Tax legislation is complex in many areas, so it is not surprising that people sometimes make errors due to either a lack of understanding of the law or by not having taken sufficient care in preparing their tax returns. Unfortunately, as well as having to pay any extra tax that should have been due, the...

Jane has decided to turn her hobby into a business which she’ll run though a company. She bought stock and equipment for her hobby which will now be used for the business instead. Can it claim tax deductions for these costs? Brona MacDougall provides the answers. Pre-trading expenses You may already be aware that tax...