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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

UK Budget 2018

On 29 October, Chancellor Philip Hammond will present the 2018 budget. Here you will find reactions to the statement from ICAEW's chief executive and experts from the Tax Faculty, as well as the insights from ICAEW's latest economic forecast for the UK.

ICAEW Rep 115/18: Budget Autumn 2018

ICAEW's Tax Faculty has responded to HM Treasury's invitation for comments ahead of the 2018 Budget. The response concludes that there should be no new policy initiatives on tax at this time. Attention should instead be given to enabling taxpayers easily to fulfil their obligations and to understand their entitlements. Coping with HMRC’s digital systems has been made more difficult by the number of policy changes.

Finance (No.3) Bill 2018

The Finance (No.3) Bill will be published on Wednesday 7 November 2018. On this page you can find guidance, parliamentary papers, representations and other commentary on the Bill's progress into law.

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 16/18: EBTs and contractor loan schemes

In this TAXguide Rebecca Benneyworth answers questions raised in response to the Tax Faculty webinar on employee benefit trust strategies and contractor loan schemes, which was broadcast on 8 August. Read a summary here, Tax Faculty members can download the full guide.

TAXguide 15/18: The cash basis for traders and landlords

In this practical TAXguide Sarah Bradford, director of Writetax and editor of Small Business Tax and Finance, explores the cash basis of assessment as it applies to traders and landlords. Read a summary here, Tax Faculty members can download the full guide.

Tax impact of LLP move

Switching from an LLP to a limited company structure raises many tax questions, a recent meeting of the Croydon and South East London tax discussion groups hears.

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 16/18: EBTs and contractor loan schemes

In this TAXguide Rebecca Benneyworth answers questions raised in response to the Tax Faculty webinar on employee benefit trust strategies and contractor loan schemes, which was broadcast on 8 August. 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

Start your Digital Journey - ahead of MTD

With the prospect of Making Tax Digital impending, and increasing pressure on practices to move from compliance to business advisory, there is an urgent need for guidance to help practitioners make the transition seamlessly.

Businesses still unaware of MTD, says ICAEW

Research by ICAEW has revealed that over 40% of businesses about to be affected by Making Tax Digital (MTD) for VAT are not yet aware of it despite the changes being mandatory for most VAT-registered businesses from April 2019.

Agent update

HMRC is on record as agreeing that agents need to be able to see and do everything that their clients can. But, as HMRC rolls out its digital tax systems, this worthy ambition has not yet been translated into reality.

ICAEW reveals many firms unaware of MTD for VAT

ICAEW has surveyed 500 business, asking if they are aware of the new requirements under HMRC's Making Tax Digital (MTD) programme and what steps they have take to prepare for the changes. Close to half of respondents said they had not heard of MTD for VAT. Read the full survey results.

MTD for agents

Making Tax Digital (MTD) will lead to very significant change for many ICAEW members in practice. MTD is a major HMRC driven change to the administration of the tax system but it should be seen in the context of the increasing digitalisation of business, including the business of providing accounting and tax services.

Preparing your practice for MTD

Agents will need to take steps to prepare both their own practices and their clients for the disruption that Making Tax Digital and digitalisation will cause to the market for accounting and tax services.

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.

TAXguide 13/18: IHT on overseas property

Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. In TAXguide 13/18 ICAEW, STEP, the CIOT and the Law Society have published questions and draft suggested answers to highlight and consider areas of uncertainty in the statutory provisions covering the extension of inheritance tax (IHT). Read a summary here and download the full guide.

ICAEW works to support tax reform

Reforming property taxes for business – what are the options?

Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.

ICAEW reveals many firms unaware of MTD for VAT

ICAEW has surveyed 500 business, asking if they are aware of the new requirements under HMRC's Making Tax Digital (MTD) programme and what steps they have take to prepare for the changes. Close to half of respondents said they had not heard of MTD for VAT. Read the full survey results.

MTD for business overview

HMRC's vision to digitalise the UK tax system is well underway. The transformation will start with Making Tax Digital (MTD) for VAT from April 2019.

MTD and income tax

Making Tax Digital (MTD) for income tax will not be mandated until April 2020 at the earliest and much of the detail of the requirements is still unknown. Here ICAEW's Tax Faculty outlines how it is likely to work and the progress of the pilots.

MTD and VAT

The first stage of HMRC's Making Tax Digital (MTD) programme focuses on VAT and imposes new requirements for digital recording keeping on VAT registered businesses and organisations from April 2019.