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 e
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Arguably, the most important exemption from IHT is the married couple / civil partner exemption.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’). The exemption applies to inter-spouse
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s
Interest paid on qualifying loans is deducted from the taxpayer’s total income (ie a Step 2 deduction from total income). See the Proforma income tax calculation guidance note.Interest on qualifying loans is usually paid gross by the individual borrower; tax is not withheld at source. This includes
Normal due dateIndividuals are required to pay any outstanding income tax, Class 2 and Class 4 national insurance and capital gains tax due for the tax year by 31 January following the end of the tax year (ie 31 January 2021 for the 2019/20 tax year). From 6 April 2020, UK resident individuals who