The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The Autumn Budget was delivered on Wednesday 27 October 2021.
For a summary of the main tax measures announced, see here.
Finance Bill 2022 will be published on 4 November 2021. Track the Finance Bill via Finance Bill Tracking Service, Finance Bill 2022.
HMRC has published new guidance on making late CJRS claims and using the online service to view or delete previous claims.
‘Make a late coronavirus job retention scheme claim’ sets out that HMRC may accept late claims or amendments if businesses:
have taken reasonable care to try and claim on time
have a reasonable excuse, and
have claimed as soon as their reasonable excuse no longer applies
To make a late claim or amendment, businesses need to:
check if they have a reasonable excuse
make sure they have all the information they need to process the claim
Businesses can use HMRC’s helpline to check if they can claim and, if their reasonable excuse is accepted, HMRC will process their claim over the phone.
‘Check a previous coronavirus job retention scheme claim’ explains that taxpayers can return to the service to view a previous claim or delete a claim (within 72 hours of making the claim).
The CJRS ended on 30 September 2021 and 14 October 2021 was the last date to make a claim for September.
As announced in Autumn Budget 2021, the deadline for reporting and paying capital gains tax on disposals of UK residential property is increased from 30 days to 60 days for disposals on or after 27 October 2021. Disposals before this date will still need to meet the 30-day requirement.
Welcoming the change, the ATT had previously noted that the 30-day time limit was too short to deal with all the necessary compliance work, and had suggested extending the window to 60 or 90 days.
The Office for Tax Simplification’s May
**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
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
The vast majority of companies will have loan relationships and so will need to consider how they are taxed under the loan relationship rules. There are also specific provisions dealing with relevant non-lending relationships and other deemed loan relationships. Companies are generally taxable on
This note provides details on how to calculate quarterly instalment payments (QIPs) for large and very large companies.The instalment amounts are based on the estimated corporation tax liability of the company’s current accounting period. Therefore, this means that large and very large companies
VAT fuel scale chargesWhat are fuel scale charges?The VAT fuel scale charge is a simplified method that can be used by a business that funds both business and private mileage costs for employees to account for any output tax due on the private use of the vehicle. The charge was introduced to