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    Corporation tax - What is a business activity? - Trades - Specified activities - Property rental - 2185

    Property rental income is generally assessable as property income (¶7000+). However, certain receipts may be treated as trading income where they are ancillary to an existing trade and arise...

    Corporation tax - Chargeable profits - Trading income and expenses - Trading expenses - Wholly and exclusively - 3365

    Expenditure will be deductible if it is incurred wholly and exclusively for the purposes of the trade. There can be no duality of purpose (but see ¶3370 for the ability to apportion). The only...

    Income tax - Income from UK land and property - Taxable profits - Revenue expenditure - 23410

    The principles discussed at ¶3355 - ¶3685 also apply to property businesses. In addition, where a rental property is temporarily empty (for example, between tenancies), expenditure incurred...

    Income tax - Income from UK land and property - Other special situations - Surplus business accommodation - 23655

    Where a trader receives rental income from the letting of surplus business accommodation, this may be included in the trading profit calculation. This is only possible where the: - accommodation...

    Staying away the tax efficient way!

    If you have to travel on business HMRC accepts the cost as a tax deductible expense. However, it argued the opposite in a high profile tribunal case. Why and what was the outcome?

    Tax deduction for rent without the expense

    One of our subscribers was told by an associate that his company could claim a tax deduction for renting its business premises even though it was in a rent-free period. It sounds too good to...