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 ...
What is a post-cessation expense?20190326230000
What is a post-cessation expense?
March 26, 2019
There are special rules for the taxation of post-cessation receipts and post-cessation expenses. This article explains how, or if, post cessation expe...
Cash basis and capital expenditure20190319230000
Cash basis and capital expenditure
March 19, 2019
The cash basis scheme helps many sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The ...
Business record keeping for the self-employed20190319230000
Business record keeping for the self-employed
March 19, 2019
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate ...
What are the badges of trade?20190314040000
What are the badges of trade?
March 14, 2019
The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or...
Sale of income by an individual20190314040000
Sale of income by an individual
March 14, 2019
A capital sum received by an individual in respect of the sale or relinquishment of income to be derived from his or her personal activities, can some...
Post cessation receipts and expenses20190306040000
Post cessation receipts and expenses
March 6, 2019
According to HMRC’s published guidance there are special rules for the taxation of post-cessation receipts and expenses. These provisions apply to pro...
Company tax deductions for charitable donations20190227040000
Company tax deductions for charitable donations
February 27, 2019
There are special rules in place when a limited company gives to a charity. This can include Corporation Tax relief for qualifying donations made to r...
