ÀÏ˾»úÎçÒ¹¸£Àû

Tax News

Call to delay major change to how profits are taxed

Published on: 21 July 2021
Published by a

Specialist Tax Regulatory Materials

Article summary

The Association of Taxation Technicians (ATT) is calling for a delay to a major change in how trading profits are assessed for tax purposes, as well as appealing for extension of the consultation period and a clear roadmap leading up to the introduction of the basis period proposals.

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Popular Articles

Allowable deductions for employee-related expenses

Allowable deductions for employee-related expensesThis guidance note covers the tax treatment of some common types of trading expenditure relating to employees. Some of these are disallowable under general principles, for example the wholly and exclusively test or capital versus revenue expenditure.

14 Sep 2022 09:49 | Produced by Tolley Read more Read more

Trade or hobby

Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of ‘hobby farming rules’, which historically have stated that a profit must be made every six years. This is known as ‘the five-year rule’, in that there can be five years of losses but there must be a profit

14 Jul 2020 13:50 | Produced by Tolley Read more Read more

Loans written off

Loans written offCompanies sometimes provide directors, employees or shareholders with low interest or interest-free loans either as part of the reward package or on special occasions to help the individual meet significant expenditure. The employment income implications of these loans are discussed

14 Jul 2020 12:11 | Produced by Tolley Read more Read more