A trade is defined as including “any venture in the nature of trade”
where the badges of trade apply. A summary of each ‘badge of trade’ is
shown below with a brief pointer to its meaning.
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HM Revenue & Customs have lost 34,000 jobs since 2005, with another
10,000 planned by 2015. In addition, just three weeks before Christmas
it was announced that a further 3,000 staff on fixed term contracts due
to end in March 2014 will not have the contracts extended.
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THE Chancellor has announced that the Autumn Statement, which gives
notice of the major policies to be announced in next year’s budget, will
take place on December 5. However, we already know of two changes that
are coming to effect over the next couple of years.
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‘RENT-a-room’ applies to income charged for providing furnished
residential accommodation in your only or main home, this may be of
benefit if you take in a lodger. Rules on this will either exempt the
rental income or tax it on a more favorable basis.
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Welcome to warrington-worldwide’s finance column in association with local accountants Watkinson Black – accountants who care for clients who matter!Please note these articles are intended to inform rather than advise and you should always obtain professional advice before taking action.For more details call 01925 413210 or email info@warringtonaccountants.co.uk or visit www.watkinsonblack.co.uk
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