The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
New claims for tax credits are no longer possible as they have been replaced by the universal credit for all claimants except those entitled to severe disability premium. Existing claimants will continue to receive tax credits until they are migrated to the universal credit system. Migration will take place when a change in circumstances is reported.
See the Universal credit guidance note.
The payment of tax credits is based not just on the income of the household but also the circumstances of those people included in a tax credit award notice. This includes the children or qualifying young persons as well as the claimants.
Therefore, when advising a client regarding tax credits, it is important that you have a thorough understanding of the circumstances which might affect a claim. For example, this could be whether there are any disabilities in the household, or childcare payments.
When changes occur, it is important that HMRC is notified within the required deadlines. The claimant will then be migrated to the universal credit system unless they are entitled to severe disability premium.
The main types of change that could affect a tax credit award are:
changes in the number of adults in the household (for example if a couple breaks up or two people begin living together as a couple, or a claimant leaves the UK or dies)
changes in eligibility to the elements of tax credits (for example, the arrival of a new child or qualifying childcare)
changes in the number of hours a claimant works (for example, when he stops working at least 16 or 24 hours a week
**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
There are several sets of provisions in the Taxes Acts which relate to ‘close’ companies, most of which are anti-avoidance measures aiming to catch transactions between those companies affected and their owners, where there may otherwise be a tax advantage. Broadly speaking, most owner-managed or
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
Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.