Preface About the author Contents List of abbreviations Chapter 1. Income Tax Computation 1.1. Aggregation of Taxpayer''s Income 1.2. Interest 1.3. Limit on Deductions from Adjusted Net Income 1.

4. Payments to Charities 1.5. Personal Allowances Deducted from Net Income 1.6. Computation of Tax 1.7. Tax Reducers 1.

8. Tax Retained on Interest, Royalties and Gift Aid donations 1.9. Comprehensive Example 1.10. Death and Separation 1.11. Married Couples - Joint Property 1.

12. Minor Children 1.13. High Income Child Benefit Charge Chapter 2. Taxation of Trading Income 2.1. Introduction 2.2.

Statutory Definitions of Trading 2.3. Statutory Trades 2.4. Case Law 2.5. Gambling and Speculation 2.6.

Illegal Activities 2.7. Individuals Trading in Shares 2.8. Definition of Trading - National Insurance 2.9. Mutual Trading 2.10.

Election to Use Cash Basis 2.11. Capital and Revenue Receipts 2.12. Receipts not Received in Course of Trade 2.13. Other Receipts 2.14.

Capital and Revenue Payments 2.15. Expenditure Incurred in the Course of a Trade 2.16. Duality of Purpose 2.17. Repairs and Maintenance 2.18.

Replacement of Assets 2.19. Depreciation and Amortisation 2.20. Subscriptions and Donations 2.21. Sponsorship 2.22.

Bad Debts 2.23. Provisions 2.24. Payments to Employees & Appropriations of Profit 2.25. Entertainment 2.26.

Gifts to Customers and Samples 2.27. Gifts to Educational Establishments and Charities 2.28. Cost of Leasing Cars 2.29. Legal and Professional Fees 2.30.

Fines and Payments Against the Public Interest 2.31. Interest and Bank Charges 2.32. Pre-trading Expenditure 2.33. Indirect Taxation 2.34.

Compensation and ex gratia Payments to Former Employees 2.35. Redundancy Payments 2.36. Removal Expenses to New Business Premises 2.37. Premiums for Insurance 2.38.

Payments to Employees for Restrictive Undertakings 2.39. Staff Training and Development 2.40. Counselling Courses in Connection with Termination of Employment 2.41. Payments to Secure Release from Unprofitable Contracts 2.42.

Payments to Political Parties 2.43. Preservation of Goodwill 2.44. Payments on the Cessation of Trade 2.45. Post-cessation Expenditure 2.46.

Rent 2.47. Lease Premium 2.48. Patents and Intellectual Property 2.49. Telephone 2.50.

Business Rates and Council Tax 2.51. Security Expenditure 2.52. Loan Guarantee Payments 2.53. Use of Home 2.54.

Website Expenditure 2.55. Expenses Connected with Foreign Trades 2.56. Valuation of Stock 2.57. Overseas Aspects of Trading Chapter 3. Capital Allowances on Plant and Machinery 3.

1. Introduction 3.2. Definition of Plant and Machinery 3.3. Assets Deemed to be Plant and Machinery 3.4. Definition of Expenditure 3.

5. Date of Expenditure 3.6. Disposal of Assets 3.7. Allowances 3.8. Calculation of Capital Allowances 3.

9. Short-life Assets 3.10. Cessations and Successions 3.11. Hire Purchase and Leasing 3.12. Fixtures 3.

13. Disposal of Fixtures 3.14. Anti-avoidance Chapter 4. Other Allowances 4.1. Business Premises Renovation Allowance 4.2.

Patents 4.3. Know-how Chapter 5. Basis Periods 5.1. Current Year Basis (CYB) 5.2. Opening Year Rules 5.

3. Closing Year Rules 5.4. Tax Planning on Commencement 5.5. Tax Planning on Cessation 5.6. Change of Accounting Date 5.

7. Period Less than 12 Months 5.8. Period More Than 12 Months 5.9. Two Accounting Dates in Tax Year 5.10. No Accounting Date in Tax Year 5.

11. Transitional Overlap Relief 5.12. Changes in Size and Nature of Operations 5.13. Death of Trader 5.14. Mergers and Demergers 5.

15. Date of Commencement and Cessation 5.16. Successions 5.17. Trader Becoming, or Ceasing to be, UK Resident Chapter 6. Trading Losses 6.1.

Introduction 6.2. Offset Against Future Trading Income 6.3. Transfer of Business to a Company 6.4. Offset Against Total Income and Carry-back 6.5.

Offset Against Capital Gains 6.6. Losses in the Early Years of Trading 6.7. Terminal Loss Relief 6.8. Tax Planning and Loss Relief 6.9.

Restriction of Loss Relief 6.10. Late Claims Chapter 7. Property Income 7.1. Introduction 7.2. Basis of Assessment 7.

3. Dilapidations 7.4. Lease Premiums 7.5. Sale with Right of Conveyance 7.6. Expenditure Deductible 7.

7. Sea Walls 7.8. Mutual Business 7.9. Relief for Capital Expenditure 7.10. Losses 7.

11. Furnished Holiday Lettings 7.12. Rent a Room Scheme Chapter 8. Employment and Self-employment 8.1. Introduction 8.2.

Benefits of Self-employment 8.3. Definition of Employment and Self-employment 8.4. Tests for Employment 8.5. Workers Supplied by Agencies 8.6.

Non-executive Directors 8.7. Self-employment or a Number of Separate Employments 8.8. Provision of Services Through an Intermediary - Income Tax 8.9. Managed Service Companies 8.10.

National Insurance - Deemed Employment 8.11. National Insurance - Deemed Self-employment 8.12. National Insurance - Persons Deemed not to be Employed Chapter 9. Employment Income 9.1. Income Tax - Introduction, Charging Legislation and General Definitions 9.

2. National Insurance Contributions - Charging Legislation and General Definitions 9.3. Income Tax and National Insurance - a Comparison 9.4. Time of Receipt 9.5. Cash Payments to Employees 9.

6. Payments Arising by Reason of Employment 9.7. Payments on Termination of Employment or Variation of Employment Terms 9.8. Damages and Compensation Paid to Employee 9.9. Sick Pay and Sickness and Other Benefits 9.

10. Commission, Cashbacks and Discounts 9.11. Tax-free Lump Sum Payments 9.12. Payment of Expenses to Third Parties on Behalf of Employee 9.13. Payments for Clothing 9.

14. Directorships Held by Partners 9.15. Payment of Employee''s Tax by Employer 9.16. Income Tax - Deduction of Expenses 9.17. Reimbursement of Expenses 9.

18. Qualifying Travel Expenses 9.19. Entertainment 9.20. Expenses Incurred by Homeworkers 9.21. Other Deductible E.