SearchIndex - tax-essentials.co.uk

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A

Accommodation

Benefits in kind

Associated to work-related training

Job-related accommodation

Job-related and principal private residence relief

Living accommodation provided as a BIK

Provided during public transport strike

Valuation of services ancillary to job-related accommodation

Business accommodation

Accommodation expenses

Expenditure incurred on temporarily empty property

Income from surplus business accommodation

Capital allowances

Plant and machinery used in and long life assets

PAYE and NIC

Council tax paid included as earnings for NIC

Stamp duty land tax

Provided by reason of employment

Treatment of various types of accommodation

UK Residence

Availability of accommodation

Disposal of UK property by non-resident

VAT

Construction of dwelling

Input tax when provided to director

Provision of sleeping or holiday accommodation and rate of supply

Accounting - theoretical framework

Basic accounting concepts

Capital maintenance concepts

Overview

Accounting period

Corporation tax

Apportionment of income for long period of account

Calculation of corporation tax liability

Cessation/commencement

Change of accounting reference date and CTSA

Definition

Entering liquidation

Long period and CTSA filing obligations

Main entry

Notifying chargeability to HMRC

Income tax

Basis periods and overlap relief on cessation of trade

Basis periods on commencement of trade

Change of accounting date and loss relief on commencement

Change of accounting date and overlap relief

Change of accounting date in third year of trading

Conditions for valid change

Lloyd's accounting year

Partnerships

Sole traders

Accounting records (AFR)

Cash accounting

VAT scheme

Preparation of financial statements

Form and content of accounts: overview

General legal framework

Retention of accounting records

Underlying accounting records

Accrued income scheme

Income tax

Main entry

Trusts

Rules relating to trustees

Agency worker

Income tax

Tax status

Travel between home and workplace

PAYE and NIC

Leaving employment

NIC treatment

SSP

Treatment for PAYE purposes

Agent (Tax)

Estate agent

Flat rate scheme

Services of, and place of supply

Harmonisation

HMRC requests for information from an agent

Stamp taxes

Notification and payment obligations for SDRT

Stock transfers carried out by intermediaries

Transactions which are exempt from the principal SDRT charge

VAT - general rules

Acting for overseas principals

Acting in his own name

Acting in the name of the principal

Disbursements

Overview

VAT - specific circumstances

Authorised to act for business in dealings with HMRC

Authorised to submit clients' VAT returns electronically

Bad debt relief where VAT calculated on profit margin

Debt collection by and cash accounting

Exports

Registration by

Time of supply for continuous supplies of services

Travel agent and flat rate scheme

Agricultural property relief

Inheritance tax

Disposal of principal private residence which is trust property

Eligible property

How relief is given

Impact on fall in value relief

Interaction of APR and BPR

Main entry

Ownership requirements

Transfer apportioned to participators in close company

Woodlands

Trusts

APR and chargeable trusts

Termination of interest in possession on death

Agriculture

Agricultural property relief

APR and chargeable trusts

Disposal of principal private residence which is trust property

General rules

Impact on fall in value relief

Termination of interest in possession on death

Transfer apportioned to participators in close company

Other direct tax issues

Agricultural assets and CGT gift relief

Non-qualifying trade for CVS

Non-qualifying trade for EIS

Non-qualifying trade for EMI scheme

Receipts excluded from property business income

Tenancy

Changeable rent and SDLT

Covenant to assign single Farm Payment and SDLT

Whether grant of tenancy is transfer of value

Trading activities

Averaged profits and calculation of Class 4 NIC

Averaging profits

Herd basis

Main entry

Overview

VAT issues

Agricultural flat rate scheme

Auctioneers' scheme

Husbandry of animals and flat rate scheme

Annual investment allowance

Capital allowances

Businesses other than companies

Companies

Main entry

Annuities

Capital gains tax

Paid to retiring partner

Whether chargeable asset for CGT

Income tax

Income from and calculation of taxable income

Income not received in the UK

Interest on certain loans to pensioners to acquire annuity

Life policy gains

Loss relief on cessation

Main entry

Pension payment

Purchase of approved annuity and termination payments

Tax retained on payments made net of tax

Treatment by payer

Inheritance tax

Valuing the death estate

Stamp duty land tax

Chargeable consideration and future payments

Trusts

As part of a life interest trust

Paid by trustees

Provided for in a will

Valuation of interest of beneficiary

Appeals and disputes (Tax)

