Are you trading?
HMRC use badges of trade to ascertain if a trade exists. Find out what the badges are and how to determine if you are carrying out a trade.
trading
Thinking of starting a business but not sure when you’d be classed as trading?
Trading income is taxed for both income tax and corporation tax purposes. In order for a tax charge to arise under the trading income rules, there must be a trade. It is, therefore, necessary to understand what constitutes trading, and when a trade commenced or ceased. Indicators of trade To determine whether a trade exists, … Read more