business taxation Archives - Page 48 of 80 - Whitefield Tax - Isle of Wight Accountants

60 second update: Loss relief options available to a sole trader

by Jessica Garbett | Feb 4, 2019 | ACCA, business taxation

If a taxpayer suffers a trading loss, the loss can be relieved as follows: 1. Current year or carry back claim a) S64 of Income Tax Act 2007 (ITA 2007) allows the trade loss to be offset against net income of the loss-making year, and/or of the previous tax year. The...

Restrictions on claiming income tax reliefs on trade losses

by Jessica Garbett | Feb 4, 2019 | ACCA, business taxation

A look at restrictions, including worked examples. One of the advantages of trading as a sole trader or a partnership is that if the business makes losses then they are relievable against the total income of the individual ie salary, rental income and even chargeable...

Nothing exotic about this dancer’s tax return

by Jessica Garbett | Jan 28, 2019 | ACCA, business taxation, enquiries and tax disputes

The deductibility of travel and clothing is always a contentious issue. In this post from the ACCA, we revisit the court case that revealed what can – and cannot – be deducted as expenses. Always look at the facts of any deductibility of expenditure and fully...

Professional fees and subscriptions

by Jessica Garbett | Jan 23, 2019 | ACCA, business taxation

Claims by individuals for income tax relief. Tax relief can be claimed on fees or subscriptions paid to approved professional organisations where an individual must have membership to do their job or it’s helpful for their work. The claims are under sections 343 and...

Pre-letting expenses

by Jessica Garbett | Jan 21, 2019 | ACCA, business taxation, property taxation

How and when pre-letting expenses can be claimed. Profits from UK land or property are treated, for tax purposes, as arising from a business. The broad scheme is that rental business profits are computed using the same principles as for trades (ITTOIA 2005, s272)....

The Scottish rate of tax

by Jessica Garbett | Jan 18, 2019 | ACCA, business taxation, personal taxatation, property taxation

A recap on who, what and when to help with 2017-18 SA tax returns. Scottish income tax is paid if the taxpayer lives in Scotland. It’s paid to the Scottish government. This sounds straightforward but the devil is in the detail. Who pays Scottish income tax? For most,...

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60 second update: Loss relief options available to a sole trader

Restrictions on claiming income tax reliefs on trade losses

Nothing exotic about this dancer’s tax return

Professional fees and subscriptions

Pre-letting expenses

The Scottish rate of tax

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