Owner-Managed Businesses Guidance

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Sole traders

Our tax professionals have created content specifically on the topic of sole traders tax in order that you can provide the latest thinking.
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Latest Guidance
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28 Jun 2019

For restrictions relating to losses incurred by sole traders using the simplified cash basis, see the Simplified cash basis for small businesses guidance...

OMB_tax_img5
28 Jun 2019

Current year basisThe usual basis for taxation of sole trader profits is known as the ‘current year basis’. This means that in respect of a year in which the trade is...

OMB_tax_img5
28 Jun 2019

If the taxpayer does not have sufficient information to enable him to complete the tax return in the time allowed, he should include either a best estimate or a...

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28 Jun 2019

Normal due dateIndividuals are required to pay any outstanding income tax and Class 4 National Insurance, Class 2 National Insurance, and capital gains tax due for the...

OMB_tax_img4
28 Jun 2019

This note discusses the issues around changing accounting date.Once a business has established an accounting period end it is fairly uncommon to change it. Many...

OMB_tax_img8
28 Jun 2019

This guidance note discusses some of the planning points that can arise around payments on account.Payments on account are essentially a part of the compliance process....

OMB_tax_img3
28 Jun 2019

Special rules apply to calculate a trader’s taxable profits when he changes his accounting date. These special rules apply for unincorporated businesses only. The rules...

OMB_tax_img6
28 Jun 2019

Because sole traders are the most simple trading entity possible, it is very easy to overlook them when it comes to planning work. It is often the case that planning for...

OMB_tax_img8
28 Jun 2019

Factors to considerWhen choosing an accounting date for a business, there are advantages and disadvantages in picking certain dates.There are three key factors to...

OMB_tax_img8
28 Jun 2019

This guidance note considers some of the planning points in relation to the accounting period end. This includes:•planning work prior to the year end•considerations in...

Latest Guidance
OMB_tax_img4
Owner Managed Business

For restrictions relating to losses incurred by sole traders using the simplified cash basis, see the Simplified cash basis for small businesses guidance...

OMB_tax_img5
Owner Managed Business

Current year basisThe usual basis for taxation of sole trader profits is known as the ‘current year basis’. This means that in respect of a year in which the trade is...

OMB_tax_img5
Owner Managed Business

If the taxpayer does not have sufficient information to enable him to complete the tax return in the time allowed, he should include either a best estimate or a...

OMB_tax_img3
Owner Managed Business

Normal due dateIndividuals are required to pay any outstanding income tax and Class 4 National Insurance, Class 2 National Insurance, and capital gains tax due for the...

OMB_tax_img4
Owner Managed Business

This note discusses the issues around changing accounting date.Once a business has established an accounting period end it is fairly uncommon to change it. Many...

OMB_tax_img8
Owner Managed Business

This guidance note discusses some of the planning points that can arise around payments on account.Payments on account are essentially a part of the compliance process....

OMB_tax_img3
Owner Managed Business

Special rules apply to calculate a trader’s taxable profits when he changes his accounting date. These special rules apply for unincorporated businesses only. The rules...

OMB_tax_img6
Owner Managed Business

Because sole traders are the most simple trading entity possible, it is very easy to overlook them when it comes to planning work. It is often the case that planning for...

OMB_tax_img8
Owner Managed Business

Factors to considerWhen choosing an accounting date for a business, there are advantages and disadvantages in picking certain dates.There are three key factors to...

OMB_tax_img8
Owner Managed Business

This guidance note considers some of the planning points in relation to the accounting period end. This includes:•planning work prior to the year end•considerations in...