The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
HMRC has announced that the Brexit support fund for small and medium sized enterprises (SMEs) is now open for applications. SMEs can apply for a grant of up to £2,000 to support them while adapting to new rules on trading with the EU. Any UK business with fewer than 500 employees that imports or exports goods between Great Britain and the EU, or moves goods between Great Britain and Northern Ireland, is encouraged to apply. Applications must be submitted by 30 June 2021.
Speaking about the fund, Directors General of Borders and Trade at HMRC, Katherine Green and Sophie Dean, said: ‘We recognise that changes to customs rules have been challenging for small and micro businesses, and this is why we are encouraging business owners to apply for support through the SME Brexit support fund.’
HMRC has updated the following guidance in relation to imports, exports and customs requirements for businesses:
Attending an inland border facility ― updated with information on Holyhead Interim Inland Border Facility in Ashford, plus confirmation that Waterbrook inland border facility is closing. It will only open to serve as a contingency site for Sevington site when this site is closed
Declare commercial goods you’re taking out of Great Britain in your accompanied baggage or small vehicles ― updated vehicle information in the ‘before you start’ section
Bringing commercial goods into Great Britain in your baggage and Taking commercial goods out of Great Britain in your baggage ― updates for date for when businesses will need to submit a full customs export declaration to HMRC
Using CHIEF for declaring goods into or out of Northern Ireland and Check if you can declare goods you bring into Northern Ireland not ‘at risk’ of moving to the EU ― updates on how to make a declaration for goods in CHIEF into and out of Northern Ireland, and how to apply for authorisation
**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
There are several sets of provisions in the Taxes Acts which relate to ‘close’ companies, most of which are anti-avoidance measures aiming to catch transactions between those companies affected and their owners, where there may otherwise be a tax advantage. Broadly speaking, most owner-managed or
From 6 April 2015, an individual can elect to transfer 10% of the personal allowance (£1,250 in 2020/21 and 2019/20) to the spouse or civil partner where neither party is a higher rate or additional rate taxpayer. The legislation calls this the ‘transferable tax allowance’ but the GOV.UK website
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
The rent-a-room scheme was introduced in the early 1990s to encourage homeowners to take in lodgers.Fundamentally, the rent-a-room scheme is a relief which means that the rent received by an individual from a lodger (up to a prescribed limit) can be exempt from income tax. If the gross rents are
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.