Unincorporated Businesses - Tax Issues and Planning

This course considers a range of technical and practical tax matters affecting the self-employed whether operating as a sole trader or in partnership.  Understanding core rules is essential to avoid pitfalls and maximise opportunities whether they are established or recent areas of tax law and practice. The session includes a review of the matters to be considered, when choosing and using this type of business structure.  

Recent tax cases of significance will be included as well as new legislative developments.

 Business structure

• Is this the right business structure?
• Status and the self- employed
• Is there a partnership?
• Special partnerships
• Recent anti avoidance

Allowable deductions

• Travelling and subsistence
• Working at home
• Financing aspects

Losses

• Making the most of losses in the COVID era
• HMRC – the commercial challenge
• Anti-avoidance rules

 Other issues

• Tax return reporting
• National Insurance
• Pension matters
• Investment business

 Capital taxes and the unincorporated business

• Business Asset Disposal Relief selected areas
• Business Property Relief selected areas