Tax - Sole traders & partnerships

Recently added Tips & Advice

PARTNERSHIPS - 21.05.2024

Partnerships: tax consequences of changes in ownership

The founding partners of a trading partnership are approaching retirement, having steadily reduced their involvement in the trade in recent years. They will sell their interest to a family friend. What will be the main tax consequences of this, and is there any other advice you can give?
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INCOME TAX - 30.04.2024

Can relocating reduce your income tax bill?

In 2024/25 there are six tiers of Scottish income rates and thresholds with a top rate of 48%. Our subscriber currently lives in the Scottish borders but is thinking of moving a few miles south to England. What might he save in tax?
Read more

PROFIT EXTRACTION - 18.03.2024

Avoiding or reversing inefficient profit extraction

The end of the tax year is almost here and it’s time to check your tax position. You may have room to take more tax-efficient income from your company, or you might discover you’ve overdone it. What steps can you take to rescue the situation?
Read more

TAX PLANNING - 05.03.2024

Threshold tax and benefit traps on families

The media like to bandy about the phrase “stealth tax”. In reality what they call stealth tax isn’t at all. However, there are genuine cliff-edge income thresholds that result in unfair tax charges. What are they and how can you avoid them?
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ECOMMERCE - 24.01.2024

Is HMRC really targeting online sellers?

According to recent reports in the popular media, if you sell goods online new rules mean HMRC can tax you on the money you receive. Is this correct?
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AUTUMN STATEMENT - 02.01.2024

Under-radar changes announced

The National Insurance cuts announced in the 2023 Autumn Statement grabbed the headlines, but there were a number of other changes to note. What were the most important to be aware of?
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Tax - Sole traders & partnerships

Most read Tips & Advice

TAX PLANNING - 05.03.2024

Threshold tax and benefit traps on families

The media like to bandy about the phrase “stealth tax”. In reality what they call stealth tax isn’t at all. However, there are genuine cliff-edge income thresholds that result in unfair tax charges. What are they and how can you avoid them?
Read more

PROFIT EXTRACTION - 18.03.2024

Avoiding or reversing inefficient profit extraction

The end of the tax year is almost here and it’s time to check your tax position. You may have room to take more tax-efficient income from your company, or you might discover you’ve overdone it. What steps can you take to rescue the situation?
Read more

INCOME TAX - 30.04.2024

Can relocating reduce your income tax bill?

In 2024/25 there are six tiers of Scottish income rates and thresholds with a top rate of 48%. Our subscriber currently lives in the Scottish borders but is thinking of moving a few miles south to England. What might he save in tax?
Read more

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