Directory results

 
Result 1 of 2 results
  • Tax Memo - Income tax - Trading income - Special trades - Farmers - 22085
    The profits of farmers (and market gardeners) are calculated under the normal trading rules, with additional refinement due to the unique nature of the trade. The rules are designed to take account of the hardships affecting farmers, such as the problems caused by severe weather. In addition, the benefit of loss relief is limited to those carrying on the trade of farming on a commercial basis, rather than those for whom it is considered to be merely a hobby.
    Click here
  • Tax Memo - PAYE and NIC - National Insurance contributions - Contributions for the self-employed - Class 4 contributions - Liable profits - 43865
    Contributions are generally based on taxable trading profits applying to the particular accounting period (¶21000+). However, the following items represent adjustments which may need to be made to obtain the NICable profits: - no relief for tax allowances such as the personal allowance; - pension and retirement annuity contributions are not deducted; and - deductions may be made for any interest or annual payments (¶24295+) which are paid wholly and exclusively for the purposes of the trade, and have not...
    Click here
 
Result 1 of 2 results