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Bad debts

Corporation tax

Impairment losses and loan relationships

Intangible assets code

Whether deductible expenditure for corporation tax

VAT

General rules for VAT

Interaction with cash accounting

Records to be retained

Written off and retail schemes

Benefit in kind

General principles

Directors

Historical distinction between lower paid and relevant employees

What is a BIK

Non-taxable benefits

Main entry

Summary

PAYE and NIC

PAYE implications

Payrolling benefits

Tax code

Treatment for Class 1A NIC liability

Specific situations

After retirement

Land transaction which is treated as BIK (SDLT)

Participator in close company (CT)

Salary sacrifice

Taxable benefits

BIKs taxable on all employees - main entry

BIKs which historically were only taxable on relevant employees - main entry

Overview of taxable amount

Payrolling of benefits

Summary

Trivial benefits

Borrowing (Company law)

Pledge

Main entry

Buildings

Annual tax on enveloped dwellings

Main entry

Capital allowances

Alteration costs (including rebuilding) - eligible for WDA

Business premises renovation allowances

Distinction between buildings and plant and machinery

Flat conversions

General rules

Plant which is an integral feature of a building

Specific types of expenditure eligible for capital allowances

Structures and buildings allowance

Capital gains tax

Compensation for loss or destruction of asset

Gift to a charity

Negligible value claim

Qualifying asset for rollover relief

Income tax

Pre-owned assets

Inheritance tax

Agricultural property relief

Business property relief

Conditions to be accepted in satisfaction of IHT

National heritage property

Payment of IHT in instalments

Sale of post-death and fall in value relief

Specific valuation rules

Stamp taxes

Annual tax on enveloped dwellings

General principles of SDLT

Rates of SDLT

Reporting requirements for the purchaser

Trusts

Provision of maintenance funds for historic buildings

VAT

Capital goods scheme

Construction services

DIY housebuilders and builders using own labour

Exploitation and letting of property

Freehold and leasehold disposals of existing buildings

Freehold and leasehold disposals of new buildings

Land and buildings - general rules

Option to tax

Option to tax - land and property and a transfer of a going concern

Place of supply of services

Summary of VAT liability

Work done on existing buildings

Business asset disposal relief

Capital gains tax

Main entry

Set off of losses

Income tax

Furnished holiday lettings

Trusts

Disposals of trust business assets by trustees

Personal representatives

Business property relief

Inheritance tax

Application of the relief

Definition

Eligible property

Impact on fall in value relief

Interaction of APR and BPR

Main entry

Ownership requirements

Transfer apportioned to participators in close company

Trusts

Chargeable trusts

Termination of interest in possession on death

Business type (Company law)

Unincorporated

Main types of

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Income tax - Employment income - Expenses and benefits - II. Benefits in kind - Taxable benefits - Scope - Payrolling of benefits - 27417

Since 2017/18, an employer has had the option of payrolling all benefits excluding beneficial loans and employer-provided living accommodation. The system works on a tax year basis, so once an employee...

Commentaries / Tax Memo • 19.01.2021

PAYE and NIC - Pay as you earn - Other payments and deductions - Benefits and expense payments - Payrolling of benefits - 40940

An employer can choose to process certain benefits via the payroll, excluding living accommodation and beneficial loans.Comment The advantages of payrolling are: - benefits taxed in this way...

Commentaries / Tax Memo • 19.01.2021