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Latest Owner-Managed Businesses News

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SDLT guidance update on seeding relief

HMRC has updated its guidance with a new section 'Seeding relief for Property Authorised Investment Funds or Co-Ownership Authorised Contractual Schemes’.

27 Aug 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

CC/FS60: Compliance checks: financial institution notice

HMRC has published a new factsheet on information and documents that a financial institution will need to provide to HMRC if they receive a financial institution notice (FIN).

27 Aug 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

Termination awards and sporting testimonials: HMRC equality impact assessment

HMRC has published an equality impact assessment of the changes to the NICs treatment of termination payments and sporting testimonials introduced in April 2020.

25 Aug 2021 00:00 | Published by a Tolley Employment Tax expert

CIOT response: Business rate review

The Chartered Institute of Taxation (CIOT) has responded to HM Treasury’s Business Rates Review consultation on more frequent revaluations which closed on 24 August 2021.

25 Aug 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

Company cars: advisory fuel rates from 1 September 2021

HMRC has published revised advisory fuel rates for company cars which apply from 1 September 2021.

25 Aug 2021 00:00 | Published by a Tolley Employment Tax expert

Weekly roundup of HMRC manual changes – 23 August 2021

23 August 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

23 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

SEISS API problem

The Chartered Institute of Taxation (CIOT) has reported a problem with HMRC’s software that is causing incorrect SEISS figures to be included in the self-assessment tax return.

23 Aug 2021 00:00 | Published by a Tolley Employment Tax expert

Large businesses: update on HMRC's uncertain tax treatment guidance

Following consultation, the government is introducing new rules on the requirement for large businesses to notify HMRC when they take an uncertain tax position. HMRC has published new guidance on the rules which have been laid out in Draft Finance Bill 2022.

20 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

Agent update: issue 87

HMRC has published Agent Update issue 87 (August 2021) providing a round-up of recent developments for tax agents and advisers.

19 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

Digital tax reform: professional bodies urge caution

The CIOT, ATT and other professional bodies have urged the UK government to reconsider the timetable for basis period reform alongside other changes in the move towards a digital tax system.

19 Aug 2021 00:00 | Published by a Tolley Employment Tax expert

Weekly roundup of HMRC manual changes: 16 August 2021

16 August 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

16 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

Barbados joins OECD's two-pillar plan

Barbados has joined the two-pillar plan to reform the international taxation rules to ensure that multinational enterprises pay a fair share of tax wherever they operate.

13 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters

Maldives, Papua New Guinea and Rwanda have signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Organisation for Economic Co-operation and Development ((OECD’s)) treaty for international tax co-operation and exchange of information), bringing the total number of jurisdictions that participate in the Convention to 144.

12 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC guidance: plastic packaging tax

HMRC has updated its guidance on Plastic Packaging Tax, expanding the section on liability to the tax for businesses which perform the ‘last substantial modification’ of a plastic packaging component before the packing or filling process.

12 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

Employer Bulletin: August 2021

HMRC has published its bi-monthly magazine providing the latest information on payroll-related topics for employers and agents.

12 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

Reporting coronavirus (COVID-19) grants and support payments

HMRC has published new guidance on reporting of coronavirus (COVID-19) grants and support payments on tax returns. The guidance is for the self-employed or partners in a business.

09 Aug 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

Weekly roundup of HMRC manual changes: 9 August 2021

9 August 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

09 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

USA: tax treaties

HMRC has added the UK-USA Competent Authority Agreement signed in July 2021 to its international treaty collection.

09 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

OECD publishes new ‘harmful tax practices’ peer review conclusions

The OECD has published the results from its latest peer review of preferential tax regimes.

05 Aug 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

OECD updates transfer pricing country profiles to include new fields on financial transactions and permanent establishments

The OECD has published new or revised transfer pricing country profiles for 20 jurisdictions, adding new sections on financial transactions and permanent establishments.

04 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

Popular Articles

Married couple’s allowance

Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There

14 Jul 2020 12:13 | Produced by Tolley Read more Read more

Payroll record keeping

Payroll record keepingUnder SI 2003/2682, reg 97, “...an employer must keep, for not less than 3 years after the end of the tax year to which they relate, all PAYE records which are not required to be sent to [HMRC]...”. Reasons for keeping the records include:•being able to calculate tax and

14 Jul 2020 12:52 | Produced by Tolley in association with Ian Holloway Read more Read more

Parking provision and expenses

Parking provision and expensesCar parking facilities at or near to the employee’s workplaceThere is an exemption from tax and NIC where an employer provides parking, or pays for or reimburses an employee for the costs associated with car parking at or near the place of work; there are no reporting

14 Jul 2020 11:09 | Produced by Tolley Read more Read more