Latest news
Warning for couples with furnished holiday lets: Spouses and civil partners who jointly own furnished holiday lets (FHLs) may face increased tax bills from April 2025. ICAEW’s Tax Faculty explains why couples in this position may wish to consider using form 17.
Why Trump is wrong to construe VAT as a tariff: Recent US policy shifts suggest that President Trump interprets VAT as a tariff. For tax campaigner Dan Neidle, that is a significant misconception.
New process and rules for international employees: ICAEW is reminding employers of the changes made from 6 April 2025 to the process for operating pay as you earn for globally mobile or treaty non-resident employees and to overseas workdays relief.
HMRC service performance dips again: HMRC service performance fell in January 2025 due to the self assessment peak and did not recover as expected in February. ICAEW’s Tax Faculty highlights the feedback it is getting from members.
Don’t forget 30 April ATED deadline, says ICAEW: Companies owning high-value residential property have until 30 April 2025 to comply with their obligations under the annual tax on enveloped dwellings, including filing returns, claiming reliefs and paying any tax due.
Time to have your say on HMRC: The Charter Stakeholder Group has prepared a survey to obtain feedback on HMRC's performance against the standards in the HMRC Charter over the period from 1 April 2024 to 31 March 2025.
HMRC turns spotlight on profit extraction schemes: In its latest spotlight, HMRC warns companies not to use a scheme that uses advertising and marketing expenditure to reduce taxable profits and disguise employment income in the form of redeemable loyalty points.
Self assessment repayments must be claimed online: Due to security concerns, HMRC has stopped issuing self assessment repayments over the telephone and webchat, including the agent dedicated line.
HMRC increases interest rates for tax paid late: As first announced at the Autumn Budget 2024, the interest rate charged by HMRC for late payments of most taxes and duties will increase from 7% to 8.5% from 6 April 2025.
Member help sheets and guidance
HMRC explains agent roles for MTD income tax: New guidance published by HMRC sets out how main and supporting agents can help taxpayers manage their obligations under Making Tax Digital for income tax.
Tips for preparing for MTD for income tax: Making Tax Digital for income tax will be phased in from April 2026 for many individuals with self employment and/or property income. ICAEW’s Tax Faculty explains the steps that agents can take now to prepare for the changes ahead.
ICAEW welcomes HMRC’s u-turn on salaried member rules: Changes made by HMRC to its guidance on the salaried members rules in February 2024 caused significant concern for some limited liability partnerships. ICAEW welcomes HMRC’s decision to revisit those changes and provides an update on recent developments.
HMRC explains agent roles for MTD income tax: New guidance published by HMRC sets out how main and supporting agents can help taxpayers manage their obligations under Making Tax Digital for income tax.
Using the HMRC query resolution service for agents: HMRC has provided some additional guidance on using the new query resolution service, including how it interacts with HMRC’s complaints service.
HMRC reminds groups of Pillar 2 requirements: HMRC is writing to 4,500 UK groups it considers to be in scope of the multinational top-up tax and the domestic top-up tax with guidance on reporting requirements and obligations.
Employers reminded of minimum wage increases: From April 2025, the national living wage will increase by 6.7% and the national minimum wage by as much as 18% depending on the category of the worker.
Using the HMRC query resolution service for agents: HMRC has provided some additional guidance on using the new query resolution service, including how it interacts with HMRC’s complaints service.
HMRC relaxes its position on the corporate interest restriction: In Agent Update 130, HMRC explains how it will deal with cases where a group has failed to validly appoint a reporting company under the rules for the corporate interest restriction.
Security services businesses encouraged to check tax submissions: HMRC is asking businesses who provide security services to check that the correct amount of income tax and national insurance contributions are being paid in respect of their workers.
International tax treatment of pension lump sums clarified: HMRC has updated its international manual to include long-awaited guidance on the tax treatment of lump sum pension payments under the UK’s double tax agreements.
Consultations
Tax advisers could face new sanctions: HMRC is consulting on changes to expand and strengthen its powers to investigate and sanction tax advisers where HMRC suspects that the adviser’s actions have led to an inaccuracy in a taxpayer’s return or other document.
Government sets out new tax to address carbon leakage: Draft legislation providing for the introduction of a UK carbon border adjustment mechanism from January 2027 has been published for technical consultation.
Government consults on new tax clearance process: As part of its corporation tax roadmap, the government is consulting on a new process that would give major investment projects increased tax certainty in advance.
HMRC turns the screw on tax scheme promoters: The government has proposed giving HMRC “additional powers and stronger sanctions” to clamp down on promoters of tax avoidance schemes in a consultation published alongside the Spring Statement on 26 March 2025.
Government considers extending R&D advanced clearance service: After preliminary discussions with key stakeholders, including ICAEW, a consultation on widening the advanced clearance process for research and development tax relief was published alongside the Spring Statement on 26 March 2025.
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