The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Today saw the latest instalment in the never-ending cycle of tax announcements. Most of what has been published is draft legislation to give effect to proposals that have already been made. Our initial reaction is that there is nothing in these drafts that will set pulses running, but we will be publishing detailed analysis of the legislation in our usual commentary sources over the coming days.
Much more interesting is the publication of a document setting out the Government’s long-term framework for Making Tax Digital (MTD). The grand plans for the abolition of the tax return, which were set out as long ago as 2015, got rather stuck in the mud, but MTD for VAT is now in operation for many businesses, and the Government has now announced plans to revive the MTD programme for income tax. The headline is that MTD will be compulsory for businesses and landlords from April 2023, including a requirement for quarterly reporting and electronic record-keeping. A consultation on MTD for corporation tax will be published later this
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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
The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
Normal due dateSmall companies (including marginal relief companies) are required to pay all of their corporation tax ― nine months and one day ― after the end of the chargeable accounting period.For example, where a chargeable accounting period ends on 31 December 2018, the due and payable date for
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
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