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Foundations for the LPC 2020-2021

Foundations for the LPC 2020-2021 (24th edn)

Clare Firth, Elizabeth Smart, Lucy Crompton, Helen Fox, Frances Seabridge, Susan Wigglesworth, and Jennifer Seymour
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date: 03 October 2022

p. 14810. Taxation of sole proprietors and partnershipslocked

p. 14810. Taxation of sole proprietors and partnershipslocked

  • Jennifer Seymour, Jennifer SeymourTeaching Associate in Legal Practice, University of Sheffield
  • Clare Firth, Clare FirthSenior Lecturer in Legal Practice, University of Sheffield
  • Lucy Crompton, Lucy CromptonFreelance Legal Academic
  • Helen Fox,
  • Frances Seabridge, Frances SeabridgeTeaching Fellow in Law at Aston University
  • Susan Wigglesworth
  •  and Elizabeth SmartElizabeth SmartHead of Law, Sheffield Hallam University

Abstract

Sole traders and partners are liable to pay income tax on their income in accordance with the Income Tax (Trading and Other Income) Act 2005 (ITTOIA). This chapter discusses income tax liability of sole traders and partners; calculating the trading profits; capital gains and capital losses; trading losses; basis of assessment; capital allowances; and changes in a partnership.

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