.png)
.png)
K Johnson (TC4805)
What date did the trade start and was it commercial?
The taxpayer set up a tree surgery and woodmanship business and registered self-employed with HMRC in November 2010. He was also employed by the Royal Navy until he was made redundant in late 2011.
In his 2010/11 and 2011/12 tax returns he included expenses relating to his self-employment and deductions for annual investment allowance. His turnover for each year was nil so he claimed the losses against other income.
HMRC disallowed the claims on the basis that the taxpayer’s trade was not commercial. The taxpayer appealed.
The First-tier Tribunal said a trade did not have to result in payment of money. Services could be provided in return for a benefit. However just because a particular...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
