When a partner retires, their trade ends for tax purposes and overlap relief may apply, while continuing partners follow the transitional rules. How retirement is taxed, with a full worked example.
When a new partner joins, the accounting period splits and the tax treatment diverges. How profit is allocated across sub-periods, and why the incoming partner is taxed differently, with a full worked example.
How to handle mid-year shifts in profit-sharing ratios, partner salaries, and interest on capital.
How profits are calculated and shared in a UK partnership - from the basics to salary and interest on capital.
The Companies House reforms every UK director and accountant must act on now - before the penalties arrive.
When a trade ends, terminal loss relief carries the final year's loss back three years. When it incorporates, s.86 rescues stranded losses against your salary and dividends from the company.
A trading loss in your first four years can be carried back against the income you earned in the three years before you started, refunding tax you have already paid.
A guide for every entrepreneur who built something extraordinary and is not yet reading the financial story of what they built.
Did you know two business owners with identical trading losses can end up with completely different tax bills - simply because one of them knew which year to claim in? Loss planning is not complicated. But it requires knowing three things before you submit the return. This article gives you all three.
Did you know a trading loss can unlock a refund of income tax you have already paid to HMRC? Under UK tax law, a loss does not simply disappear - it comes with legal tools attached. The mechanism is called section 64 relief under the Income Tax Act 2007 (ITA 2007), and knowing how to use it correctly could mean thousands of pounds back in your pocket.