Charge Where Benefits Provided by Third Parties 11.7. Earners over Pensionable Age 11.8. Notional Payments of Class 1 Contributions 11.9. Annual Maximum Contributions National Insurance Contributions and the Self-Employed 11.10. Class 2 Contributions 11.11. Class 4 Contributions Chapter 12. Pensions 12.1. Introduction 12.2. Scope of Regime 12.3. Registration of Pension Schemes 12.4. Payments by Registered Pension Schemes 12.5. Pension Payments 12.6. Contributions 12.7. Purchase of Shares in Sponsoring Employer 12.8. Loans to Employers 12.9. Unauthorised Payments Charge Chapter 13. Capital Gains Tax 13.1. Scope of Capital Gains Tax (CGT) 13.2. Exemptions 13.3. Residence 13.4. Capital Losses 13.5. Offset of Trading and Other Losses against Capital Gains 13.6. Capital Gains Tax Rate 13.7. Disposal Consideration 13.8. Date of Disposal 13.9. Allowable Costs 13.10. Indexation Allowance 13.11. Taper Relief 13.12. Assets Owned at 31 March 1982 13.13. Married Couples and Civil Partners 13.14. Disposal to Connected Parties 13.15. Valuation of Assets 13.16. Negligible Value Claim 13.17. Value Shifting 13.18. Disposal by Way of Security 13.19. Hire Purchase Transactions 13.20. Appropriations to and from Trading Stock 13.21. Series of Transactions 13.22. Options 13.23. Debts 13.24. Compensation 13.25. Asset Derived from another Asset 13.26. Location of Assets 13.27. Chattels and Wasting Assets 13.28. Part Disposals 13.29. Leases 13.30. Loss or Destruction of Asset 13.31. Restoration of Assets 13.32. Replacement of Business Assets 13.33. Gift Relief 13.34. Transfer of Assets to a Limited Company 13.35. Entrepreneurs’ Relief 13.36. Losses on Loans to Traders 13.37. Loan Guarantees Chapter 14. Corporation Tax 14.1. Scope of Corporation Tax 14.2. Trading income 14.3. Loan relationships 14.4. Intangible Fixed Assets 14.5. Derivative Contracts 14.6. Property income 14.7. Chargeable gains 14.8. Indexation Allowance 14.9. Indexation and Losses 14.10. Assets Owned at 31 March 1982 14.11. Assets Owned at 6 April 1965 14.12. Rollover Relief 14.13. Dividends Received 14.14. Payments to Charities 14.15. Distributions 14.16. Chargeable Accounting Periods 14.17. Computation of Tax Liability 14.18. Corporation Tax – Interaction with Income Tax 14.19. Losses and Corporation Tax 14.20. Groups and Consortia 14.21. Close Companies 14.22. Companies with Investment Business 14.23. Close Investment-holding Companies 14.24. Demergers 14.25. Purchase of Own Shares Chapter 15. Incorporation, Disincorporation and Choice of Business Medium 15.1. Introduction 15.2. Incorporation 15.3. Disincorporation 15.4. Disincorporation Relief 15.5. Choice of Business Medium 15.6. Comparison of Tax Treatment of Companies and Sole Traders 15.7. Salary vs Dividends Chapter 16. Special Classes of Taxpayers 16.1. Construction Industry Scheme 16.2. Farmers and Market Gardeners 16.3. Authors, Artists and Composers 16.4. Actors, Musicians and Entertainers 16.5. Entertainers – Other Workers 16.6. Builders 16.7. Care Providers 16.8. Barristers 16.9. Bookmakers 16.10. Breweries and Licensed Premises 16.11. Doctors and Dentists 16.12. Motor Dealers – Valuation of Used Vehicle Stocks 16.13. Fishermen 16.14. Franchising 16.15. Solicitors 16.16. Sub-postmasters 16.17. Video and DVD Traders 16.18. Clubs, Societies and other Mutual Organisations 16.19. Charities 16.20. Credit Unions 16.21. Friendly Societies 16.22. Housing Associations 16.23. Self-build Societies Chapter 17. Partnerships 17.1. Definitions 17.2. Limited Partnerships 17.3. Limited Liability Partnerships 17.4. Allocation of Profits 17.5. Assessment of Partnerships 17.6. Other Income of Partnership 17.7. Non-trading Partnerships 17.8. Post-cessation Receipts 17.9. Losses 17.10. Notional Losses 17.11. Mergers and Amalgamations 17.12. Restriction on Loss Relief for Limited and Non-Active Partners 17.13. Partnership Property Income 17.14. Corporate Partners 17.15. Partnerships and Capital Gains Tax 17.16. Roll-over and Gift Relief - LLPs Index

The Taxation of Small Businesses 2024-25 is a practical guide to all aspects of direct taxation of small businesses in one volume. It is ideal for sole practitioners and small partnerships, but will be a handy reference guide for all tax advisers. The book aims to give a clear explanation of the relevant legislation and practical advice on ways of minimising clients’ tax liabilities and warning against common pitfalls. The seventeenth edition has been updated to incorporate changes as a result of the Finance Acts 2024.

