Unincorporated Businesses - Tax Issues and Planning

This course considers a range of technical and practical tax matters affecting the self-employed whether operating as a sole trader or in partnership. 

Understanding core rules is essential to avoid pitfalls and maximise opportunities whether they are established or recent areas of tax law and practice. The session includes a review of the matters to be considered, when choosing and using this type of business structure.  

Recent tax cases of significance will be included as well as new legislative developments.

Business structure  

• Is this the right business structure? 
• Status and the self- employed 
• Is there a partnership?  

Basis Period Reform 2023/24 

• The mechanics including overlap relief 
•  Problem areas and client communications 

National Insurance update and practical issues 

Losses  

• Efficient use of losses  
• HMRC – the commercial challenge 
• Anti-avoidance rules 

Allowable deductions 

• Capital Allowances update and current issues 
• Travelling and subsistence – a minefield 
• Working at home 

 Financing aspects 

• Loan interest restrictions 
• Loans to partnerships and s455 

Pension tax savings 

Risks and opportunities in capital tax reliefs 

The above content may vary according to topical developments. 

The above content relates to 2023 only.