Corporation Tax Self Assessment

Key features

The key features are:

  • a company is required to pay the tax due in advance of filing a tax return
  • a ‘process now, check later’ enquiry regime when the tax return is submitted
  • the inclusion in the tax return, and in a single self assessment, of the liabilities of close companies on loans and advances to shareholders and others, and of liabilities under Controlled Foreign Companies legislation
  • the requirement for companies to self assess by reference to transfer pricing legislation.
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Could I Really Make a Go of it?

Many people wonder deep down if they could really make a go of running their own business. It is not for everyone but the following is a list of attributes that successful business owners have.

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Credit Control

Obtaining new customers is great for business, unless they fail to pay you. If you fail to check that the customer can support the amount of credit you are granting, then commencing legal action when they do not pay can be a long, drawn out and potentially costly process.

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Criminal Finances Act 2017

The Criminal Finances Act 2017 came into effect on 30 September 2017, and makes companies and partnerships criminally liable for failing to prevent their employees from criminally facilitating tax evasion. A partial defence can be utilised, in cases where the business has put into place a system of reasonable prevention measures.

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Dismissal Procedures

There have been many changes to employment law and regulations in the last few years. A key area is the freedom or lack of freedom to dismiss an employee.

An employee’s employment can be terminated at any time but unless the dismissal is fair the employer may be found guilty of unfair dismissal by an Employment Tribunal.

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Employee Expenses

This factsheet considers the operation and reporting of employee expenses and benefits.

The exemption regime

An exemption may apply to the reporting of employee expenses on forms P11D as long as the necessary conditions are met. Under the exemption the business must satisfy itself that the employee would be entitled to full tax relief on the expenses reimbursed.

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Tax-Free Childcare

The government has introduced a tax incentive for childcare Tax-Free Childcare (TFC).

Overview

Under TFC the tax relief available is 20% of the costs of childcare up to a total of childcare costs of £10,000 per child per year.

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Land Transaction Tax

From 1 April 2018, a new Land Transaction Tax (LTT) replaces Stamp Duty Land Tax (SDLT) in Wales. LTT is broadly consistent with SDLT, but also introduces some key changes. Here, we outline these.

Who pays the tax?

LTT is payable by the purchaser of residential or non-residential property in a land transaction occurring in Wales from 1 April 2018.

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Making Tax Digital for Individuals

Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.

In this factsheet we outline some of the key issues for individuals including the Personal Tax Account and Simple Assessment.

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Data Security General Data Protection Regulation Ensuring Compliance

The General Data Protection Regulation (GDPR) replaced the existing Data Protection Act and applies from 25 May 2018.

The GDPR requires all organisations that deal with individuals living in a EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection.

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