The following Corporation Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The payment of a pension contribution is part of the normal costs of employing staff and are deductible in the accounting period that they are paid, rather than the period in which the contributions are accrued. This is subject to the ‘spreading’ provisions which govern excessive pension contributions, as explained in the Allowable deductions for employee-related expenses guidance note.
This guidance note outlines some additional factors to take into account regarding pension contributions on cessation or sale of a business.
When an employer ceases to take part in a single or multi-employer defined benefit pension scheme, that employer will become liable to make an additional payment into
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There are several sets of provisions in the Taxes Acts which relate to ‘close’ companies, most of which are anti-avoidance measures aiming to catch transactions between those companies affected and their owners, where there may otherwise be a tax advantage. Broadly speaking, most owner-managed or
This guidance note explains the general rules surrounding the availability of indexation allowance on the disposal of company assets and provides information on the rebasing rules for assets held on 31 March 1982. For an overview of the general position regarding company disposals, please refer to
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
Class 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met before Class 1A NIC is
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