Trading Income/Schedule D Cases I And II

Below is a selection of our most recent updates on this subject.

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HMRC Publishes Consultation Document On Construction Industry

The Government have published a consultation document on false self-employment in the construction industry
Tuesday, July 28, 2009

The Income Tax (Trading And Other Income) Act (Ittoia) Received Royal Assent On 24.3.05 And Takes Effect From 6.4.05.

ITTOIA covers the taxation of trading, property, savings and investment and miscellaneous income. It also covers exempt income, foreign income, partnerships and the reliefs for rent-a-room and foster-carers.
Tuesday, April 05, 2005

Increase In Numbers Of Self Employed

The Office of National Statistics (ONS) announces increase in numbers of self employed.
Tuesday, December 09, 2003

Tax And NIC Rules And The Purchase Of Occupational Health Support

The HSE's leaflet sets out the tax and National Insurance Contributions treatment of the purchase of health and safety services, as agreed with the Inland Revenue.
Tuesday, August 19, 2003

Fee Protection Insurance Premiums

It is not widely known that fee protection insurance premiums, covering additional accountancy fees incurred when the Inland Revenue carries out an investigation into a taxpayer's tax return, have been an allowable expense since Self Assessment was introduced in 1996/97.
Monday, July 28, 2003

Milkman Successfully Claimed Tavelling Expenses

Expenditure incurred by a milkman in travelling from his home to the depot was wholly and exclusively expended for the purposes of his trade i.e. there was no dual purpose.
Thursday, November 14, 2002

Exchange Rate Fluctuations

The Inland Revenue has recently issued a Statement of Practice (SP 2/02) on exchange rate fluctuations which serves as a practical guide.
Friday, October 18, 2002

Dual Purpose Means That Expenditure Must Be Disallowed For Tax

The payment of insurance premiums on term policies on the lives of two company directors were not allowable deductions in calculating the company's corporation tax liability where the payments were not made "wholly and exclusively" for the purposes of the company's trade i.e. there was a dual purpose.
Friday, August 23, 2002

Spread Betting Winnings Are Exempt From Tax

Gambling winnings, including those from spread betting, are exempt from tax. Profits from financial derivatives are taxable. Planning ahead by combining these two rules.
Thursday, August 22, 2002

Commissions, Cashbacks And Discounts

Current rules on commission rebates/discounts etc - important in light of CP121 and possible future increase in rebates etc by IFAs.
Friday, January 25, 2002

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