Partnership and Sole Trader Tax Tips Key Points

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 and key anti-avoidance rules.

This course covers the key points covering:
• Business structure 
      o Is this the right business structure?
      o Status and the self employed
      o Is there a partnership?
      o Special partnerships
      o Recent anti-avoidance

• Allowable deductions
      o Capital allowances - the tricky areas
      o Travelling and subsistence
      o What is wholly and exclusively?

• Losses 
      o Making the most of losses
      o HMRC – the commercial challenge
      o Anti-avoidance rules

• Other issues
      o National Insurance
      o Pension matters
      o Investment business

• Capital taxes and the unincorporated business
      o Entrepreneurs’ Relief
      o Business Property Relief

• MTD for income tax- where are we now?