Please click on the title of the module to access the resources for that module

NAVIGATE TAX - BUSINESSES

Starting out in business

Setting up a business: sole traders and partners

  • Mindmap
  • Decision tree: basis period 2019/20
  • Decision tree: basis period 2020/21
  • Decision tree: basis period 2021/22
  • Calculator: POAs for 2019/20
  • Calculator: POAs for 2020/21
  • Calculator: VAT historical turnover test
  • Checklist

Raising finance for the business: companies

  • Mindmap
  • Decision tree: enterprise investment scheme
  • Decision tree: seed enterprise investment scheme
  • Decision tree: venture capital trust

Setting up a business: companies

  • Mindmap
  • Calculator: VAT historical turnover test
  • Pro forma: aide memoire for registering company
  • Checklist

Buying a business: share purchase or asset purchase?

  • Mindmap
  • Factsheet: share purchase v asset purchase - principal commercial issues
  • Factsheet: share purchase v asset purchase - principal tax issues

Choice of business vehicle: trades

  • Mindmap
  • Calculator: sole trader v limited company 2018/19 
  • Calculator: sole trader v limited company 2019/20
  • Calculator: POA 2019/20
  • Calculator: POA 2020/21
  • Calculator: POA 2021/22
  • Factsheet: sole trader v limited company

Choice of business vehicle: property business

  • Mindmap
  • Decision tree: incorporation relief for property business
  • Calculator: illustrative tax liabilities: individuals v company
  • Calculator: cash element for incorporation relief
  • Calculator: incorporation relief
  • Factsheet: pros and cons of using company
  • Checklist: new property
  • Checklist: existing business

Raising finance for the business: sole traders and partnerships

  • Mindmap
  • Decision tree: partners - relief for qualifying loans

Minimising interest and penalties

  • Mindmap
  • Calculator: calendar of key compliance deadlines for a company
  • Calculator: calendar of key compliance deadlines for a sole trader/partnership

Minimising taxable profits

Choice of basis for trades: cash or accruals

  • Mindmap
  • Decision tree: can my client start using the cash basis?
  • Decision tree: can my client continue using the cash basis?
  • Factsheet: key points

Choice of basis: property income

  • Mindmap
  • Pro forma: FHL averaging election for individuals
  • Pro forma: FHL averaging election for companies
  • Pro forma: FHL period of grace election
  • Factsheet: options available to taxpayer

Calculating trade income: sole traders and partners

  • Mindmap
  • Decision tree: 'key person' insurance
  • Calculator: car hire disallowance
  • Factsheet: tax treatment of gifts
  • Checklist

Calculating trade income: companies

  • Mindmap
  • Decision tree: 'key person' insurance
  • Calculator: car hire disallowance
  • Factsheet: tax treatment of gifts
  • Checklist

Calculating property business income

  • Mindmap
  • Calculator: restriction for finance costs
  • Calculator: tax payable on premium received
  • Calculator: tax consequences of premium paid and received

Advising a company with investment business

  • Mindmap
  • Decision tree: is the dividend taxable?

Dealing with loan relationships

  • Mindmap
  • Calculator: late interest rules

Dealing with an HMRC enquiry: businesses

  • Mindmap
  • Decision tree: calculating penalties under FA 2007, Sch. 24

Year end tax planning for companies

  • Mindmap 
  • Pro forma: rollover relief: single company
  • Pro forma: rollover relief: group
  • Pro forma: IFAs rollover relief: single company
  • Pro forma: IFAs rollover relief: group
  • Checklist: claims and elections

Claiming tax reliefs

Identifying R&D activities and expenditure

  • Mindmap
  • Calculator: SME test
  • Calculator: qualifying expenditure for R&D tax relief
  • Factsheet: key points

Claiming R&D tax relief

  • Mindmap
  • Calculator: RDEC
  • Calculator: qualifying expenditure for R&D tax relief
  • Calculator: SME tax relief
  • Factsheet: key points

Maximising relief for expenditure on intangibles

  • Mindmap
  • Decision tree: re-investment relief eligibility
  • Decision tree: assets within scope of the IFA rules
  • Pro forma: election for 4% fixed rate amortisation

Making use of the patent box

  • Mindmap
  • Decision tree: is your company a qualifying company?
  • Calculator: streaming calculation - small profits figure
  • ​Pro forma: election - patent box - entry

Claiming charity tax reliefs

  • Mindmap
  • Calculator: grossed-up donation and tax reclaim
  • Calculator: small trade exemption
  • Calculator: Gift Aid benefits cap

Profit extraction

Extracting profits from companies

  • Mindmap
  • Calculator: s.455 tax
  • Factsheet: summary of profit extraction methods
  • Checklist: loans
  • Checklist: pension
  • Checklist: rent

