Owner-Managed Businesses Guidance

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Special businesses

We have written detailed tax guidance about special businesses to help you keep your customers keep abreast of tax policy updates.
Latest Guidance
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28 Jun 2019

The construction industry scheme (CIS) was devised to limit the amount of tax lost as a result of underdeclarations or failures to notify chargeability by sub-contractors...

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28 Jun 2019

NHS incomeMedical and dental practitioners working for the NHS receive an overall payment in respect of the provision of medical or dental services. The amount that they...

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28 Jun 2019

Practice expensesMost GPs have adopted the practice of making annual claims for income tax purposes in respect of amounts paid out privately in connection with their...

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28 Jun 2019

Types of incomeWhen considering a GP’s or GDP’s income, it should be appreciated that their income may be made of different types of earnings. In addition to this, within...

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28 Jun 2019

Specific tax areasGenerally the taxation of solicitors and barristers follows that for all trading activity. However, there are some specific tax areas which apply to...

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28 Jun 2019

Definition of ‘farming’Fiscal farming qualifies as farming for tax purposes.There is a special tax regime for the profits of a trade carried on in the UK under ITTOIA...

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28 Jun 2019

General rulesSelf employed solicitors, barristers and advocates are subject to the rules for deductions set out in ITTOIA 2005, s 25. They are allowed to deduct expenses...

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28 Jun 2019

Wholly, exclusively and necessarilyThe income received by a practitioner is commonly a mixture of employment income and income from a profession. The separation of the...

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28 Jun 2019

Basis of contributionsDoctors and dentists may be both self-employed and / or salaried employees of the NHS.GPs provide services under a contract with the PCT for General...

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27 Jun 2019

From 2013/14 onwards, eligible individuals carrying on a trade, profession or vocation as self-employed sole traders or in partnership with other individuals may elect to...

Latest Guidance
OMB_tax_img
Owner Managed Business

The construction industry scheme (CIS) was devised to limit the amount of tax lost as a result of underdeclarations or failures to notify chargeability by sub-contractors...

OMB_tax_img5
Owner Managed Business

NHS incomeMedical and dental practitioners working for the NHS receive an overall payment in respect of the provision of medical or dental services. The amount that they...

OMB_tax_img4
Owner Managed Business

Practice expensesMost GPs have adopted the practice of making annual claims for income tax purposes in respect of amounts paid out privately in connection with their...

OMB_tax_img6
Owner Managed Business

Types of incomeWhen considering a GP’s or GDP’s income, it should be appreciated that their income may be made of different types of earnings. In addition to this, within...

OMB_tax_img2
Owner Managed Business

Specific tax areasGenerally the taxation of solicitors and barristers follows that for all trading activity. However, there are some specific tax areas which apply to...

OMB_tax_img5
Owner Managed Business

Definition of ‘farming’Fiscal farming qualifies as farming for tax purposes.There is a special tax regime for the profits of a trade carried on in the UK under ITTOIA...

OMB_tax_img6
Owner Managed Business

General rulesSelf employed solicitors, barristers and advocates are subject to the rules for deductions set out in ITTOIA 2005, s 25. They are allowed to deduct expenses...

OMB_tax_img8
Owner Managed Business

Wholly, exclusively and necessarilyThe income received by a practitioner is commonly a mixture of employment income and income from a profession. The separation of the...

OMB_tax_img7
Owner Managed Business

Basis of contributionsDoctors and dentists may be both self-employed and / or salaried employees of the NHS.GPs provide services under a contract with the PCT for General...

OMB_tax_img6
Owner Managed Business

From 2013/14 onwards, eligible individuals carrying on a trade, profession or vocation as self-employed sole traders or in partnership with other individuals may elect to...