The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the Special Method Override Notice (‘Notice’) which was introduced with effect from 1 January 2004. This legislation allows HMRC or a taxpayer to impose an immediate override on the results of an unfair special method until a replacement method has been agreed.
The override only affects partly exempt businesses that use a partial exemption special method where HMRC has:
served a Notice on the business (see under Notice by HMRC below)
approved a Notice served by the business (see under Notice by taxpayer)
HMRC can serve a notice to a taxpayer that a special method override will apply in relation to:
prescribed accounting periods starting on or after the date of the Notice (or from a later date)
part of a longer period which falls after the date of the Notice (or from a later date)
SI 1995/2518, reg 102A(1)–(2)
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
The basic rule is that all benefits provided to an employee by reason of their employment are taxable unless there is a specific exemption or other rule that means they are not chargeable to tax.ExemptionsThe main exemptions for employee benefits are in ITEPA 2003, ss 227–326B (Pt 4).Below is an
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the vendor in exchange for shares
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
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
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.