What is reasonable care
The inaccuracy penalty system is intended to make penalties simpler to understand and more consistent across many taxes. HMRC has the power to significantly reduce the amount of
Income excluded from property business
HMRC publishes a list of income streams that are excluded from a UK property businesses' taxable income. The list includes fishing concerns, hotels and guest houses, tied
Using the cash basis for property businesses
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords
To-do list if selling your business
If you are selling your business, there are some important actions you must take in order to properly finalise your affairs. We have summarised below some of the main steps you
Setting off trading losses against other income
Where an individual makes a loss in a trade or incurs a loss as a partner in a partnership trade, the tax rules allow the loss to be set against general income. Certain trade
Income excluded from a UK property business
HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites,
Trading income priority rules
There is specific tax legislation that seeks to determine which charge takes priority where two different charges could potentially apply to the same income. These rules are known
A reminder of the ‘badges of trade’
The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making
When are scholarships taxable as benefits?
The holder of a scholarship is exempt from a charge to Income Tax on income from a scholarship when receiving full-time education at a university, college, school or other
Taxation of miscellaneous income
There are special rules, known as the miscellaneous income sweep-up provisions, that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches