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New trade or continue as being the same

client deals in motor cars and changed they way he did this

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I have a client who bought and sold cars - he didnt own premises but used to use two local garages to keep the cars at. 

At the end of June 2015 he stopped doing this and instead started selling cars on behalf of these garages and earnt commissions instead.

We have initially prepared cessation accounts to 30th June 15 and then a new set of accounts thereafter.  However, it would be hugely to his benefit (tax wise) if we didnt prepare cessation accounts and continued with the current year end.  Do you think this is a new trade or could be considered as a continuation - it is very similar but in essence different.


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06th Dec 2016 11:35

It sounds like somebody doing exactly the same thing, but with his income arising on a different basis.

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By 356B
08th Dec 2016 16:53

Is he still using the "Used Car Scheme"? If so, there's no change of business.

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