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    Income tax - Trading income - Sole traders - Profits - Taxation of trading profits - Cessation of trade - 21185

    A cessation of trade is when a permanent discontinuance of the trade occurs for one of the following reasons: - the trader ceases to carry on the trade; - there is a significant change in the...

    Basis periods in the final years of a trade

    Your client’s unincorporated business will cease trading shortly. There are specific rules that govern how the final profits are calculated. How do you apply the correct basis period, and is...

    Are you looking for a change of accounting date?

    If you’re in business as a sole trader or in partnership, a change in your accounting date can affect when your profits are taxed and even the amount of tax payable. Could you benefit from...

    A bit of an overlap

    There is often an argument for extending your current accounting period purely for tax reasons. If you are a sole trader or partner this can give you the opportunity to use a valuable tax relief. What...