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 Reaso
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
IntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel. See the Travel expenses guidance note for more information of when
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
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