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Tax

The Tax area has information and guidance on technical and practical tax matters. There are links to events, the latest tax news and the Tax Faculty’s publications, including helpsheets, webinars and Tax representations.

In this section

Autumn Budget 2017 Report

Technical managers from ICAEW Tax Faculty provide a summary of all the new announcements relating to tax in the Autumn Budget of 2017, covering: business and company tax; personal and employment taxes; pensions and savings; VAT and duties; avoidance, evasion and compliance.

Finance (No.2) Act 2017

The Finance (No.2) Act 2017 received Royal Assent on 16 November 2017. It was originally introduced to Parliament as Finance Bill (No.2) 2017. On this page you can find guidance, parliamentary papers, representations and other commentary on the Bill's progress into law.

TAXguide 06/17- Budget Report

Technical managers from ICAEW Tax Faculty provide a summary of all the new announcements relating to tax in the Spring Budget of 2017, covering: Making Tax Digital; business and company tax; personal and employment taxes; pensions and savings; VAT and duties; avoidance, evasion and compliance.

Global Accounting Alliance Tax Director Group meeting in Washington, DC

Ian Young of the Tax Faculty reports on an international tax summit and the US Tax Reform Act. The Tax Director Group of the Global Accounting Alliance met in April in Washington, DC to meet with the US Treasury, the IRS, the Finance Committee of the Senate and the Joint Committee of Taxation, as well as some people from the American Institute of Certified Public Accountants

Practical and technical tax issues when acting for farmers

Farming tax specialist Wayne Glenton looks at some practical and technical issues, including taxation in agriculture, inheritance tax – business property relief and agricultural property relief – partnerships, trade vs investment, CGT: entrepreneurs’ relief and gift hold-over relief.

Scottish tax changes for 2018/19

Joanne Walker looks at the income tax aspects of the Scottish Budget for 2018/19, and what they mean for Scottish taxpayers, including the effect on tax rates and liabilities, interactions with the UK tax system and PAYE.

TAXguide 10/18: IR35 contract reviews

In TAXguide 10/18 Kate Cottrell explains the process required to perform an IR35 contract review, problem areas to watch out for, details of HMRC’s free service and what the implications are when things go wrong. Read a summary here, Tax Faculty members can download the full guide.

Global Accounting Alliance Tax Director Group meeting in Washington, DC

Ian Young of the Tax Faculty reports on an international tax summit and the US Tax Reform Act. The Tax Director Group of the Global Accounting Alliance met in April in Washington, DC to meet with the US Treasury, the IRS, the Finance Committee of the Senate and the Joint Committee of Taxation, as well as some people from the American Institute of Certified Public Accountants

Offshore compliance risks

Offshore compliance has the highest profile in HMRC’s efforts to tackle tax evasion and avoidance. Higher penalties, new powers and quantities of new data mean that HMRC has some impressive tools in its toolbox.

The Tax Faculty 2018 AGM

The Tax Faculty’s 27th Annual General Meeting was held in the Great Hall at Chartered Accountants’ Hall on Friday 11 May 2018 at 12:30 and was attended by 26 members. Reported by Chrissie O’Connor.

Beware impact of VAT MTD

Nearly a year after the government announced delays in MTD implementation, the date for VAT going digital is fast approaching, warns Annie Lee, chair of the South West London Area Society of Chartered Accountants.

How to realise the left’s ambitions for a higher public spending and fiscal sustainability?

Ross Campbell, ICAEW's Director of Public Sector, analyses how a future Labour government can ensure the public finances are sustainable in the long run. Here he argues that an equilibrium must be struck between creating the conditions to encourage economic growth, running government efficiently and setting sustainable tax rates, to ensure fiscal sustainability.

Global Accounting Alliance Tax Director Group meeting in Washington, DC

Ian Young of the Tax Faculty reports on an international tax summit and the US Tax Reform Act. The Tax Director Group of the Global Accounting Alliance met in April in Washington, DC to meet with the US Treasury, the IRS, the Finance Committee of the Senate and the Joint Committee of Taxation, as well as some people from the American Institute of Certified Public Accountants

Professional standards

Professional conduct in relation to taxation (PCRT)

PCRT sets out the principles and standards of behaviour that all members, affiliates and students must follow in their tax work. The latest version came into effect on 1 March 2017 and has now been republished in a new digital format designed to make it easier to navigate than the existing paper version.

Engagement letters and privacy notices

This page provides a series of sample wordings to help you draft engagement letters. ICAEW has developed guidance on what to include in engagement letters incorporating the requirements of GDPR.

Practical and technical tax issues when acting for farmers

Farming tax specialist Wayne Glenton looks at some practical and technical issues, including taxation in agriculture, inheritance tax – business property relief and agricultural property relief – partnerships, trade vs investment, CGT: entrepreneurs’ relief and gift hold-over relief.

TAXguide 21/17: The tax implications of Brexit

Although many of the tax implications of Brexit are currently unknown it is VAT and customs duties which are most likely to be affected. As these are based on EU law, Brexit provides an opportunity for the UK government to make legislative changes to these taxes. In this guide ICAEW's Tax Faculty outlines the potential consequences.