The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
A patent box election must be made by giving notice to HMRC, which must be in writing. The election must state the first accounting period to which it applies. It has effect for all trades carried on by the company making the election, and applies to all subsequent accounting periods unless revoked.
There is no prescribed format for providing the relevant written notice to HMRC. HMRC confirms in CIRD260100 that a corporation tax computation inclu
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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
The rent-a-room scheme was introduced in the early 1990s to encourage homeowners to take in lodgers.Fundamentally, the rent-a-room scheme is a relief which means that the rent received by an individual from a lodger (up to a prescribed limit) can be exempt from income tax. If the gross rents are
This guidance note provides an overview of what conditions need to be met before a business is entitled to treat VAT incurred as input tax. This note should be read in conjunction with the other notes in the ‘Claiming input tax’ subtopic. For a flowchart outlining the procedure for claiming input
Why is this important?Tax-free amountEach individual, whether or not they are resident in the UK, is entitled to an annual exempt amount when calculating the taxable amount of their chargeable gains for the tax year (although see the exceptions below). The annual exempt amount is also known as the
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