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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.

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

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.

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.

Agent Services Account

As HMRC rolls out new digital services to agents, including MTD for VAT and income tax services, access will be via a new agent services account (ASA).

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.

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.

Demystifying ISAs

It is hard to believe that the Individual Savings Allowance (ISA) is nearly twenty years old. What started as a simple cash savings plan of £3,000 per annum tax-free, has transformed into a myriad of options available today.

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.

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.

Business rates: maintain, demolish, rebuild or refurbish?

As business rates in the UK, not least in London, become increasingly unpopular as a form of taxation, John Boulton highlights some of the issues raised in a recent ICAEW report, “Business rates: maintain, demolish, rebuild or refurbish?”

Property taxes update

Following on from our popular property taxes webinar in 2016 and 2017 we are running a follow up which will concentrate on let property, looking in particular at the different taxes affecting the buy to let property owners picking up on all the recent changes.

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.

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.

TAXguide 21/17: The tax implications of Brexit

Although many of the implications of Brexit are currently unknown, VAT and customs duties are likely to be affected. This guide outlines the potential tax consequences. This guide was updated following the publication on 23 August 2018 of guidance from HMRC as to what will happen if there is no Brexit deal.