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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Following the end of the Brexit transition / implementation period at 11pm 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:
updated guidance on social security and national insurance for UK individuals who intend to work temporarily in the EEA or Switzerland
guides to importing and exporting goods between Great Britain and the EU
notices under The Customs (Declarations) (Amendment and Modification) (EU Exit) Regulations 2020
updated guidance for stakeholders on how to use a general guarantee account to cover any import duty and import VAT
Excise Notice 204b for commercial importers and tax representatives on EU trade in duty paid excise goods
Excise Notice 204a in relation to Temporary Registered Consignees
Excise Notice 207 in relation to claims for excise duty drawback
The Pension Schemes Act 2021 received Royal Assent on 11 February 2021 and introduced a framework of new measures, with the detail to be set out in future Regulations.
Part 1 of the Act introduces collective defined contribution schemes (CDCs), where contributions are pooled and invested with the aim of returning greater benefits to members compared to individual DC schemes. Part 2 makes equivalent provision for CDCs in Northern Ireland.
Part 3 broadens the powers of the pensions regulator to intervene to protect the interests of pension scheme
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Normal due dateSmall companies (including marginal relief companies) are required to pay all of their corporation tax ― nine months and one day ― after the end of the chargeable accounting period.For example, where a chargeable accounting period ends on 31 December 2018, the due and payable date for
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