Statement of Practice 4/97 sets out HMRC’s views on the correct treatment for tax purposes of commission, cashbacks and discounts. Cashbacks are...

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date - the date to which accounts are...

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...

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...

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...

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...

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...

Interestingly, there is no statutory definition of ‘trade’. The only statutory reference to the term states that ‘trade’ includes a ‘venture in the na...

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...

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