The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
You hardly need us to tell you that these are extraordinary times for the Treasury. In a normal year (remember those?) there is a set rhythm for the development of tax policy, with a cycle of consultations, consultation responses, draft legislation leading to a Budget and Finance Bill. All of that has now gone out of the window. The 2019 Budget was cancelled (thus giving us the first year in modern times without a Budget) and the planned 2020 Autumn Budget has just been scrapped because, in the words of the Treasury: ‘now is not the right time to outline long-term plans ― people want to see us focused on the here and now.’ That is a statement that we never imagined we would read.
Instead, we have just heard the latest plans for dealin
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Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
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
IntroductionUK resident individuals who are non-UK domiciled can benefit from the remittance basis of taxation. The remittance basis allows for relief from UK taxation for non-UK sources of income which are not brought in (or remitted) to the UK. A remittance is any money or other property which is,
Class 1 and Class 1AClass 1 and Class 1A are the categories of NIC that can be charged on expenses reimbursed and benefits provided to employees. These classes are mutually exclusive. A benefit cannot be subject to both Class 1 and Class 1A NIC. Three requirements must be met before Class 1A NIC is
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