The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Statutory references to ITTOIA 2005 relate to unincorporated businesses and CTA 2009 relate to companies unless otherwise stated.
Not all receipts of traders and companies will be taxed as trading income, such as:
bank interest received
Any non-trading income is deducted in arriving at the trading profit figure, as shown here:
This other income will then be brought back in the main tax computation and taxed accordingly.
In exceptional circumstances, rental income from the letting of surplus business accommodation can be treated as arising from the trade, as opposed to being treated as property income.
This will be the case where:
the premises being let are temporarily surplus to requirements
the let premises are part of a building in which another part is being used in the trade, and
the letting receipts are relatively small
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