The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
In order to find the tax-adjusted profits reportable on the Tax Return, the following proforma is used:
This guidance note considers:
This guidance note should be read in conjunction with the Trading income and expenses and Capital allowances guidance notes.
The application of these rules to the simplified cash basis is discussed at the bottom of this guidance note.
Not all receipts which a trader includes in his business accounts are taxed as trading income. Traders might include income in their accounts which is not derived from their trade. Typical examples of non-trading income are:
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