There are special rules for the taxation of post-cessation receipts after a trade has ceased. The legislation clearly states that the person who receives or... Continue reading
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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.... Continue reading
Interestingly, there is no statutory definition of ‘trade’. The only statutory reference to the term states that ‘trade’ includes a ‘venture in the nature of... Continue reading
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... Continue reading
There are special rules for the taxation of post-cessation receipts, those received after a trade has ceased. The legislation clearly states that the person who... Continue reading
There are special rules for the taxation of post-cessation receipts and post-cessation expenses. This article explains how, or if, post cessation expenses can be claimed.... Continue reading
The cash basis scheme helps many sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is... Continue reading
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... Continue reading
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,... Continue reading
The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity... Continue reading
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