Tax treatment of income after cessation

by | May 1, 2025 | HMRC notices

After a business closes, income can still arise. Post-cessation receipts must be properly reported and taxed under specific rules. Knowing what qualifies — and what does not — ensures businesses and individuals stay compliant with UK tax law. Under the...

LLP salaried members

by | Mar 27, 2025 | HMRC notices

Not all LLP members are taxed as partners. HMRC may treat them as employees if they meet certain conditions. Here's how the salaried member rules work, what the three-part test involves, and who’s excluded from the legislation. The salaried member...

Records you must keep if self-employed

by | Mar 20, 2025 | HMRC notices

If you are self-employed as a sole trader or a partner in a business partnership, you are required to maintain suitable business records as well as separate personal income records for tax purposes. For tax compliance, these business records must be kept for at least...

Treatment of post-cessation receipts and payments

by | Feb 27, 2025 | HMRC notices

When a trade ends, income doesn’t always stop. Post-cessation receipts can still arise, and knowing how they are taxed is crucial. Whether it’s Income Tax or Corporation Tax, the recipient—not necessarily the original trader—bears the...