The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance deals with companies and not individuals / partners.
Sales or acquisitions of businesses are likely to include the transfer of goodwill and / or other intellectual property (IP).
Intangible fixed assets (IFAs) are assets which are defined as intangible assets under GAAP, which have a continuing use in the company’s trade. For accounting periods starting on or after 1 January 2015, companies must account for intangibles under either IFRS or FRS 102. The definition of intangible assets (other than goodwill) in FRS 102 is “identifiable non-monetary asset without physical substance” where ‘identifiable’ is an asset that is separable or arises from a legal contract or other legal right. Under FRS 102, goodwill is recognised at cost, being the excess of the cost of the business over the acquirer’s interest in the net amount of identifiable assets, liabilities and contingent liabilities. The definition under ‘old’ UK GAAP wa
**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
IntroductionUK tax must be withheld on UK payments including:•interest•royalties•rental incomeWithholding tax may be reduced under double tax treaties (DTT) or European directives, both of which may be subject to making a formal claim.This guidance note outlines the rules for UK withholding tax, and
This guidance note explains the general rules surrounding the availability of indexation allowance on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview of the general position regarding company disposals, please refer to
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
Employee benefit trusts (EBTs) are commonly used to support employees’ share schemes and to provide other benefits to employees in the form of pensions and bonuses.Their use has been significantly affected by the introduction of the disguised remuneration rules. Although the statutory exclusions
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.