Cashback schemes and tax20190611230000

Cashback schemes and tax

June 11, 2019
Statement of Practice 4/97 sets out HMRC’s views on the correct treatment for tax purposes of commission, cashbacks and discounts. Cashbacks are...
What is overlap relief?20190528230000

What is overlap relief?

May 28, 2019
The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date - the date to which accounts are...
Tax and lease premiums20190528230000

Tax and lease premiums

May 28, 2019
Where a freeholder (or landlord) of a property grants a new lease to a new tenant there are sometimes upfront payments due, usually known as a lease p...
Seed Enterprise Investment Scheme20190520230000

Seed Enterprise Investment Scheme

May 20, 2019
The SEIS provides for extensive Income Tax and Capital Gains Tax (CGT) breaks for investors and this greatly encourages much needed seed capital in ne...
Child benefit payments20190507230000

Child benefit payments

May 7, 2019
The weekly rates of child benefit for the only or eldest child in a family is currently £20.70 and the weekly rate for all other children is &po...
How to treat post-cessation items if property business ceases20190507230000

How to treat post-cessation items if property business ceases

May 7, 2019
There are special rules for the taxation of post-cessation receipts after a trade has ceased. The legislation clearly states that the person who recei...
Dealing with builders retentions20190430230000

Dealing with builders retentions

April 30, 2019
It is common practise in the building industry for a final percentage of an amount due to a builder to be withheld as a retention. This payment allows...
The meaning of trade for tax purposes20190410040000

The meaning of trade for tax purposes

April 10, 2019
Interestingly, there is no statutory definition of ‘trade’. The only statutory reference to the term states that ‘trade’ includes a ‘venture in the na...
Income excluded from UK property business20190326230000

Income excluded from UK property business

March 26, 2019
Most of our readers will be aware of the £1,000 property income allowance that came into effect on 6 April 2017. This allowance applies to incom...
Person liable to pay tax on post-cessation receipts20190326230000

Person liable to pay tax on post-cessation receipts

March 26, 2019
There are special rules for the taxation of post-cessation receipts, those received after a trade has ceased. The legislation clearly states that the ...
PreviousNext