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Exceptionally, claims for group relief or capital allowances may result in amendments to the figures at a later date, in which case the figures cease to be final until the latest of: - the date...
If one of the partners is a UK-resident body corporate, a separate computation of taxable profits or losses must be prepared for the partnership using corporation tax (rather than income tax) principles....
If relief is given for part of a premium in the profit and loss account, that element must be excluded from any capital allowances computation. - This applies to the incoming tenant if the property has...
Rent factoring is an arrangement whereby a person obtains a lump sum payment (the finance amount) in return for selling a rental income stream. The finance amount is, in effect, a loan which...
The following table highlights some of the differences between employment and self-employment in their tax treatment. These may be significant when arguing a worker's status. Issue Employment Self-employment...
The conditions for obtaining a deduction depend on the nature of the expense: - qualifying travel expenses must have been incurred necessarily in the performance of the duties of the employment;...
Where expenditure is incurred necessarily on plant and machinery (other than a road vehicle or bicycle) for use in the performance of the duties of the employment, capital allowances may be claimed (for...
Some of your employees are using their own IT equipment while working at home during the coronavirus pandemic. You want to pay them an allowance to compensate them for the business use. Do you...
There’s more than one rule which determines the type of tax relief you can claim for capital expenditure in a property rental business. Different rules can apply from year to year. Which can...
Who can claim CAs?CAs are a tax deduction from income and can be claimed by individuals, partnerships and companies against their business income. The Capital Allowances Act 2001 applies to all...