Commentary

B8.101 When are sole trader profits/losses taxable?

Business tax
Business tax | Commentary

B8.101 When are sole trader profits/losses taxable?

Business tax | Commentary

Part B8     Sole traders

Contents of Part B8

B8.1     Basis periods

B8.2     Relief for trade losses

Division B8.1     Basis periods

For updates affecting this Division please see Part B0 Updates

Allocation of taxable profits/losses to a basis period

B8.101 When are sole trader profits/losses taxable?

To establish the taxable income of a sole trader (or individual trading in partnership) special rules apply to 'allocate' a trading profit/loss to the relevant tax year. These special rules apply to professions and vocations in the same way that they apply to trades1. Separate rules apply for corporate tax purposes; see Part D1.

There are a number

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