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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12 Mar 2020

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

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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...

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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....

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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...

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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...

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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...

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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...

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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...

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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...

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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...

Latest Guidance
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Owner-Managed Businesses

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_img
Owner-Managed Businesses

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 Businesses

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 Businesses

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 Businesses

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 Businesses

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 Businesses

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 Businesses

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 Businesses

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_img6
Owner-Managed Businesses

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...