The following Employment Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The treatment of benefits provided by an employer follows much the same rules for both corporation tax and income tax on trading profits.
The key point to remember is that there is no symmetry between the deduction available to the employer in computing his trading profits for income or corporation tax purposes and the cash equivalent of the benefit upon which the employee is taxed. See Example 1.
The rules on how to calculate the profits of a business for tax purposes are in ITTOIA 2005 and the equivalent rules for companies are in CTA 2009. The deductions available to the employer have generally accepted accountancy principles as their starting point.
The two basic questions that
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Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,250 in 2020/21 and 2019/20) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website
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
This guidance note provides an overview of the steps businesses need to take if aspects of their business change, and as a result, they need to notify HMRC about the change.Changes to name and / or addressIf a business changes its name and / or its address then it is required to notify HMRC of the
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