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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The Chancellor of the Exchequer, Rishi Sunak, will deliver the Spring Budget on Wednesday, 3 March 2021. We will, as usual, publish a summary of the key announcements on the same day.
In a letter to the Treasury Select Committee on 18 February 2021, Jesse Norman set out a small change to the approach to releasing consultations on tax matters. He confirmed that announcements that have fiscal implications that need to be captured in the OBR’s economic and fiscal outlook and of measures to be legislated in this year’s Finance Bill will be made on Budget day in the usual way. However, consultations relating to future tax changes will not be published on Budget day (as they have been in the past). They will instead be published, alongside a command paper to be laid in the House of Commons, on 23 March 2021. The letter also says that some documents, which are announced in the Budget and which the Government would usually have published alongside the Finance Bill, will also be published on 23 March 2021. The stated aim of this change is to give greater opportunity for scrutiny by MPs, tax professionals and other stakeholders.
HMRC has published guidance on the launch of a new SME Brexit Support Fund to support small and medium sized businesses in adjusting to the new customs and VAT rules which apply when trading with the
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IntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel. See the Travel expenses guidance note for more information of when
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
Time for paymentTwo statutory rules apply on death:•tax is ‘due’ six months after the end of the month of death and carries interest from the ‘due’ date until paidThere is a possibility of payment by instalments, but this applies to certain types of property only ― see the ‘Availability of
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
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