In a recent tax case, three taxpayers asserted that cleaning costs of work clothes amounted to £2,200 a year and HMRC disagreed. The facts were compelling. Each of the appellants worked in the drainage or sewage industry and to maintain personal hygiene they washed work…
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Self employed liability
If you are a sole trader, or in a basic partnership, and if your business gets into financial difficulties, any liabilities that cannot be covered by the disposal of business assets may have to settled out of personal assets. In accountancy speak, you have unlimited…
Planning or regretting?
As we have outlined in recent posts, change is upon us and come the end of March next year, the combination of Brexit and the advent of Making Tax Digital (MTD) will change much that we have taken for granted. Apart from the cross-border considerations…
Protect your home
A government think-tank, the Office for Tax Simplification (OTS), was briefed to consider a non-tax issue, a restricted form of limited liability for sole traders. At present, a sole trader’s personal assets (including their home) are vulnerable to a claim by business creditors if the…