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RICHARD CURTIS looks at averaging claims
KEY POINTS
- Profits can be averaged under ITTOIA 2005 s 221 et seq.
- Marginal relief can also apply.
- The effect of averaging on taxable profits. Don’t overlook NICs tax credits etc.
- Averaging also applies to creative artists.
Rufus the Dog is a big fan of The Archers although why he insists on listening to the daily instalments as well as the Sunday morning omnibus I’ll never know.
I suspect his wolf-like leanings bring on a desire for a bit of sheep worrying but perhaps we’d better not go there – especially since that recent and rather unfortunate encounter with an old English sheepdog....
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