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  • Special Reports - Dividends and Profit Extraction 2019-20 - Pay Less Tax
    This Special Report covers the radical new rules affecting the taxation of dividends from 6 April 2016. It looks at every angle of the rules and how you can work with them to stay tax efficient. Updated for the 2019/20 tax year.
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  • News - Tribunal finds that farmhouse grounds are residential for SDLT purposes
    The First-tier Tribunal has concluded that a barn, meadow and bridleway were not non-residential elements that could reduce a taxpayer’s SDLT bill. What are the details?
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  • Special Reports - Capital Allowances - Maximising Relief Claims
    The last few years have seen important changes to the capital allowances system. You need to get to grips with the rules in order to take full advantage of the tax breaks on offer. This Special Report provides all you need to know about the rules and how they fit with the current system.
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  • Tax Memo - Preface
    Preface. The world of UK politics continues to be dominated by the Brexit debate, although many of the proposals which were removed from the abbreviated Finance Act 2017 did reappear subsequently. The next few months promise a continued focus on the Brexit process, with the final outcome still unclear at the time of writing. The regular updates to -Tax Memo 2018-2019 will, however, keep you informed as to how the tax world is affected by the changes to come. -Tax Memo has been updated to reflect law and...
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  • Tax Memo - Corporation tax - General principles - Scope - When is corporation tax due? - 1000
    A company is within the scope of corporation tax if it carries out a business activity (¶2000) which produces income or chargeable gains, and it is either: - UK resident; or - non-UK resident, but carrying on a UK trade through a permanent establishment. - This section provides a broad overview of the main principles underpinning the corporation tax regime. The detailed concepts are examined in the relevant parts of -Tax Memo. - Companies might not be carrying out any activity and be considered to be dormant....
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  • Tax Memo - Corporation tax - What is a business activity? - Basis of chargeable profits - 2000
    Chargeable business profits are based on the profits arising from business activities. Therefore, before calculating the profits arising from a transaction, it is necessary to decide whether the activity in question constitutes a business activity, and only then can the taxable profits be calculated. This section deals with the general principles necessary to establish whether a business is being carried on, and it applies equally to companies and to individuals carrying on a trade.
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  • Tax Memo - Corporation tax - Chargeable profits - Establishing chargeable profits - 3000
    Having established that an activity is a business, the next step is to determine the chargeable profits arising. This section deals with the general rules for the adjustment of profits and applies equally to companies, sole traders and partnerships. For rules specific to companies see ¶7000 onwards and for individuals ¶21000 onwards.
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  • Tax Memo - Corporation tax - Chargeable profits - Accounting profit/loss - Calculation - 3055
    The starting point when calculating chargeable profits is the accounting profit/loss, which is generally prepared in accordance with strict accounting principles. The main requirements are compliance with Generally Accepted Accounting Principles (GAAP), and either International Accounting Standards (IFRS) (primarily listed companies) or UK Financial Reporting Standards (FRS). These principles are also regularly adopted in the preparation of accounts for sole traders and partnerships. In recent years, the courts...
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  • Tax Memo - Corporation tax - Chargeable profits - Non-trading income - 3210
    Non-trading income must be excluded from the computation of trading profits and will include, for example: - receipts from mutual trading (¶2155); - profit or loss arising on the disposal of fixed assets or investments; - income taxable under another category (e.g. investment income, property income); - income which is specifically exempted from tax (e.g. gambling); - refunds in respect of a pension scheme surplus. Instead the scheme administrator is required to deduct tax at source; and - items which represent...
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  • Tax Memo - Corporation tax - Chargeable profits - Capital expenditure - Why distinguish? - 3260
    Taxable business profits are computed solely by reference to revenue items. No deduction is allowed for capital expenditure, unless the cash basis is being used (¶21010). It is therefore essential to identify whether receipts and expenses are capital or revenue in nature. - Capital items generally fall within the chargeable gains regime, and capital allowances (¶4000) may also be available. - Abortive expenditure incurred on a capital asset will still constitute capital expenditure. For example, expenditure...
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