The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The calculation of the profits of the rental income business should be in accordance with generally accepted accounting practice (GAAP), subject only to adjustments required by tax legislation. Specifically, the income and expenditure should be calculated on an accruals basis.
Calculating the rental income in accordance with GAAP will mean, in particular, that any rent-free periods will be dealt with by calculating the total rent due for the life of the lease (or until the first rent review) and then dividing this equally between the term. This can mean that in the initial rent-free period the lan
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The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are
The majority of state benefits (also called social security benefits) are managed by the Department of Work and Pensions (DWP) via the Jobcentre Plus.Some benefits are dependent on a national insurance contribution record (and different classes of national insurance provide different benefit
IntroductionUK resident individuals who are non-UK domiciled can benefit from the remittance basis of taxation. The remittance basis allows for relief from UK taxation for non-UK sources of income which are not brought in (or remitted) to the UK. A remittance is any money or other property which is,
Employee benefit trusts (EBTs) are commonly used to support employees’ share schemes and to provide other benefits to employees in the form of pensions and bonuses.Their use has been significantly affected by the introduction of the disguised remuneration rules. Although the statutory exclusions
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