Incurred costs meaning

ARCHIVED: This archived checklist explains the required format of a paper bill of costs for detailed assessment. It outlines the various components of the bill of costs, specifies the information that must be included, and provides the relevant CPR PD 47 references alongside guidance notes. It covers bills of costs under CPR 47 and CPR PD 47 and the paper Precedents A, B, C, D, E and F. Note that costs incurred from 6 April 2018 must be presented in an electronic bill of costs. It is not maintained and is supplied for background information only. For further details, see Practice Note: Detailed assessment—bill of costs...

Before acquiring a property or any interest in it, carrying out thorough and appropriate planning searches and enquiries is essential for any person or entity to ensure that the buyer will: not inherit undisclosed outstanding obligations or conditions, nor the burden of remedying or paying for earlier breaches of planning control be able to use and operate the property for the intended purposes If a breach of planning control or any outstanding liabilities are uncovered, the buyer can ask the seller to: remedy the breach before exchange, or settle the liability take out insurance for any loss in the value of the property and the legal expenses incurred in defending an attempt to enforce the breach negotiate a reduction in the sale price to reflect the buyer’s anticipated costs of remedying the breach or settling the liability If the buyer would not be able to use the property for the intended purposes, it may have...

Antitrust A fresh appeal has been filed before the General Court in Case T- 19/25, Teva Pharmaceutical Industries and Teva Pharmaceuticals Europe v Commission, challenging the Commission’s decision in Teva (Copaxone) (AT.40588) and requesting that the fine-imposing infringement ruling be annulled—see further, application A fresh appeal has been submitted before the General Court in Case T- 682/24, Red Bull and Others v Commission, brought against the Commission for failing to reimburse additional costs incurred due to the disproportionate prolongation of an inspection—see further, application NOTE—For all...

UK Care No 1 Ltd v HMRC [2026] UKUT 90 (TCC) The appellant, UKC1, was a Guernsey-incorporated company. It served as the issuer of loan notes within a securitisation structure for the BUPA group. Those notes were placed at a discount and incurred transaction expenses. UKC1 recognised the obligation on an amortised cost basis. That accounting treatment reflected the discounted issue price and the associated fees borne at issue time. (CTA 2009, s 327 is inapplicable where fair value accounting is adopted.) In 2016—when BUPA intended to dispose of certain care homes included in the collateral package—BUPA acquired UKC1 and it became resident for UK tax. UKC1 subsequently bought back the loan notes. The terms for early repayment were set by a ‘Spens’ (or ‘make whole’) provision, which required payment of whichever was greater: the principal sum, or the present value of future cash flows, discounted by reference to a named gilt...

In this issue: Employment taxes VAT International Individuals and income tax Taxes management and litigation Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Employment taxes Appeal court rules that loans advanced through a remuneration trust were chargeable as disguised remuneration and that the linked costs were non-deductible (Marlborough DP Limited v HMRC). In Marlborough DP Ltd, the Court of Appeal dismissed the taxpayer’s case and upheld the Upper Tribunal (UT). It found that amounts lent to a director under a remuneration trust fell within the disguised remuneration regime in Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), as they were made in connection with employment. The Court further concluded that the associated payments were not allowable for corporation tax, since they were not incurred wholly and exclusively for the purposes of the company’s trade. See News Analysis: Court of Appeal...

This Practice Note sets out the particular rules governing VAT on costs that fall to be the subject of either summary or detailed assessment before the High Court. The applicable provisions are contained in CPR PD 44. Entitlement to This is addressed at CPR PD 44, para 2.3 through to CPR PD 44, para 2.6. The party seeking recovery of costs bears responsibility for ensuring that VAT is claimed only if, and only to the extent that, it cannot recover from HMRC the VAT it has incurred (CPR PD 44, para 2.4). if the VAT is recoverable from HMRC, it should not be included in a claim for costs if only a proportion of the VAT is recoverable from HMRC, include only that proportion which is not recoverable from HMRC in the claim for costs The legal adviser’s VAT registration number must appear in a prominent position at the head of every statement, bill of costs, fee sheet, account or voucher...

Term Meaning Accounting reference date On incorporation, a company is typically assigned an accounting reference date, being the final day of the month that contains the anniversary of its incorporation. Directors can alter this by submitting the relevant form to the Registrar of Companies. It denotes the end of the annual accounting period and is also called the balance sheet date. Accounts payable Sums a business or individual owes to others for goods or services already received. Accounts receivable Sums due to a business or individual from others for goods or services supplied. Accrual In company accounts, recognition of income earned or costs incurred during a reporting period, even though the cash has not yet been received or paid. Adjusted earnings Where reported earnings are affected, positively or negatively, by exceptional one-off events in the year, directors may present adjusted earnings to clarify performance. These are earnings with exceptional items excluded, which they believe better indicate the underlying results...

