The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Loss-making companies will be able to surrender the losses attributable to enhanced capital allowances (100% first year allowances) on designated energy-saving or environmentally-beneficial plant and machinery in exchange for a cash payment known as a first year tax credit from the Government. However, first year tax credits have been repealed with effect from 1 April 2020. FA 2019, s 33 repeals CAA 2001, Sch A1 in its entirety.
Therefore, companies are able to claim first year tax credits in respect of qualifying
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Universal credit is a non-taxable benefit that is administered by the Department of Work and Pensions (DWP) and is available throughout the UK. It is available to individuals on low incomes whether they are in work, unemployed or self-employed. It is designed as a replacement for several ‘legacy
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