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 note. A sole...

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28 Jun 2019

This guidance note deals with requirements under self assessment specific to sole traders. For further guidance on self assessment, see the Notification of chargeability...

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27 Jun 2019

Where an individual can demonstrate that they are paying more than the ‘annual maxima’ of NIC (see the Annual maxima guidance note), it is possible to apply for...

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27 Jun 2019

Income tax is collected in a number of ways, including:•collection at source throughout the year (eg via PAYE on earnings from employment)•balancing payment for the tax...

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27 Jun 2019

This guidance note discusses the application of entrepreneurs’ relief for sole traders only. See also the Conditions for entrepreneurs’ relief guidance note. For further...

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27 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 note.Carry back...

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27 Jun 2019

Class 2 and Class 4 national insurance contributions (NICs) are paid by self-employed individuals on their profits arising within the UK. This guidance note considers...

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27 Jun 2019

When has the trade commenced?A trade commences when the main trading activity starts. There may have been earlier activity in preparation to trade, but this is...

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27 Jun 2019

Class 2 and Class 4 NICs are payable by self-employed earners. This guidance note considers Class 2 contributions (for Class 4 contributions, see the Class 4 national...

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27 Jun 2019

Pension planning should play an important part of any annual review. This is true for any personal tax clients, but for sole traders it can be especially important.In...

Latest Guidance
OMB_tax_img3
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 note. A sole...

OMB_tax_img6
Owner Managed Business

This guidance note deals with requirements under self assessment specific to sole traders. For further guidance on self assessment, see the Notification of chargeability...

OMB_tax_img
Owner Managed Business

Where an individual can demonstrate that they are paying more than the ‘annual maxima’ of NIC (see the Annual maxima guidance note), it is possible to apply for...

OMB_tax_img7
Owner Managed Business

Income tax is collected in a number of ways, including:•collection at source throughout the year (eg via PAYE on earnings from employment)•balancing payment for the tax...

OMB_tax_img9
Owner Managed Business

This guidance note discusses the application of entrepreneurs’ relief for sole traders only. See also the Conditions for entrepreneurs’ relief guidance note. For further...

OMB_tax_img2
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 note.Carry back...

OMB_tax_img4
Owner Managed Business

Class 2 and Class 4 national insurance contributions (NICs) are paid by self-employed individuals on their profits arising within the UK. This guidance note considers...

OMB_tax_img7
Owner Managed Business

When has the trade commenced?A trade commences when the main trading activity starts. There may have been earlier activity in preparation to trade, but this is...

OMB_tax_img5
Owner Managed Business

Class 2 and Class 4 NICs are payable by self-employed earners. This guidance note considers Class 2 contributions (for Class 4 contributions, see the Class 4 national...

OMB_tax_img2
Owner Managed Business

Pension planning should play an important part of any annual review. This is true for any personal tax clients, but for sole traders it can be especially important.In...