The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
HMRC has updated its guidance on the Coronavirus Job Retention Scheme (CJRS) and Self-Employment Income Support Scheme (SEISS) to reflect the end of both schemes on 30 September 2021.
The CJRS ended on 30 September 2021. Claims for September must be submitted by 14 October 2021 and any amendments must be made by 28 October 2021.
Claims for the fifth SEISS grant have now closed. The last date for making a claim was 30 September 2021.
These Regulations substitute a second, replacement Schedule 10 to the Corporate Insolvency and Governance Act 2020. These Regulations replace SI 2021/1029 which contained an error and are revoked by regulation 2 of these Regulations. Regulations 1 and 2 came into force on 28 September 2021 and the remainder of these Regulations came into force on 1 October 2021.
Schedule 10 to the Corporate Insolvency and Governance Act 2020 placed restrictions on the use of statutory demands and company winding up petitions. These restrictions were scheduled to expire on 30 September 2021.
The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendments of Schedule 10) Regulations 2021, SI 2021/1029, which were made on 10 September 2021 and were due to come into force on 29 September but with effect for winding up petitions from 1 October 2021, introduced a new Schedule 10, which provided for tapering measures aimed help business get back to normal without facing a 'cliff edge' following withdrawal of the current provisions.
These Regulations revoke the earlier regulations and replace that new Schedule 10 with another new Schedule 10. The tapering measures remain the same. The revocation, and the substitution of this new instrument, addresses an error in the coming into force date for the provisions, which would otherwise have resulted in there being no restrictions under the Corporate Insolvency and Governance Act 2020 on winding-up petitions made on the 29th and 30th
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A time to pay arrangement, which may also be referred to as TTP in practice, is a negotiated agreement between HMRC and the taxpayer to allow for tax to be paid after its due date.The guidance in this note applies to individuals under self assessment and companies paying corporation tax. It does not
IntroductionA company that is not resident in the UK will only be subject to UK corporation tax if it carries on a trade in the UK through a permanent establishment. Where it does so, it will be subject to UK corporation tax on all profits that are attributable to the UK permanent establishment.
Companies can obtain corporation tax relief for qualifying payments or certain transfers of assets to charity under the qualifying charitable donations regime. Definition of qualifying charitable donationThe definition of ‘qualifying charitable donations’ includes:•qualifying cash donations to
This guidance note considers the capital gains tax implications where shares are sold in exchange for new shares.The consideration paid by a purchasing company to the shareholder(s) for their shares in a target company could be in the form of either:•new shares in the purchasing company in exchange