S34 Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005), S54 Corporation Tax Act 2009 (CTA 2009)

Introduction and layout of guidance

For unincorporated businesses, the profits of a trade, profession or vocation (see BIM14010) are taxed as trade profits under S5 ITTOIA 2005. The trading profits of companies are taxed under S35 CTA 2009. To calculate those profits you need to determine:

whether sums arising are taxable income of the trade, profession or vocation – see BIM15035

the time at which receipts or expenses should be recognised – see BIM31090 onwards, and

what deductions are allowable in computing the profits – see BIM42050 onwards

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