Corporation tax

Penalty determination

General principles

Appeals which were in progress at 1 April 2009

Direct tax model

HMRC decisions which can be appealed

Indirect tax model

Reviews and appeals - main entry

Harmonisation

Penalties in relation to inspection and information powers

Penalties relating to late filing

Penalties relating to senior accounting officer

Income tax

Main entry

Inheritance tax

Review of appeal following determination

PAYE and NIC

Against PAYE determination

Employee's liability for incorrect PAYE deductions

Failure to file PAYE forms online

Subcontractor application for gross payment

Subcontractor application for net payment

Stamp taxes

Determination of SDRT

Discovery assessment relating to SDLT

Enquiry by HMRC into land transaction return

Penalties relating to SDLT

Trusts

Determination of IHT due

Enquiry into vulnerable person election

VAT

Anti-avoidance relating to VAT group

Civil evasion penalties

Estimated amount of VAT due

Failure to repay overseas VAT

Failure to repay UK VAT to non-UK trader

HMRC refusal to allow use of a retail scheme

Issues relating to VAT

Notice of direction

Notice of joint and several liability

Override notice

Surcharge assessment

Associate companies

Classification

Determining the relationship

Overview

Determining associate status

Definition

Apprenticeships

Funding and levy

Main entry

Types of apprenticeship

Main entry

B

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

C

Capital allowances

Asset types

Main entry

Computational issues

Businesses using the cash basis

Disposal of asset on which capital allowances could be claimed

Inclusion in group relief calculation

Interaction with capital goods scheme

Long period of account

Loss on sale of building where capital allowances previously given

Plant and machinery and management expenses

Used to create a loss

International issues

Overseas property

Transfer of UK trade in no gain/no loss disposal

Transfer pricing

Specific situations

Assets used by a partner

Implications of employment/self-employment

Interaction with lease premiums

Late amendment of return

Plant and machinery used in a dwelling house

Rent factoring

Reverse premiums

Used in an employment

Capital gains

Administration

Annual exemption

Disclosure rules

Double tax relief

Due date for payment

Non-residents disposing of UK residential property

Rates of tax

Returns

Returns

Self-assessment

Tax liability

General principles

Allowable expenditure

Basic computation

CGT and overseas trusts

CGT and trusts

CGT losses

Disposal proceeds

Excluded expenditure

Exempt assets

Location of assets

Location of assets

Overview

Reliefs

Business asset disposal relief

Chattel relief

Enterprise investment scheme

Gift relief

Incorporation relief

Investors' relief

Principal private residence relief

Rollover relief

Seed enterprise investment scheme

Venture capital trusts

Specific types of asset

Assets where capital allowances could be claimed

Close companies which are not UK resident

Debts and loans

Know-how

Land and interests in land

Leases of land

Negligible value assets

Part disposals of land

Partnership assets

Plant and machinery under a long funding lease

Reorganisations

Shares and securities

Wasting assets

Wasting assets

Specific types of disposal

Capital sums derived from assets

Compensation receipts

Connected persons

Death

Gifts

No gain/no loss disposals

Options

Overview

Part disposals

Value shifting

Capital goods scheme

Capital allowances

Annual investment allowance

Business premises renovation allowance

Effect of adjustments

Research and development allowances

VAT

Ineligibility for flat rate scheme

Main entry

Partial exemption

Records to be retained

Supplies unaffected by the option to tax

Car

Capital allowances

Cessation of car hire trade

Emissions level over 160g/km

Exclusion from annual investment allowance

Exclusion from long life asset rules

Exclusion from short life asset rules

Expensive cars

Leased to third party

Low emissions levels

Unavailability where private car used by employee

Capital gains tax

Whether chargeable asset

Computation

Deductibility of payments made in relation to a leased car

Corporation tax

Expensive leased car and intangible assets code

Whether lease payments deductible as management expenses

Income tax

Benefit in kind - main entry

Mileage allowance for use of employee's own vehicle

Provision by employer to employee

Provision of fuel

Treatment for calculating £8,500 threshold

Whether car phone exempt as a BIK

PAYE and NIC

P46(car) and company car supplied to employee

VAT

Acquisition of new means of transport

Acquisition of second-hand car from another EU member state

