The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The Finance Bill was passed by the House of Commons at Report Stage on Monday 24 May. All government amendments were approved, including the new Schedule ‘VAT and distance selling: Northern Ireland’ which has been inserted into the Bill as Sch 18.
The final version of the Bill (the ‘Lords Bill’) was published at the end of 25 May and will be considered by the Lords on Tuesday, 8 June. As the Lords do not have the power to amend a ‘Money Bill’, this stage is a formality with no further changes (other than minor typographical corrections) being made.
Royal Assent to Finance Act 2021 is expected before both Houses of Parliament begin their summer recess on 23 July 2021 ― although it could possibly be earlier than usual, given the speed at which the Bill has completed its Parliamentary stages. It is worth noting that HMRC’s Agent Update issue 84 (May 2021) hinted at a ‘mid-July’ Royal Assent date, in its coverage of claims for extended loss carry-back which cannot be made until the Act receives Royal Assent.
HMRC has updated its Coronavirus Job Retention Scheme (CJRS) guidance as follows:
new sections on how employers can correct overclaims in a subsequent CJRS claim ― this provides a step by step guide for employers on how to enter the correct claim and overclaim amounts in their claim forms
new templates to use if employers are putting 16 to 99 employees on furlough (previously there was only a template for 100 employees or more). Employers will need to upload this file for each employee in order make their claims
HMRC has published revised advisory fuel rates for company cars which apply from 1 June 2021. The rates are to be used only where employers either reimburse employees for bu
**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
Liability of the personal representativesAfter a person’s death, the property of the deceased is vested in the personal representatives (PRs) to enable them to manage and distribute the estate in accordance with the Will or the terms of intestacy. See the Personal representatives guidance note.The
IntroductionConsortium relief enables losses of a consortium company to be transferred to consortium members in proportion to the consortium member’s interest in the consortium company, and vice versa. Consortium relief is a flexible relief which is available in several different scenarios which are
IntroductionThe CFC rules as outlined in this note apply to accounting periods beginning on or after 1 January 2013, the date upon which significant changes made by Finance Act 2012 became effective.From this date, the CFC rules also apply to foreign branches in respect of which an exemption
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
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.