Post cessation receipts and payments
There are special rules for the taxation of post-cessation receipts and expenses after a trade has ceased. These provisions also apply to professions and vocations as they apply to trades.
Tax relief may be available for post-cessation expenses of a trade, although expenses still have to satisfy
Apportionment and duality
When deciding whether an expense is allowed or disallowed it is important to consider that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment.
Under the legislation any expenditure not incurred wholly and exclusively for the purposes of the trade,
Cash basis for landlords
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. Landlords can use the cash basis when recording income and expenditure i.e., recording the flow of money from and to the business.
The scheme is not open to
Expenditure disallowed
When deciding whether an expense is allowed or disallowed for tax purposes it is important to bear in mind that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment.
Under the legislation any expenditure not incurred wholly and exclusively for the