Tax updates
Landlords advised not to use tax avoidance scheme: HMRC has warned against the use of a capital gains tax avoidance scheme that involves an individual transferring their property business to a limited liability partnership, which is then put into members’ voluntary liquidation.
Proposed HMRC powers are not in the public interest, says ICAEW: the government’s plans to tackle tax advisers facilitating non-compliance are poorly targeted, warns ICAEW, and could adversely affect the operation of the tax advice and compliance market in the UK.
HMRC reminds employers to report loans on forms P11D: HMRC has asked companies whose financial statements show loans to directors and employees of more than £10,000 each to check if they need to include the loans on forms P11D for 2024/25.
MPs call on HMRC to address challenges in tax administration: Parliament’s Public Accounts Committee’s report reveals the challenges faced by HMRC in administering the increasingly complicated tax system, emphasising the need for simplification, improving trust among taxpayers and learning lessons from the implementation of Making Tax Digital (MTD).
Upcoming July deadline for employment-related securities returns: ICAEW reminds employers of the 6 July deadline for submitting employment related securities returns and explains the new process for making a joint election to transfer an employer’s national insurance contributions liability to an employee.
Government considers new VAT relief for donated goods: the government is seeking views on the introduction of a new VAT relief for donations of goods to a charity, which can then be given away by the charity to those in need or used in delivering its services.
HMRC questions claims for investors’ relief: HMRC is writing to taxpayers who made a claim for investors’ relief on their 2023/24 income tax self assessment return and do not appear to meet the conditions for relief.
ICAEW welcomes delay to mandatory payrolling of benefits: the government’s announcement that the introduction of mandatory payrolling of benefits in kind has been delayed from 6 April 2026 to 6 April 2027 follows comprehensive feedback from ICAEW and other stakeholders.
Transfer pricing rules to be reformed: the government has said it intends to make various changes to the UK’s international tax rules, which includes narrowing the scope of the UK-UK transfer pricing rules and replacing the diverted profits tax.
HMRC more than doubles its compliance yield from wealthy individuals: in 2023-24, HMRC collected or protected £5.2bn in tax from wealthy individuals that would otherwise have been lost, up from £2.2bn in 2019-20, the National Audit Office has reported.
Tax member help sheets and guidance
How members are putting MTD into practice: many practices are advancing their MTD for income tax roadmap, informing clients, researching software solutions and testing early – but the road ahead remains dotted with challenges.
HMRC launches agent query resolution service form: HMRC’s personal tax query resolution service, which launched on 31 March 2025 allowing agents to escalate unresolved self assessment and individual pay as you earn queries, can now be accessed via an HMRC form.
New HMRC guidance on cryptoasset reporting: HMRC has published guidance to help reporting cryptoasset service providers and cryptoasset users prepare for the new reporting requirements applying from 1 January 2026.
Tax consultations
Government’s plans for inheritance tax may have severe consequences: ICAEW has responded to the government’s consultation on how the proposed changes to agricultural property relief and business property relief for inheritance tax will apply to property settled into trust.
ICAEW strongly supports adoption of e-invoicing: ICAEW has recommended prioritising voluntary adoption of electronic invoicing (e-invoicing), with mandation delayed until at least 1 January 2030, in its response to the government’s consultation.
Government consults on HMRC’s approach to dispute resolution: the government is seeking views on options for improving HMRC’s approach to resolving disagreements with taxpayers, focusing on HMRC’s alternative dispute resolution and statutory review processes.
Improved third-party data will help HMRC and taxpayers, agrees ICAEW: ICAEW has responded to the government’s consultation on options for improving the quality of data received from third parties to ensure that HMRC gets “the right data, of the right quality, at the right time”.
Audit and assurance
New ICAEW film enhances auditor ethics training: football, tech and audit collide in Crossing the Line, ICAEW’s gripping new training film that raises the ethical questions facing auditors and is free for ICAEW-regulated audit firms.
ICAEW shares lessons learned to boost audit quality: as part of its work in monitoring the quality of audits, ICAEW is sharing insights to help firms tackle common weaknesses and identify potential causes.
Navigating tariffs: four considerations for auditors: the introduction of enhanced tariffs by the current US administration will inevitably place a strain on many UK-based and global businesses. We explore the potential impacts, both direct and indirect, on financial statements and how these may affect the auditor’s approach.
What is reverse stress testing?: ICAEW’s Audit and Assurance Faculty offers guidance on what you need to know about reverse stress testing, what it aims to do and the key terminology.
New 2025 Audit Regulations: notification requirements and sole practitioner alternates: 2025 changes to Audit Regulations are now confirmed and will take effect on 1 June. The new regulations introduce a requirement for ICAEW-registered audit firms to notify ICAEW when appointed to certain complex or high-risk audits.
Free CPD – bite-size updates on tax, audit and reporting: ICAEW’s Virtual CPD Conference is now available on demand and is free. Access sessions cover the latest regulatory developments, as well as giving insights into using artificial intelligence and building the business case for sustainability.
Corporate reporting
ICAEW responds to public call on simplifying ESRS: ICAEW has issued its response to the public call for input on simplifying the European Sustainability Reporting Standards (ESRS).
ISSB proposal to reduce Scope 3 sustainability reporting requirements: proposed amendments to IFRS S2 by the International Sustainability Standards Board accept some of the practical challenges in measuring and reporting on greenhouse gas emissions. Reuben Wales explains what it means for banks and insurers.
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