Owner-Managed Businesses Guidance

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Computation of taxable profit

Brought to you from the tax exam market leaders, Tolley brings you the guidance you need on computation of taxable profit so that you can always be well informed of the latest tax policy changes.
Latest Guidance
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28 Jun 2019

Expenditure on sales, advertising and marketing activities may include amounts which are disallowable in the business’ computation of trading profit. This may be because...

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28 Jun 2019

Statutory references to ITTOIA 2005 relate to unincorporated businesses and CTA 2009 relate to companies unless otherwise stated.Goods for own useIf a trader decides to...

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28 Jun 2019

Expenditure of a capital nature is not allowed as a deduction from trading profits. For both companies and individuals, the basis of this derives from ICTA 1988, s 74(1)....

OMB_tax_img3
28 Jun 2019

There are a number of changes included in Finance Act 2019 which affect capital allowances computations:•the annual investment allowance (AIA) has been temporarily...

OMB_tax_img8
28 Jun 2019

For both income tax and corporation tax purposes, one of the fundamental conditions for tax relief is that expenditure is incurred ‘wholly and exclusively’ for the...

OMB_tax_img7
28 Jun 2019

In general, the tax treatment of a particular item will follow the accounting treatment, ie income shown in the profit and loss (P&L) account is taxable and expenses...

OMB_tax_img4
28 Jun 2019

The cash basis for small businesses is a simplified form of accounting that uses a cash basis and was introduced from 6 April 2013. FA 2013, Sch 4Criteria for cash basis...

OMB_tax_img7
28 Jun 2019

Although the simplified cash basis is a new basis of calculating profit, many of the established principles of case law continue to apply. This is because selected pieces...

OMB_tax_img5
28 Jun 2019

When preparing tax computations, gifts and entertaining expenditure should always be analysed to ascertain the extent to which expenditure is allowable or disallowable....

OMB_tax_img8
27 Jun 2019

The flat rate deductions discussed in this guidance note are only available to unincorporated businesses.Statutory flat rate deductionsFrom 6 April 2013, flat rate...

Latest Guidance
OMB_tax_img
Owner Managed Business

Expenditure on sales, advertising and marketing activities may include amounts which are disallowable in the business’ computation of trading profit. This may be because...

OMB_tax_img3
Owner Managed Business

Statutory references to ITTOIA 2005 relate to unincorporated businesses and CTA 2009 relate to companies unless otherwise stated.Goods for own useIf a trader decides to...

OMB_tax_img9
Owner Managed Business

Expenditure of a capital nature is not allowed as a deduction from trading profits. For both companies and individuals, the basis of this derives from ICTA 1988, s 74(1)....

OMB_tax_img3
Owner Managed Business

There are a number of changes included in Finance Act 2019 which affect capital allowances computations:•the annual investment allowance (AIA) has been temporarily...

OMB_tax_img8
Owner Managed Business

For both income tax and corporation tax purposes, one of the fundamental conditions for tax relief is that expenditure is incurred ‘wholly and exclusively’ for the...

OMB_tax_img7
Owner Managed Business

In general, the tax treatment of a particular item will follow the accounting treatment, ie income shown in the profit and loss (P&L) account is taxable and expenses...

OMB_tax_img4
Owner Managed Business

The cash basis for small businesses is a simplified form of accounting that uses a cash basis and was introduced from 6 April 2013. FA 2013, Sch 4Criteria for cash basis...

OMB_tax_img7
Owner Managed Business

Although the simplified cash basis is a new basis of calculating profit, many of the established principles of case law continue to apply. This is because selected pieces...

OMB_tax_img5
Owner Managed Business

When preparing tax computations, gifts and entertaining expenditure should always be analysed to ascertain the extent to which expenditure is allowable or disallowable....

OMB_tax_img8
Owner Managed Business

The flat rate deductions discussed in this guidance note are only available to unincorporated businesses.Statutory flat rate deductionsFrom 6 April 2013, flat rate...