Can unity be achieved in America or are we too divided as a nation? Can American principles such as fairness, equality under the law, and reasonable accommodation be applied to many of America’s greatest needs? America is looking for real solutions that are bold and can be supported by even the most ardent Conservatives and Progressives. Without a long-term plan to address the social safety net (retirement, healthcare, and education), immigration, climate defenses, taxation, inflation, and the federal budget, we will continue to devolve into separate Americas. The current proposals by both political parties are incrementally making these problems worse, putting future generations at risk. Rather, The American Unity Plan is a fully integrated, bold solution that can be supported by the American people. It is a uniquely American roadmap for long-term success incorporating ideas from across the political spectrum.

Now updated to reflect the changes to the 2023/2024 tax rates and the May 2023 budget, the text is concise and to the point, easy to digest and applied rather than legalistic. It aims to demystify legal jargon and legal technicality without sacrificing essentialcore legal knowledge and meaning. Importantly, it provides the requisite foundation for business students who intend to later undertake the professional programs of either CPA Australia or CA ANZ. This new edition discusses ethics and technology including cryptocurrency examples in every chapter. New features include more content on diversity and inclusion with a focus on indigenous content. Students can access both the print and digital formats, including animated work problems, practitioner videos, and questions with feedback in the eText.

Expert small business tax guidance from America’s favorite expert In the newly revised J.K. Lasser’s Small Business Taxes 2024: Your Complete Guide to a Better Bottom Line, renowned small business attorney and tax expert Barbara Weltman delivers the latest and most up-to-date edition of America’s most trusted small business tax guide. In the book, you’ll explore exactly how to minimize your 2023 business tax bill and position your business for 2024 tax savings with straightforward and comprehensive guidance that walks you through which deductions and credits to look out for and how to claim them. You’ll discover what kinds of tax relief and green energy tax breaks are legally available to your small business and how to access them, complete with specific instructions on how to properly fill out IRS tax forms, what records to keep in case the IRS has questions, and applicable dollar limits. You’ll also find: Tax facts, strategies, checklists, and the latest information you need to ensure you pay what you legally owe – and not a penny more Sample IRS forms that demonstrate how to properly claim the deductions and credits that apply to your small business New tax laws and the latest court decisions and IRS rulings that impact your bottom-line A complimentary new e-supplement containing the latest developments from the Internal Revenue Service (IRS) and Congress A must-read roadmap to properly completing this year’s business taxes, J.K. Lasser’s Small Business Taxes 2024 is your comprehensive and up-to-date guide to legally minimizing your tax bill while making sure Uncle Sam gets what he’s owed.

Expert small business tax guidance from America’s favorite expert In the newly revised J.K. Lasser’s Small Business Taxes 2025: Your Complete Guide to a Better Bottom Line, renowned small business attorney and tax expert Barbara Weltman delivers the latest and most up-to-date edition of America’s most trusted small business tax guide. In the book, you’ll explore exactly how to minimize your 2024 business tax bill and position your business for 2025 tax savings with straightforward and comprehensive guidance that walks you through which deductions and credits to look out for and how to claim them. You’ll discover what kinds of tax relief and green energy tax breaks are legally available to your small business and how to access them, complete with specific instructions on how to properly fill out IRS tax forms, what records to keep in case the IRS has questions, and applicable dollar limits. You’ll also find: Tax facts, strategies, checklists, and the latest information you need to ensure you pay what you legally owe – and not a penny more Sample IRS forms that demonstrate how to properly claim the deductions and credits that apply to your small business New tax laws and the latest court decisions and IRS rulings that impact your bottom-line A complimentary new e-supplement containing the latest developments from the Internal Revenue Service (IRS) and Congress A must-read roadmap to properly completing this year’s business taxes, J.K. Lasser’s Small Business Taxes 2025 is your comprehensive and up-to-date guide to legally minimizing your tax bill while making sure Uncle Sam gets what he’s owed.

Now more than ever, small business owners need to understand tax rules to take advantage of the many tax benefits available to them, from deductions to tax credits to retirement plans. This book teaches business owners what they need to know to make the best tax-related decisions in all aspects of their business. It is completely updated to cover new changes to the tax laws under post-COVID tax relief legislation.

Malawi has been affected by a series of shocks— including an outbreak of cholera and Cyclone Freddy, which caused significant loss of life and damage to infrastructure—since the approval of the Staff-Monitored Program with Executive Board Involvement (PMB) on November 11, 2022, and the disbursement of $88.3 million in emergency financing under the Food Shock Window of the Rapid Credit Facility on November 21, 2022. In this context, growth has been weaker and inflation higher than expected. The fiscal deficit in FY2022/23 (April/March) was larger than expected at the time of the PMB. Meanwhile, external strains—including shortage of foreign exchange, difficulties securing trade credit, and a widening spread between official and bureau exchange rates—have heightened. Despite a sharp reduction in the current account deficit, accumulation of foreign exchange reserves has been slower than expected, implying an increase in informal trade.