Trading Presentation 07.03.11

When Does A Trade Start? ,[object Object]

[object Object],[object Object],A Seminar for the South London & Surrey Branch Chartered Institute of Tax

The legislation… ,[object Object],[object Object],[object Object],[object Object],[object Object]

The badges of trade… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The legislation… [continued] ITA 2007 ,[object Object],(2) the trade is commercial if it is carried on throughout the basis period for the tax year— (a) on a commercial basis, and (b) with a view to the realisation of profits of the trade. (3) if at any time a trade is carried on so as to afford a reasonable expectation of profit, it is treated as carried on at that time with a view to the realisation of profits. (7) this section applies to professions and vocations as it applies to trades ,[object Object]

The legislation… [continued] ITA 2007 ,[object Object],1) this section applies if a loss is made in a trade of farming or market gardening in a tax year (“the current tax year”). 2) trade loss relief against general income is not available for the loss if a loss, calculated without regard to capital allowances, was made in the trade in each of the previous 5 tax years (see section 70). 3) this section does not prevent relief for the loss from being given if— (a) the carrying on of the trade forms part of, and is ancillary to, a larger trading undertaking, (b) the farming or market gardening activities meet the reasonable expectation of profit test (see section 68), or (c) the trade was started, or treated as started, at any time within the 5 tax years before the current tax year (see s 69, as well as section 17 of ITTOIA 2005). ,[object Object]

The legislation… [continued] ITA 2007 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The legislation… [continued] Corporation Tax 2009 & 2010 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The legislation… [continued] Corporation Tax 2009 & 2010 - Groups ,[object Object],Group relief is only available for trading losses if s44 doesn’t apply ,[object Object],[object Object],[object Object],[object Object]

Hobbies & Pastimes… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Musicians…an example… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Writers…an example… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Painters…an example… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Actors…an example… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Online Retailers…an example… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The scenario….

Online Retailers…an example… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Online Retailers…an example… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

HMRC Manuals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

HMRC Manuals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

HMRC Manuals ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Let’s revisit the examples ,[object Object],[object Object],[object Object],[object Object],[object Object]

Online retailers…an example… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The scenario….

Capital Gains Tax & hobbies/pastimes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Capital Gains Tax & hobbies/pastimes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Tax Penalties ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Practical Steps to take ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Inheritance Tax for assets used in hobbies & pastimes ,[object Object],[object Object],[object Object],[object Object]

For Further Information Contact me at: Andrew McKenzie-Smart Smart Solutions 88 Pollards Oak Road Hurst Green Oxted Surrey RH8 0JW Tel: 01883 715848 Mob: 07952 217249 Email : [email_address] Website: www.smartsolutions-online.co.uk

Disclaimer ,[object Object],[object Object],[object Object]

Trading Presentation 07.03.11

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