Extracting profits from companies: dividends

  • Mindmap
  • Calculator: div v bonues 2018/19
  • Calculator: div v bonus 2019/20
  • Pro forma: paperwork for final dividend
  • Pro forma: paperwork for interim dividend
  • Fact sheet: summary of profit extraction methods

Utilising tax losses

Making best use of a loss: sole traders and partners

  • Mindmap
  • Decision tree: options for loss relief
  • Calculator: amount of terminal loss
  • Pro forma: terminal loss relief claim
  • Factsheet: key points
  • Checklist: sideways relief
  • Checklist: early years relief

Making best use of a loss: companies

  • Mindmap
  • Checklist: trading losses - carry-back relief
  • Checklist: trading losses - sideways relief
  • Checklist: trading losses - carry-forward relief

Making best use of a loss: groups and consortia

  • Mindmap
  • Decision tree: member of group/consortia?
  • Pro forma: simplified arrangements for group relief
  • Factsheet: key points

Changing the way business operates

Taking on an employee

  • Mindmap
  • Decision tree: automatic enrolment duties
  • Decision tree: requirement to register as employer
  • Calculator: cost of taking on an employee
  • Factsheet: key points
  • Checklist: becoming an employer
  • Checklist: taking on a new employee

Buying plant and machinery

  • Mindmap
  • Decision tree: are plant and machinery allowances available?
  • Calculator: AIA calculator for period spanning 1 January 2019
  • Calculator: AIA calculator for period spanning 31 December 2020
  • Pro forma: short life asset election template
  • Factsheet: key issues

Moving premises

  • Mindmap
  • Pro forma: s.198 election
  • Pro forma: s.199 election

Doing business overseas

  • Mindmap
  • Decision tree: branch versus company
  • Factsheet: key points

Changing the way the business is owned or structured

Granting shares incentives to employees

  • Mindmap
  • Decision tree: types of scheme
  • Factsheet: key points

Bringing in a partner

  • Mindmap
  • Decision tree: capital gains tax for partners: changes in asset-sharing ratios
  • Checklist

Incorporating a business

  • Mindmap
  • Decision tree: incorporation relief
  • Calculator: cash consideration for gift relief
  • Calculator: gift relief
  • Calculator: cash consideration for incorporation relief
  • Calculator: incorporation relief
  • Pro forma: election capital allowances
  • Pro forma: election stock
  • Checklist

Disincorporating a business

  • Mindmap
  • Calculator: tax on profits: sole trader v company
  • Calculator: tax on distribution: income v capital
  • Pro forma: election: P&M
  • Pro forma: election: stock
  • Pro forma: clearance application: TiS rules
  • Factsheet: summary tax treatment: sole trader v company

Buying back shares in the company

  • Mindmap
  • Decision tree: conditions for CGT treatment
  • Calculator: income tax v CGT treatment
  • Calculator: minimum number of shares to buy back
  • Pro forma clearance application
  • Pro forma return to HMRC 

Demergers: Statutory demergers (exempt distributions)

  • Mindmap
  • Decision tree: direct subsidiary distribution
  • Decision tree indirect subsidiary distribution
  • Decision tree: indirect trade distribution
  • Pro forma clearance application

Demergers: statutory and non-statutory

  • Mindmap
  • Pro forma clearance application

Closing or disposing of the business

Selling the business: shares

  • Mindmap
  • Pro forma: clearance application trading company
  • Factsheet: key points

Selling the business: trade and assets

  • Mindmap
  • Calculator: case study calculation spreadsheet

Winding up the business

  • Mindmap
  • Decision tree: anti-phoenixing TAAR - whether applicable?
  • Calculator: tax on distribution: income v capital

NAVIGATE TAX - INDIVIDUALS

Changes in personal circumstances

Getting married

  • Mindmap
  • Pro forma: aide memoire for Form 17
  • Checklist: good practice guide

Separation and divorce

  • Mindmap
  • Decision tree: PPR

Having a child

  • Mindmap
  • Decision tree: gift relief
  • Calculator: exit charge
  • Calculator: 10-year charge

International issues

Moving overseas

  • Mindmap
  • Decision tree: UK residence
  • Factsheet: key points

Coming to the UK

  • Mindmap
  • Decision tree: UK residence
  • Factsheet: key points

Confirming tax residence and domicile

  • Mindmap
  • Decision tree: UK residence
  • Decision tree: domicile
  • Factsheet: key points

Transferring wealth

Planning for IHT on death

  • Mindmap
  • Calculator: IHT liability
  • Factsheet: dying intestate
  • Checklist: making a will

Transferring wealth in a tax-efficient manner

  • Mindmap
  • Decision tree: gift relief (shares)
  • Decision tree: gift relief (business assets)
  • Decision tree: gift relief (non-business assets)

