Dealing with builders retentions
It is common practise in the building industry for a final percentage of an amount due to a builder to be withheld as...
30 Apr
HMRC notices
Category Archives: HMRC notices
10 Apr
HMRC notices
The meaning of trade for tax purposes
Interestingly, there is no statutory definition of ‘trade’. The only statutory reference to the term states that ‘trade’ includes a ‘venture in the...
26 Mar
HMRC notices
Income excluded from UK property business
Most of our readers will be aware of the £1,000 property income allowance that came into effect on 6 April 2017. This allowance...
26 Mar
HMRC notices
Person liable to pay tax on post-cessation receipts
There are special rules for the taxation of post-cessation receipts, those received after a trade has ceased. The legislation clearly states that the...
HMRC notices
What is a post-cessation expense?
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...
19 Mar
HMRC notices
Cash basis and capital expenditure
The cash basis scheme helps many sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The...
19 Mar
HMRC notices
Business record keeping for the 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...
14 Mar
HMRC notices
What are 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 /...
14 Mar
HMRC notices
Sale of income by an individual
A capital sum received by an individual in respect of the sale or relinquishment of income to be derived from his or her...
06 Mar
HMRC notices
Post cessation receipts and expenses
According to HMRC’s published guidance there are special rules for the taxation of post-cessation receipts and expenses. These provisions apply to professions, vocations...