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Tax

The Tax area has information and guidance on technical and practical tax matters. There are links to events, the latest tax news and the Tax Faculty’s publications, including helpsheets, webinars and Tax representations.

In this section

Tax Faculty analysis of Spring Budget 2021

ICAEW's Tax Faculty provides a summary of the announcements on tax and related matters in the 2021 Budget on 3 March, covering: business tax, COVID support, duties, employment taxes, environment taxes, international taxes, MTD, personal tax, property tax, tax compliance and VAT.

A candid Budget, bristling with incentives

With the end of the pandemic hopefully near, the Chancellor clearly set out the fiscal damage to the UK economy and that the road to recovery will be a long one. Frank Haskew, Head of the Tax Faculty, shares his thoughts on a Budget that aims to rebuild the economy.

Budget 2021

On 3 March 2021, the Chancellor extended coronavirus support measures, confirmed changes to corporation tax rates and the freeze of personal allowances, and outlined a series of measures aimed at supporting the rebuilding of the economy post-COVID. On 23 March HM Treasury released more than 30 announcements and documents on tax. Read ICAEW's analysis.

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. 

DAC 6: EU tax disclosure

Webinar: DAC 6 affects SMEs too

On 19 January 2020, ICAEW's Tax Faculty is hosting a webinar on DAC 6. Jo Myers from EY UK's international tax and transaction services team and Ariana Kosyan, from EY's emerging technologies team, will join the Faculty in discussing how the recently announced changes will affect businesses.

Support and guidance on taxation under the devolved governments of the UK; Northern Ireland, Scotland and Wales

Get extra help with tax

Help can be provided if you need extra support with taxes which are managed by the Welsh Revenue Authority, such as Land Transaction Tax.

Practical guidance, commentary and support on employment taxation, including: benefits and expenses, company car tax, national insurance, PAYE and real-time information, and the taxation of intermediaries.

Updated templates to make CJRS claims easier

HMRC has published new templates for making claims under the Coronavirus Job Retention Scheme to simplify the process. It is now possible to submit claims using a template within the system for staff without national insurance numbers when grants cover fewer than 100 members of staff.

Expert commentary and practical guidance from ICAEW related to international taxation regimes.

Making tax digital

VAT – Making Tax Digital

FAQ about a ‘soft landing’ for not having digital links when submitting VAT returns to HMRC. The firm in question has two strands to their business and for one of them, the accounts data has to be entered in to the MTD portal manually.

Latest on Making Tax Digital for agents

Edition 17 of HMRC’s MTD update for agents includes details of how the functionality of the agent services account is developing and includes screenshots of some of the available services. ICAEW’s Tax Faculty highlights what has changed.

Expert commentary and practical guidance from ICAEW related to personal taxation, covering areas including: capital gains tax, income tax, inheritance tax, pensions, residence and domicile, savings and investments and trusts

SEISS grants and tax return processing

HMRC reports that it has been unable to automatically process a significant number of 2020/21 self assessment tax returns because of apparent inconsistencies in the reporting of SEISS grants. ICAEW’s Tax Faculty explains how to avoid the problem.

Updated templates to make CJRS claims easier

HMRC has published new templates for making claims under the Coronavirus Job Retention Scheme to simplify the process. It is now possible to submit claims using a template within the system for staff without national insurance numbers when grants cover fewer than 100 members of staff.

Professional standards

Trust Registration Service extension narrowed

28 July: Fewer trusts will be within the scope of the expansion of the Trust Registration Service (TRS) than originally proposed, but the 30-day deadline for new trust registrations and rules granting third-party access to data remain unchanged.

CCAB anti-money laundering guidance

In March 2018, CCAB (The Consultative Committee of Accounting Bodies) published Anti-Money Laundering Guidance for the Accountancy Sector. It is aimed at all entities providing audit, accountancy, tax advisory, insolvency or related services such as trust and company services, by way of business.

Engagement letters helpsheet

Technical helpsheet providing sample wordings to help you draft engagement letters for a variety of typical engagements for both corporate and non-corporate clients. Includes full text and supplementary schedules.

Expert commentary and practical guidance from ICAEW related to the taxation of property in the UK regime, covering areas such as: ATED (annual tax on enveloped dwellings), business rates and stamp duty land tax. 

Stamp Duty Land Tax: temporary reduced rates

Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased from 8 July 2020 until 30 June 2021 and from 1 July 2021 to 30 September 2021 inclusive.

Higher rates of Stamp Duty Land Tax

Check if you have to pay the higher rates of Stamp Duty Land Tax (SDLT) when you buy a residential property in England or Northern Ireland.

Expert commentary and practical guidance from ICAEW related to stamp duty land tax in the UK regime. 

Stamp Duty Land Tax: temporary reduced rates

Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased from 8 July 2020 until 30 June 2021 and from 1 July 2021 to 30 September 2021 inclusive.

Higher rates of Stamp Duty Land Tax

Check if you have to pay the higher rates of Stamp Duty Land Tax (SDLT) when you buy a residential property in England or Northern Ireland.

Support for agents on the day-to-day practicalities of tax administration with support on HMRC contacts, filing tax returns and making complaints.
Expert commentary and practical guidance from ICAEW related to tax compliance, as defined by HMRC. Support on appeals and investigations, avoidance, evasion and penalties.

Tax news in brief

Highlights from the broader tax news week ending 16 June, which includes: G7 leaders backing global tax commitment; a word of caution on deeds of assignment; guidance on tax avoidance using unfunded pension arrangements; VAT liability of daycare services; and more support on heritage assets.

ICAEW works to support tax reform

Expert commentary and practical guidance from ICAEW related to VAT under the UK tax regime. 

Tax news in brief

Highlights from the broader tax news week ending 16 June, which includes: G7 leaders backing global tax commitment; a word of caution on deeds of assignment; guidance on tax avoidance using unfunded pension arrangements; VAT liability of daycare services; and more support on heritage assets.

Capital Allowances

Brought to you by the Tax Faculty, this webinar covers the capital allowances landscape following the provisions in the 2021 Finance Act.

New E-Commerce VAT regimes in the EU and UK

From 1 July 2021, the existing Mini One Stop Shop (MOSS) scheme transitions to a new framework. This is the 2021 EU e-commerce VAT package. This webinar will provide an explanation of the new EU -ecommerce VAT regime.