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Displaying 1-10 of 27 results
Warning: 31 July deadline for paying income tax and NIC
- Article
- 30 Jun 2025
ICAEW’s Tax Faculty is reminding taxpayers to check if they need to make a second payment on account (POA) for 2024/25 by 31 July 2025, and if so, whether they can make a claim to reduce the amount due.
New in the M&S Foodhall: a VAT dilemma
- Article
- 30 Jun 2025
M&S’s new Strawberries & Creme Sandwich, inspired by the viral Japanese fruit sando, is dividing opinions on taste, and VAT treatment. We consider if the latest summer must-have is a sandwich, confectionery or a cake and what this means for VAT.
Check the tax relief method of workplace pensions, says ICAEW
- Article
- 30 Jun 2025
Confusion between the employer and the workplace pension scheme provider over which tax relief method to use can cause significant issues. ICAEW’s Tax Faculty explains how the confusion can occur and how to deal with any issues that do arise.
Inaccuracy and failure to notify penalties must be simplified
- Article
- 24 Jun 2025
ICAEW agrees with HMRC that the current penalty regime is too complicated and that reform is needed if the penalties are to be effective in influencing behaviour.
Tax news in brief 24 June 2025
- Article
- 24 Jun 2025
Highlights from the broader tax news for the week ending 24 June 2025, including: an update from the government on its plans for the tax system; and contact from HMRC where a director may have failed to report taxable income relating a loan that was released/ written off.
ICAEW welcomes advanced tax certainty for major products
- Article
- 24 Jun 2025
In its response to the government’s consultation, ICAEW says the new advance clearance facility should be extended beyond larger businesses if it is successful.
HMRC changes its policy on VAT and investment costs
- Article
- 24 Jun 2025
In Revenue & Customs Brief 4 (2025), HMRC has revised its policy on an employer’s entitlement to deduct VAT paid on services relating to the management of assets held by an occupational pension fund.
Tax gap falls slightly as a percentage of tax liabilities
- Article
- 20 Jun 2025
Based on estimated figures published by HMRC, the tax gap for 2023/24 is £46.8bn, equal to 5.3% of total tax liabilities. ICAEW’s Tax Faculty looks at the key figures.
HMRC updates its guidance on capital allowances
- Article
- 18 Jun 2025
ICAEW’s Tax Faculty provides a summary of recent changes to HMRC’s guidance on capital allowances, including updated guidance on the meaning of “unused and not second-hand" for the purposes of first year allowances (FYAs).
Help write ICAEW’s MTD income tax engagement letter
- Article
- 18 Jun 2025
ICAEW’s Tax Faculty would like feedback from members on a draft engagement letter schedule for Making Tax Digital (MTD) income tax.
Displaying 1-10 of 27 results