Income excluded from property business
HMRC publishes a list of income streams that are excluded from a UK property businesses' taxable income. The list includes fishing concerns, hotels...
04 Dec
HMRC notices
Category Archives: HMRC notices
29 Oct
HMRC notices
Using the cash basis for property businesses
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme...
25 Sep
HMRC notices
To-do list if selling your business
If you are selling your business, there are some important actions you must take in order to properly finalise your affairs. We have...
25 Sep
HMRC notices
Setting off trading losses against other income
Where an individual makes a loss in a trade or incurs a loss as a partner in a partnership trade, the tax rules...
18 Sep
HMRC notices
Income excluded from a UK property business
HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest...
04 Sep
HMRC notices
Trading income priority rules
There is specific tax legislation that seeks to determine which charge takes priority where two different charges could potentially apply to the same...
HMRC notices
A reminder of the ‘badges of trade’
The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic /...
20 Aug
HMRC notices
When are scholarships taxable as benefits?
The holder of a scholarship is exempt from a charge to Income Tax on income from a scholarship when receiving full-time education at...
20 Aug
HMRC notices
Taxation of miscellaneous income
There are special rules, known as the miscellaneous income sweep-up provisions, that seek to charge tax on certain income. This unusual provision, which...
30 Jul
HMRC notices
Keeping records if self-employed
If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records...