The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
A taxpayer’s inability to meet an obligation such as a payment or filing deadline due to coronavirus (COVID-19) will be accepted as a reasonable excuse. However, this is on condition that the taxpayer remedies the failure as soon as they are able to do so. Additionally, taxpayers will need to explain how they were affected by coronavirus when making their appeal, and this is discussed in ‘Covid-19 and reasonable excuse’ by Helen Adams in Tax Journal, Issue 1489, 12 (29 May 2020).
For commentary on reasonable excuse, see the Reasonable excuse for failure to notify, Reasonable excuse for late paid tax and Self as
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
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
The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
Maintenance payments are payments made by a taxpayer to their former or separated spouse for the maintenance of that former spouse or their children. To obtain any tax relief for maintenance payments, one of the couple must have been born before 5 April 1935 and the payments must be made by virtue
Why is this important?Tax-free amountEach individual, whether or not they are resident in the UK, is entitled to an annual exempt amount when calculating the taxable amount of their chargeable gains for the tax year (although see the exceptions below). The annual exempt amount is also known as the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.