The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
These are our brief notes and thoughts on cases published in the last week or so which caught our eye and are likely to be of particular interest to tax practitioners. Full case reports and commentary on most of these cases will be included within our normal reference sources in the coming weeks.
Have you ever had cause to wonder what is meant by the word ‘tunnel’? You or I may not have, but the judges of the Court of Appeal had to consider the question in the context of this case, which is concerned with how much of the construction costs of a hydro-electric power scheme qualified for capital allowances. As the judges noted, it is ironic that the whole project was completed within three years whereas it has already taken over 10 years to resolve the tax position.
The court held that most, though not all, of the disputed expenditure did qualify for capital allowances. Few readers will have clients who are developing power stations, but there is much of interest in this decision for all concerned with capital allowances, particularly when dealing with the boundaries between what is plant and what is a building. The rules here are extraordinarily complex, with
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Maintenance payments are payments made by a taxpayer to their former or separated spouse for the maintenance of that former spouse or their children. To obtain any tax relief for maintenance payments, one of the couple must have been born before 5 April 1935 and the payments must be made by virtue
From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,250 in 2020/21 and 2019/20) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website
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 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
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