The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Business must consider both their one-off compliance obligations when the business commences, and their ongoing requirements. The extent of a business’s tax compliance obligations depends on many factors, including:
the type of entity
the size of the business
how many employees (if any)
in some circumstances, the type of work undertaken, eg construction
the type of assets in the business
existence of any share reward schemes
This guidance note summarises the main tax compliance obligations for new businesses. For checklists of compliance requirements which can be used at client visits, see the Starting the business ― overview guidance note.
A sole trader must notify HMRC that they have started in business, as soon as the business commences, at Register for and file your self assessment tax return.
There are a number of types of taxpayer and organisation which cannot register using this service. Instructions for these groups to register are found as you progress through the screens.
The nominated partner must register the partnership for self assessment with HMRC using the Set up a business partnership website.
The following forms should be used to register with HMRC the members of an LLP / partners of a partnership who are not the nominated partner:
Self assessment: register a partner for self assessment and Class 2 NIC (SA401)
Self assessment: register a partner for self assessment if they’re not an individual (SA402) (this form is still available to print and post)
Members / partners need to complete these forms when registering a new partnership or as partners of a partnership, regardless of whether they are already registered with HMRC as self-employed in another capacity.
For further guidance on setting up LLPs,
**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 corporate interest restriction (CIR) essentially limits the amount of interest expense a company can deduct from its taxable profits if the interest expense is over £2 million. The actual mechanics of the CIR calculation are highly complex (the legislation is over 150 pages long) and are
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every
This guidance note provides an overview of what conditions need to be met before a business is entitled to treat VAT incurred as input tax. This note should be read in conjunction with the other notes in the ‘Claiming input tax’ subtopic. For a flowchart outlining the procedure for claiming input
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.