HMRC clarifies tax treatment of sole traders training costs
[ad_1] Tax relief may be claimed for training costs incurred to keep pace with advances in technology and practice in the person’s trade. HMRC has updated its guidance to provide greater clarity on the tax treatment of training costs incurred by the self-employed. The self-employed may deduct training costs in calculating their trading profit or […]
HMRC clarifies capital allowances rules for partnerships
[ad_1] HMRC has updated its guidance to make it clear that a partnership which includes a corporate member may claim capital allowances generally restricted to companies. These include the super deduction and full expensing. A partnership’s profits are calculated in accordance with the tax rules applying to its members, as follows: where the partners are […]