The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The Government has tabled two sets of amendments to Finance Bill 2021 to ensure that: (a) the Sch 7 changes to the hybrids rules work as intended, and (b) property acquisitions in freeport tax sites using alternative finance arrangements will benefit from freeports SDLT relief in the same way as transactions using conventional finance (Sch 22).
To see these amendments set out in the text of the Bill, along with a summary of the changes, see Finance Bill Tracking Service, Finance Bill 2021.
A further Treasury Direction in relation to SEISS has been published in relation to the fourth grant under the Self-Employment Income Support Scheme (SEISS) which was established amid the coronavirus (COVID-19) pandemic. This direction modifies and extends the effect of the SEISS to reflect the latest changes, covering the period from 1 February 2021 to 30 April 2021.
HMRC has also updated its suite of SEISS guidance accordingly. The fourth taxable grant is worth 80% of average monthly trading profits, paid out in a single instalment covering three months’ worth of profits and capped at £7,500 in total.
Applications for the fourth grant will open at the end of April 2021. HMRC explained that eligible persons with be contacted by email, letter or within the online service in mid-April and provided with a date on which claims can be submitted. To be eligible for the fourth grant, taxpayers must be self-employed or a member of a partnership and must have traded in the last two tax years and have suffered a significant reduction in trading profits due to reduced business activity, capacity or demand or inability to trade due to coronavirus during the period 1 February 2021 to 30 April 2021.
A further Treasury Direction in relation has also been published in
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‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
The corporate interest restriction (CIR) essentially limits the amount of interest expense a company can deduct from its taxable profits if the interest expense is over £2 million. The actual mechanics of the CIR calculation are highly complex (the legislation is over 150 pages long) and are
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every
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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