The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Regulations SI 2021/718 extend the period within which the temporary provision in Schedule 10 to the Corporate Insolvency and Governance Act 2020 (CIGA 2020, Sch 10) has effect, from 30th June 2021 until 30th September 2021.
Schedule 10 temporarily restricts the use of statutory demands and winding-up petitions so as to mitigate the effects of coronavirus. The period within which that Schedule has effect has previously been extended by SI 2020/1031, SI 2020/1483 and SI 2021/375.
These Regulations came into force on 22 June 2021.
HMRC has updated its bi-monthly magazine for June 2021 to provide the latest information for employers and agents on the deadline of 30 June 2021 which applies to both the EU Settlement Scheme and the Small to Medium Enterprise (SME) Brexit Support Fund.
This updated edition provides the latest information on:
deadline for the EU Settlement Scheme ― 30 June 2021 ― EU, EEA and Swiss citizens and their family members, who were resident in the UK by 31 December 2020, need to apply to the EU Settlement Scheme by 30 June 2021 to make sure they can continue to live, work, study, access healthcare, benefits and pensions. The guidance notes that it is not an employer’s responsibility to check if employees have applied but that they can play a role in reminding them of the deadlin
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‘Bed and breakfasting’ was the pre-1998 practice of selling shares and repurchasing them the following day. This technique can still be used in a modified form to achieve capital gains tax (CGT) savings for current or future tax years using:•a spouse / civil partner•a self-invested pension plan
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are
If the self assessment tax return shows that a repayment is due, the taxpayer can claim a repayment or leave it as a credit on their statement of account.The quickest and safest method is for HMRC to make the payment direct to the taxpayer’s bank or building society account and so they are asked to
This guidance note covers measures in place to allow taxpayers to defer VAT payments as a result of pressures faced due to the coronavirus pandemic.For an overview of the impact of coronavirus on VAT more broadly, see the Coronavirus (COVID-19) and VAT ― overview guidance note.See also the CIOT
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