The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
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 use the cash basis to calculate the profits of the trade etc. instead of using the accruals basis . The main criteria is that annual turnover does not exceed the higher of £300,000 or double the VAT threshold of that year. See the Eligibility for the simplified cash basis guidance note for more details.
Prior to 2013/14, professiona
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This guidance note explains the general rules surrounding the availability of indexation allowance on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview of the general position regarding company disposals, please refer to
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
Expenditure of a capital nature is not allowed as a deduction when calculating trading profits. Expenditure of a revenue nature is allowable, provided there is no specific statutory rule prohibiting a deduction and the expenditure also satisfies the wholly and exclusively test. See the Wholly and
The rent-a-room scheme was introduced in the early 1990s to encourage homeowners to take in lodgers.Fundamentally, the rent-a-room scheme is a relief which means that the rent received by an individual from a lodger (up to a prescribed limit) can be exempt from income tax. If the gross rents are
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