The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Alternative dispute resolution (ADR) is widely used in the commercial world as a cheaper, more time efficient and effective way of dealing with issues and disagreements than formal litigation. ADR can come in a number of different formats including mediation, arbitrations and third party negotiation.
Historically, HMRC disputes tended to be resolved either by protracted correspondence and negotiation, or at the Tribunal. Enquiries were often time consuming and costly affairs with neither party achieving a satisfactory outcome.
Following a successful trial in 2013, HMRC made ADR available to individuals and small and medium enterprises (SME). ADR was later extended to large and complex cases. Note that the paragraph 8 of the Practice direction ― pre-action conduct and protocols
**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.
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Capital vs revenue expenditureExpenditure of a capital nature is not allowed as a deduction when calculating trading profits. Expenditure of a revenue nature is allowable, provided there is no specific statutory rule prohibiting a deduction and the expenditure also satisfies the wholly and
What is quick succession relief?Quick succession relief (QSR) reduces the tax payable when the same property has been subject to more than one charge to IHT. It applies where there have been two chargeable transfers on which tax is payable within a period of five years.Although commonly called QSR,
In certain circumstances shareholders may wish to pay dividends other than in proportion to their shareholdings. This aim is typically achieved by one or more shareholders not taking a dividend when it is declared. To effect this, the relevant shareholders must waive their right to dividends from
The reform of corporate losses within Finance (No 2) Act 2017 included a mixture of relaxations to the use of losses within the previous regime which applied before 1 April 2017 and also a major restriction (50% for most companies) on the amount of profits after 1 April 2017 that can be covered by