Availability of input tax deduction

Child car seat taxable at reduced rate

Disposal for no consideration

Excluded from global accounting unless broken up as scrap

Export

Flat rate scheme

Import of second-hand car

Letting on hire for less than full consideration

Provision of parking spaces and rate of VAT

Self-supply

Treatment of second-hand cars

Whether invoice required as evidence for input tax claim for car parking

Work carried out on goods for export

Cash basis

Capital allowances

Entering and leaving the cash basis

Property income

Mandatory use of cash basis

Restriction on interest deduction for cash basis taxpayers

Trading income

Allowable expenses

Computation

Eligibility

Entering and leaving the scheme

Excluded persons

Introduction of the scheme

Losses

Taxable receipts

Chargeable gains

General principles

Anti-avoidance

Assets held on 6 April 1965

Change of residence

Depreciatory transactions

Disincorporation relief

Disposal of asset subject to heldover gain

Dividend stripping

Indexation allowance

Liquidation

Main entry

Manipulation of capital losses

No gain/no loss disposals

Non-resident company disposing of UK land

Overview

Rebasing

Shares and securities

Specific transactions

Stock appropriations

Utilisation of capital losses

Issues involving groups

Assets transferred between group companies

Group liability for tax of group members

Pre-entry gains/losses

Rollover and holdover reliefs within a 75% group

Substantial shareholding provisions

Transfers of trading stock between two group companies

Specific situations

Allocation in relation to long period of account

Buy back of shares

Corporate venturing scheme

Transfer pricing

Trusts

Overseas trusts

Trusts

Charitable donations

Computation

Whether deductible expenditure

Corporation tax

Contributions to grassroots sport

Humanitarian purposes

Inclusion in group relief calculation

Relief - main entry

Income tax

Excluded from being qualifying annual payments

Gift Aid

Payroll giving

Inheritance tax

Gifts to charities

PAYE and NIC

Payroll giving and NIC

Trusts

Tainted donations

VAT

Whether consideration for a supply

Charities

Capital gains tax

Assets gifted to

Exemption

No gain/no loss disposals

Charitable trusts

10-year charge on chargeable trusts

CGT

Definition

Distributions/interest paid to

Exit charge from chargeable trusts

Gift by UK resident trustees excluded from income of settlor

Gifts and holdover relief

IHT

Income tax - main entry

Lottery proceeds

Profits from a trade

Trustees disposing of trust property

Computation

Deductibility of charitable donations

Employment costs of staff sent on secondment to charity

Corporation tax

Supplementary pages to CT600

Harmonisation

Election that income tax repayment should be given to charity

Income tax

Directors of and job related accommodation

Gift Aid

Gifts of land/shares to and calculation of taxable income

Payroll giving

Inheritance tax

Exemption and national heritage property

Exemption from apportionment for transfer by close company

Gift with reservation of benefit

Gifts and exempt transfers

Reduced rate of tax where proportion of estate is left to charity

Related property

Transfers on death

Stamp taxes

Compulsory adjudication of transfer for stamp duty

Exemption from SDLT

Requirement to submit further SDLT return

Whether exempt transferee for purposes of SDRT

Whether exempt transferee for purposes of stamp duty

VAT

Buildings used by and change of use

Buildings used by and option to tax

Charitable use of building and capital goods scheme

Goods exported by

Relevant charitable buildings

Supplies by/to

Supply of power to

Charities (AFR)

VAT

Supplies by/to

Supply of power to

Children

Childcare

Child tax credit

Childcare and workplace nurseries

Foster carers

Impact of childcare on calculation of working tax credit

NIC treatment of foster carers

Responsibilities and NIC

Vouchers, inclusion for earnings for NIC

Income tax

Benefit provided

Child trust funds

Child trust funds

Entitlement to personal allowance

High income child benefit charge

Income derived from parents

Junior ISA

Remittance basis charge

Travel expenses

Inheritance tax

Transfer of value - expenditure for family maintenance

Stamp duty land tax

Children's homes excluded from residential accommodation for SDLT

Trusts

Definition for purposes of accumulation and maintenance trusts

Definition of dependent child where interest retained by settlor

Payments to unmarried minor children of settlor and income tax

Trusts for relevant/bereaved minors

Trusts for young people and income tax

Vulnerable trusts and CGT

Vulnerable trusts and income tax

VAT

Items which are zero-rated supplies

Whether car seat a reduced-rated supply