This Practice Note introduces key procedural features of the Civil Procedure Rules 1998 (CPR), SI 1998/3132, as they relate to claims under the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996). The same provisions apply whether proceedings are issued under CPR Part 7 or CPR Part 8; see Practice Note: TOLATA 1996—when to use Part 7 and when to use Part 8. See also Practice Notes: TOLATA 1996—pre-action matters; TOLATA 1996—when to issue in the County Court and when to issue in the High Court; and TOLATA 1996—Part 36 offers. For practical guidance on the court’s approach to TOLATA 1996 claims, see Practice Note: Case law relating to TOLATA 1996 claims and Precedent: Specimen final orders under the Trusts of Land and Appointment of Trustees Act 1996. Costs budgeting Disclosure and inspection Witness statements Expert evidence Costs budgeting Costs budgeting forms part of the court’s duty to regulate costs. Its purpose is to enable the court to...

1 Introduction 1.1 This policy outlines the Company’s rules for claiming back travel, accommodation and other costs you incur while undertaking Company business. It also explains how to submit claims, the supporting evidence required, and the level of approval you must obtain. 1.2 This policy applies solely to employees. It does not cover agency workers, suppliers, consultants, contractors, volunteers, interns or casual workers. 1.3 The Company will repay all reasonable costs incurred in line with this policy. Any expenses claim that is dishonest, or breaches this policy, may result in disciplinary action. 1.4 This policy is not part of any employment contract and the Company may amend it at any time, for example to reflect changes in procedures or expense thresholds. You will be informed in writing of any amendments. 1.5 When reimbursing expenses, the Company will comply with its obligations regarding PAYE deductions for income tax and National Insurance contributions...

Part 1, interpretation and limitation of liability Unless the context requires otherwise, these articles use terms defined in the Companies Act 2006 (and any amending or subordinate legislation) and within these articles. Defined terms include: address; articles; bankruptcy (including similar overseas procedures); chair and chair of the meeting (articles 13 and 30); Companies Acts; director (including anyone acting as such); document (including electronic); electronic form/means and hard copy form; instrument; member; ordinary and special resolutions; eligible director; participate; proxy notice; relevant officer (non‑auditor officers of the company or any group undertaking, present or former); subsidiary; and writing (any visible representation, including electronic) The model articles are excluded. Unless otherwise stated, statutory expressions bear the meaning they had when these articles became binding. References to legislation include any modification, re‑enactment or replacement. Singular includes plural and vice versa; masculine includes feminine and neuter; persons include corporations Each member’s liability is limited to £1, payable on a winding up while a member or within one year of ceasing, towards:...

Except for liability for death or personal injury, each party shall indemnify, and keep indemnified, the other against all costs and losses (including legal fees) from any future claims, actions or proceedings about the Dispute, in whole or in part, that it or its associated companies, officers, directors, agents or affiliates may bring against the other party or its associated companies, officers, directors, agents or affiliates. The parties shall not take, authorise, procure or permit any act intended to frustrate this Settlement Agreement. Each party shall indemnify, and keep indemnified, the other for all costs and damages (including legal expenses) incurred in any future actions, claims or proceedings by [ insert specific third parties ] concerning the [ Dispute, or any part of it, OR Contract ], where liability mirrors the losses covered by this Settlement Agreement. Such sums are payable only insofar as they relate to claims arising from the [ matters which have been settled in this Settlement Agreement ], and not to unrelated...

If the claimant qualifies as a protected party within the Court of Protection’s remit, fees imposed by that Court, both historic and prospective, may properly form part of the claim made. Further charges will also be incurred where a deputy is appointed to manage the claimant’s property and financial affairs. These charges and expenses can be set out within the schedule of past and future loss and damage as distinct heads of damage...

Contract law regulates the recoverable loss arising under a limitation of liability provision in a share purchase agreement where a warranty is breached. Warranties comprise contractual declarations or assurances concerning the state of the target company, its operations, assets and liabilities. Should a seller provide a warranty in a share purchase agreement that later turns out inaccurate, untrue or misleading, the buyer may pursue a breach of warranty claim and seek damages from the seller for losses thereby suffered by the buyer...

Request under section 21 of the Landlord and Tenant Act 1985 (LTA 1985) The section 21 request under the Landlord and Tenant Act 1985 (LTA 1985) seeks a summary of 'costs incurred'. These are the 'relevant costs' tied to service charges that are payable, or have been demanded as payable, by the leaseholders of a dwelling. 'Relevant costs' means actual or estimated expenditure incurred, or to be incurred, by or on behalf of the landlord or any superior landlord in relation to matters for which a service charge is payable – LTA 1985, s 18. Such relevant costs may fall within the period for which the service charge is due, or within an earlier or later period, and may encompass overheads. Where service charge accounts are compiled on a 12-month accounting basis, any written summary can refer only to those accounts that were 'made up' in the last of those yearly periods before the date of the request...