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Business tax

Practical guidance, commentary and support on the taxation of business, including: capital allowances, entrepreneurs relief and corporation tax, as well as the taxation of partnerships, the self-employed and charities.

In this section

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.

Finance (No. 2) Act 2017: a summary

Lindsey Wicks takes a look at what it contains, including information on income tax, investments, trading and property businesses, corporation tax, chargeable gains, domicile and overseas property, disguised remuneration, capital allowances, indirect taxes, reporting and record-keeping, avoidance and more.

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.

TAXguide 12/18: Charities tax

In this TAXguide Paul Bater discusses developments concerning the direct and indirect tax treatment of charitable and other non-profit making organisations, including the latest in charitable giving.

FRS 102 improvements

Marianne Mau of the Financial Reporting Faculty outlines some of the improvements made to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland as a result of the Triennial review 2017 amendments.

Entrepreneurs’ relief on disposal of a surgery

Entrepreneurs’ relief is designed to give relief for capital gains tax on the disposal of interests in businesses and this relief may be extended to assets used in those businesses. This article examines the difficulty in obtaining relief for the disposal of a business asset, such as the surgery building, while the business is ongoing.

Intermediate guide to the taxation of UK Trusts

Following on from the popular elementary guide to the taxation of UK trusts, this webinar covers: the inheritance tax regime for relevant property trusts; the impact of the changes to the taxation of dividends; capital gains tax reliefs; and tips on parts of the legislation you may not come across often.

Reflections on entrepreneurs' relief

Farmers have been able to claim entrepreneurs’ relief (ER) on qualifying gains made since 5 April 2008, paying just 10% tax. This article reflects on the conditions with references made to case decisions.

How do you tax a robot?

The Tax Faculty's technical lead, Anita Monteith, looks at the tax challenges brought by the increasing use of artificial intelligence and robotic process automation.

TAXtalk May 2018

IHT is the flavour of the month, the Resolution Foundation published their take on it last week proposing a capital acquisition tax, the OTS is looking at simplification and the Chancellor promised a consultation on the taxation of trusts which will inevitably include IHT. Are they each going to come up with a different solution?

TAXguide 03/18: Employment taxes round up

In TAXguide 03/18, Kate Upcraft answers a selection of the key questions raised by viewers of the Tax Faculty webinar "employment taxes round up", broadcast on 13 February 2018. Read a summary here, Tax Faculty members can download the full guide.

Everybody should have a terrier on the farm

Terriers come in two types. There are small hairy ones that are ideal for keeping down the rats in the barn, but for the purposes of this article, we will be concentrating on the other sort – according to the Oxford English Dictionary, “A register of the lands belonging to a landowner, originally including a list of tenants, their holdings, and the rents paid, later consisting of a description of the acreage and boundaries of the property”.

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.

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.

Business implications of Autumn Budget 2017

Changes to business rates and reliefs for R&D will be welcome news for firms, says Matthew Rideout, but the Autumn Budget will probably not have a major impact on business who are facing the challenges of Brexit and continuing high inflation.

Research and development tax relief in the UK

Nigel Holmes of tax relief specialist Catax considers research and development tax relief in the UK, the effecting of claiming state funding, R&D expenditure credit and how SMEs can make the most of R&D tax relief and grants side by side

Employment tax round up - 2018

This webinar aired on 13 February 2018, just before Scotland's major shake-up of income tax. In it payroll consultant Kate Upcraft and ICAEW’s Peter Bickley explore what this means for agents and taxpayers, and look at a myriad of other changes in the payroll arena as we approach the start of the new tax year.

Taxing the gig economy – what’s the answer?

Jane Moore reports on the June 2018 meeting of Tax Club, which featured experts Jolyon Maugham QC and EY’s Steve Wade. They discussed the tax and employment law angles of the gig economy, including the tax position, the use of intermediaries, and alternatives and solutions.