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 i
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IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeUK withholding tax may be reduced under the provisions of a double tax treaty (DTT). Prior to 1 June 2021, payments of interest and royalties made to EU resident associated companies were also exempt from
The transactions in securities (TiS) legislation is anti-avoidance legislation aimed at situations where close company shareholders have engineered a disposal of shares to obtain a beneficial capital gains tax (CGT) rate, ie avoid income tax, on specified transactions.The targeted anti-avoidance
This guidance note explains how to calculate the amount of tax that arises under the lifetime charge. In general terms the lifetime charge will apply to individuals who transfer property into a trust that is subject to the relevant property regime. See the Chargeable transfers and Occasions of
Personal representatives are responsible for finalising the deceased’s tax affairs. They must file outstanding tax returns and claim any repayments due.For many estates where the deceased’s tax was deducted under PAYE on pensions or employment, a refund is likely to arise because the deceased is