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The value of a vehicle bought by a company for the dedicated use of its staff is treated as a taxable benefit for that individual, and assessed by HMRC with other income for income tax purposes. Until 2002 their financial benefit was assessed primarily based on price and mileage driven; this was then modified so that vehicles with lower ...
Under UK tax legislation, tax payers are obliged to notify HMRC when they have a liability to tax no later than 9 months after the end of the tax year in which they became liable. Depending on the circumstances and the tax owed, they may do this by registering for self assessment and completing a tax return by January 31. [3]
In 2005–06, £19.9 billion was collected in business rates, representing 4.35 per cent of the total United Kingdom tax income. [66] Business rates are a property tax, where each non-domestic property is assessed with a rateable value, expressed in pounds. The rateable value broadly represents the annual rent the property could have been let ...
More than five million forms were still outstanding at the start of the month, according to HMRC - and the taxman can issue £100 fines to those who fail to file and pay any tax owed by the end of ...
The deadline for new applications to complete online tax returns was in October, though it is still possible to get in touch with HMRC to discuss options to pay an expected tax bill before the 31 ...
This isn’t just for individuals filing a return, but businesses too - at the turn of the year, HMRC said almost 5.5m people still needed to file their return for this year.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
company cars used by people undertaking the R&D, and a new IT system for internal use in the R&D facility etc. etc. So, unlike for R&D Tax Relief where only certain categories of expenditure can be claimed, RDAs are available on most expenditure incurred for the carrying out of, or provision of facilities for, R&D (except land and the cost of ...