The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The patent box legislation sets out the relevant steps that should be followed in order to calculate the qualifying IP profits to which the reduced rate of corporation tax may be applied. The process can be complex to implement for smaller companies, therefore the legislation provides for a ‘simplified’ small claims treatment which can apply, where a company (that meets the qualifying conditions) elects.
An election for the small claims treatment can only be made if:
the company carries on only one trade during the accounting period
the qualifying residual profit (ie the amount arrived at from the relevant IP sub-stream after deducting the allocated debits and a routine profit element from associated trading profits) of the trade is less than £1,000,000 and, in the last four years, the company has n
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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
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
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
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