Specialist Tax Regulatory Materials
HMRC has updated its guidance on promoters of tax avoidance schemes to provide more information on stop notices.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Non-trading deficits on loan relationshipsOverview of non-trading deficits (NTDs)When a company鈥檚 debits on its non-trading loan relationships and derivative contracts in an accounting period exceed the credits on its non-trading loan relationships and derivative contracts in the same period (the
Non-business expensesIntroductionIn order for an expense to be tax deductible it must be incurred because of an employee鈥檚 employment. Any non-business related expense is, therefore, not relievable except in some very particular circumstances.This guidance note deals with three separate issues. The
Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The