Family investment companies

  • Mindmap
  • Calculator: income versus capital distribution
  • Calculator: company versus individual property income
  • Factsheet: pros and cons
  • Factsheet: key points

Changes to the distribution of the estate after death

  • Mindmap
  • Decision tree: is a deed of variation effective for tax purposes?
  • Factsheet: deed of variation
  • Factsheet: rules of intestacy

Giving to charity

  • Mindmap
  • Decision tree: types of relief
  • Calculator: relievable amount for a donation

Practical uses of trusts

  • Mindmap
  • Decision tree: is the trust a qualifying trust?
  • Calculator: tax pool calculator
  • Calculator: ten year charge calculator
  • Calculator: exit charge calculator
  • Checklist: duties and responsibilities of trustees

Employment related issues

Starting employment

  • Mindmap
  • Pro forma: collect information for new employee
  • Factsheet: employee forms
  • Factsheet: understanding a tax code

Tax-efficient remuneration package

  • Mindmap
  • Decision tree: pool car treatment
  • Calculator: percentage for car benefit
  • Calculator: car benefit
  • Calculator: mileage allowance payments
  • Factsheet

Benefits in kind: general principles

  • Mindmap
  • Factsheet: setting up a PSA
  • Factsheet: trivial benefits

Benefits in kind: particular benefits

  • Mindmap
  • Calculator: accommodation benefit
  • Calculator: employment-related loans benefit

Calculating the tax due when an employee leaves employment

  • Mindmap
  • Calculator: post-employment notice pay
  • Factsheet: leaving employment
  • Factsheet: statutory redundancy

Working from home

  • Mindmap
  • Factsheet: tax treatment of broadband connection
  • Factsheet: tax treatment of telephone landline
  • Factsheet: tax treatment of mobile phones

Establishing employment status

  • Mindmap
  • Decision tree: is my worker an employee or self-employed?
  • Factsheet: employment status

Checking a tax code

  • Mindmap
  • Factsheet: key points

Minimising tax liabilities

Claiming tax allowances

  • Mindmap
  • Decision tree: what personal reliefs can my client claim?
  • Calculator: married couple's allowance calculator 2018/19
  • Calculator: married couple's allowance calculator 2019/20
  • Calculator: personal allowance calculator 2018/19
  • Calculator: personal allowance calculator 2019/20
  • Factsheet: personal tax allowances factsheet

Minimising liabilities to CGT

  • Mindmap
  • Calculator: CGT 2018/19
  • Calculator: CGT 2019/20
  • Checklist: chattels
  • Checklist: year end information

Dealing with an HMRC enquiry: individuals

  • Mindmap
  • Decision tree: calculating penalties under FA 2007, Sch. 24

Year-end tax planning: Individuals

  • Mindmap
  • Calculator: POAs for 2020-21
  • Calculator: Car benefit: appropriate percentage
  • Calculator: Car benefit: amount of charge
  • Calculator: Finance costs 2019-20 
  • Calculator: Gifts to charity: relievable amount
  • Calculator: CGT 2019-20
  • Decision tree: FHL
  • Decision tree: Pensions annual alowance charge
  • YETP meeting checklist
  • Checklist of claims and elections

Savings and investments

Pensions

  • Mindmap
  • Decision tree: does an annual allowance charge apply in 2018-19?
  • Decision tree: does an annual allowance charge apply in 2019-20?
  • Calculator: annual allowance 2019/20
  • Calculator: annual allowance 2018/19

Tax-efficient investments: risk capital investments

  • Mindmap
  • Factsheet: summary table of risk capital investments
  • Factsheet: EIS summary
  • Factsheet: SEIS summary
  • Factsheet: VCT summary
  • Factsheet: SITR summary
  • Factsheet: CITR summary

Tax-efficient investments: other investments

  • Mindmap
  • Factsheet: summary table of ISAs 2018/19
  • Factsheet: summary table of ISAs 2019-20
  • Factsheet: summary of other tax-efficient investments 2018/19
  • Factsheet: summary of other tax-efficient investments 2019/20

Asset becoming worthless

  • Mindmap
  • Decision tree: is the company a qualifying trading company
  • Decision tree: how are insurance and compensation proceeds treated?
  • Pro forma: negligible value claim

Real estate

Investing in property

  • Mindmap
  • Decision tree: conditions for FHL
  • Decision tree: conditions for ER
  • Decision tree: conditions for rollover relief
  • Decision tree: conditions for gift relief
  • Calculator: finance costs 2019/20
  • Calculator: finance costs 2018/19

Buying and selling the family home

  • Mindmap
  • Decision tree: is PRR available?
  • Pro forma: nominate principal private residence
  • Factsheet: more than one residence
  • Factsheet: extent of grounds