Business

By Mark McLaughlin and Jackie Anderson; £95; paperback; 496 pages, Bloomsbury Professional

R Murray (TC3474)

Director A owns 16% of the shares of a trading company. The fortunes of the company have declined and she intends to resign and to gift shares to the other shareholders and directors. Director A would like to hold over any chargeable gain

The latest attempt to clarify statutory renewals allowance issues

As more farming clients are making significant trading profits, the potential advantages of incorporation must be considered. Advice is required on the herd basis aspects

An artist traded through a limited company. His family inherited his shares on his death and the company continued to make sales, organise exhibitions and publicity events, and produce additional sculptures from castings

A client trades through a limited company of which he is the sole director and employee. His wife owns 50% of the company’s shares. The client will attend a four-day skills update course in the US

Partnerships with corporate members: how will new rules affect your clients?

Hogg Joinery Ltd (TC3425)

HMRC have published further guidance on eligibility for the employment allowance.

It includes clarification of “functions either wholly or mainly of a public nature”. Where more than 50% of the work of a business falls into the category, the allowance cannot be claimed. For example, a doctor’s surgery for NHS patients comprising 90% of a GP’s work.

Other areas include:

The majority shareholder of a trading company sold his shares for cash, shares and qualifying corporate bonds in a new holding company

A limited liability partnership (LLP) consists of the taxpayer and a limited company. The company has taken the largest profit share but this is undrawn, while the taxpayer has an overdrawn account