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BOOK REVIEW

THE TAXATION OF SMALL BUSINESSES 2017-18
Tenth Edition

By Malcolm James

ISBN: 978 1 91015 160 0 (paperback)
978 1 91015 163 1 (ebook)

SPIRAMUS PRESS LIMITED

www.spiramus.com

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A REALISTIC APPROACH TO TAX FOR THE SMALL BUSINESS FROM SPIRAMUS PRESS

An appreciation by Elizabeth Robson Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers
and Reviews Editor, “The Barrister”

We must thank Spiramus Press very much for continuing to publish these highly informative books for financial advisers, accountants and lawyers involved in small businesses. Malcolm James has now produced the annual edition for 2017-18 which is its tenth appearance!

James writes that the book is a practical guide “intended for advisers to small businesses” covering all aspects of direct taxation of small businesses contained in a single volume. We feel that it’s ideal for sole practitioners and small partnerships or smaller companies to use or refer to and it acts as a handy reference manual for all tax advisers.

The book aims to give a clear explanation of the relevant legislation and practical advice on ways of minimizing clients’ tax liabilities and warning against common pitfalls, The new edition has been updated to incorporate changes as a result of the Finance Act 2017, and the recent case law authorities concerning “gig economy” employment as it is currently called.

As the author says, the tax advantages of incorporating a small business require to be weighed up very carefully, and the business owners need to decide whether or not the advantages outweigh the additional burden of compliance. What we found helpful about the current 2017-18 edition are some of the less frequent situations we can face in small business tax law today.

A good example to be found is the CGT treatment of assets held as at 6th April 1965 to 31st March 1982 which is no longer relevant to individuals and unincorporated businesses. James notes that many small businesses may own assets, specifically buildings and land acquired before these dates (which is not that long ago!) Such information can be most helpful for entrepreneurs.

Depending upon what you are looking for, topics covered by the book discuss the following sub-heads: Taxation of Business Profits; Taxation of Employment; Corporation Tax; National Insurance; Capital Gains Tax; Inheritance Tax; and Pensions. In addition, James attempts not just to set out the law in a particular area but, where appropriate, the practice of HMRC as set out in their manuals.

And, as we know, the practice HMRC uses “may not be a definitive statement of the law” but can be used to advise businesses because “it will generally be prohibitively expensive to challenge it through the courts and it is advisable to be forewarned of HMRC’s stance in a particular situation” – valuable advice, indeed!

The book was published in August 2017 and it reflects the law as at 31st May 2017. The author points out that “for convenience the masculine pronoun has been used throughout and no discrimination is intended”.