The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Regulations (SI 2021/435) make technical amendments to the Trade Preference Scheme (EU Exit) Regulations 2020 (SI 2020/1438).
These Regulations amend SI 2020/1438 to correct typographical or similar errors and do not change or introduce new policy. The trade preference scheme allows an importer to claim a lower rate of import duty than would generally be applicable where the goods originate from an eligible developing country.
These Regulations come into force on 23 April 2021.
The Treasury launched the recovery loan scheme on 6 April 2021. The scheme will provide financial support to UK businesses as they recover from the coronavirus pandemic.
The new recovery loan scheme is intended to ensure businesses continue to benefit from Government-guaranteed finance throughout 2021. Businesses impacted by the coronavirus crisis will be able to access loans varying from £25,000 up to a maximum of £10m. The scheme runs until 31 December 2021.
The recovery loan scheme will be administered by the British Business Bank, with loans available through a diverse network of accredited commercial lenders. The Government will provide an 80% guarantee for all loans, and interest rates have been capped at 14.99% but are expected to be much lower than that in the vast majority of cases. Ministers are urging lenders to ensure they keep rates down to help protect jobs.
The recovery loan scheme can be used as an additional loan on top of support received from the new restart grants scheme which launched on 1 April 2021, and the emergency schemes, including the bounce back loan scheme and coronavirus business interruption loan scheme, put into place in 2020.
The Chartered Institute of Taxation (CIOT) has shared an ‘HMRC Stakeholder Digest’ on behalf of HMRC that provides a round-up of its latest news and updates.
The Government has set up a dedicated support page where businesses can find the right support, advice and information to help with the impact of
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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
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
Business asset disposal relief (previously known as entrepreneurs’ relief) is a capital gains tax (CGT) relief that allows business owners with chargeable gains on qualifying business assets to pay CGT at a rate of 10%. For disposals made on or after 11 March 2020, the relief is available on up to
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