The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
In the ever-fast-moving world of tax announcements and developments, this note pulls together some of the key changes announced this week. Our commentary will be updated in due course to reflect these latest developments.
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The Scottish budget was intended to provide 'certainty and stability' for income tax payers, with Scottish taxpayers set to pay slightly less income tax in 2021–22 than in 2020–21, although the measures taken in response to the coronavirus (COVID-19) will mean that Scotland's GDP is not expected to recover to pre-pandemic levels until the start of 2024, with unemployment also expected to rise and remain higher than pre-pandemic levels until 2025. The budget was labelled as 'an unprecedented response' to investing in both the immediate resilience and longer-term recovery of Scottish businesses.
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Following the end of the Brexit transition / implementation period at 11 pm on 31 December 2020 (IP completion day), the government has been reissuing a number of Brexit webpages and guidance documents, collating existing stakeholder and sectoral guidance on legal and practical changes taking effect from 1 January 2021. These include:
Employer Bulletin: UK Transition Special Edition-Brexit transition guidance from HMRC
Agent Update: special edition dealing with Brexit highlighting the new rules for trading with Europe, business travellers, cash declarations and social security coordination
Excise Notice 197a (excise goods ― holding and movement)
Excise Notice 75 (Fuels for use in vehicles)
Further to the announcement made on 25 January that there would be no
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Normal due dateIndividuals are required to pay any outstanding income tax and Class 4 National Insurance, Class 2 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
Terminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period. So if the final accounting
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
This guidance note provides an overview of what conditions need to be met before a business is entitled to treat VAT incurred as input tax. This note should be read in conjunction with the other notes in the ‘Claiming input tax’ subtopic. For a flowchart outlining the procedure for claiming input
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