What is the 'public balance sheet' and what does it mean for people and businesses? ICAEW experts offer this simple guide on the public balance sheet – the government’s assets and liabilities – why they matter and the future outlook.
The Chancellor extended the period during which the personal allowance will be set at £12,570 and the higher rate threshold at £50,270 by three years, until April 2031. The amounts have been frozen since April 2021.
The government has published draft legislation to address issues arising from the Virgin Media pension ruling on historic amendments to defined benefit schemes. ICAEW’s Audit and Assurance Faculty explains what the rules mean for pension trustees.
Highlights from the broader tax news for the week ending 7 October 2025, including: an update on testing of Making Tax Digital (MTD) for income tax; and the publication of new HMRC guidance on umbrella companies and residence.
This month, ICAEW engaged with ministers to address issues ranging from employment rights and pensions reform to trade, inheritance tax and business growth.
From 1 September 2025, all pay as you earn (PAYE) claims for pension tax relief must be made online or by post and must be supported by evidence from the pension provider or employer.
Reuben Wales, Head of ICAEW Financial Services Faculty
After more than a decade marked by concerns over rising liabilities, falling gilt yields and underfunding, the UK Defined Benefit Pensions (DB Schemes) sector now finds itself in a stronger, if somewhat more complex, position.
In the second webinar of our audit monitoring insights series, our Quality Assurance Department explored the challenges and common findings from audit monitoring reviews of larger firms handling more complex audits. The session offered practical insights and regulatory updates to help firms enhance audit quality.
Industry stakeholders are encouraged to contribute thoughts on proposed changes to pensions SORP, as work to update the document for the first time since 2018 continues.
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.
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.
Managing Defined Benefit (DB) pensions can be complex and costly and schemes that do not have a clear long-term plan could be missing out on opportunities to fully remove risk or release cash surplus. The insurance market is now more accessible than ever, and operational consolidation is levelling the playing field – ensuring smaller schemes gain the scale and efficiency of larger counterparts.
Highlights from the broader tax news for the week ending 29 April 2025, including: updates to HMRC’s guidance on, and software page for Making Tax Digital (MTD) for income tax; and new guidance on VAT grouping in the care industry.
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 (DTAs).
Understanding more about common requests for information can make them easier for pension scheme trustees to deal with. Helen Pierpoint and Amelia Pickard share some insights.
This month’s top stories feature new tax return requirements for sole traders and directors; changes to size thresholds for off payroll working; and a reminder to check for state pension gaps by 5 April 2025.
The 2024 Virgin Media Ltd v NTL Pension Trustees II Ltd ruling on pension amendments poses financial and reporting challenges for trustees, sponsors and auditors. ICAEW’s Audit and Assurance Faculty explains the impact on defined benefit schemes.
Pay as you earn (PAYE) taxpayers who want to claim additional tax relief for contributions to a personal or workplace pension scheme can use a new HMRC online form.
