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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
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.

TAXguide 17/21 Off-payroll working: cross-border issues

Off-payroll working: guidance on clients’ off-payroll working obligations when a contractor works through an intermediary such as a personal service company across borders and/or some of the parties (client, contractor, contractor’s personal service company) are non-UK resident and/or the work is not wholly carried out in the UK, how the ‘host employer’ rules in s689 ITEPA 2003 interact, and the impact of double tax treaties.

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

Making tax digital

Tax news in brief

Highlights from the broader tax news week ending 8 September, which includes: date confirmed for Autumn Budget; Scottish Government consults on tax policy; Eclipse Film Partnership members given six months to settle; FTT needs more resource to tackle delays; MTD regulations laid before parliament; new member for OECD BEPS framework and CTF reminder for teenagers.

MTD Phase 2 - Are you ready?

In this February 2021 webinar we recap the MTD journey so far, outline HMRC's roadmap and timescales, and provide an overview of the legislation and what this means for your practice. In association with Sage and HMRC.

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

Tax news in brief

Highlights from the broader tax news week ending 15 September, which includes: applications open for three deputy judges for the UTT; income tax exemptions for players and officials at Euro 2020 and UEFA Super Cup matches in the UK; HMRC combines group VAT registration forms VAT50 and VAT51; and the UK and Switzerland agree deal on social security payments.

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. 

Tax news in brief

Highlights from the broader tax news week ending 14 July, which includes: confirmation on L-Day as 20 July, HMRC guidance on claiming SDLT relief in freeport tax sites and HMRC writes to businesses to help them prepare for customs changes from January 2022.

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

Tax news in brief

Highlights from the broader tax news week ending 14 July, which includes: confirmation on L-Day as 20 July, HMRC guidance on claiming SDLT relief in freeport tax sites and HMRC writes to businesses to help them prepare for customs changes from January 2022.

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.

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 15 September, which includes: applications open for three deputy judges for the UTT; income tax exemptions for players and officials at Euro 2020 and UEFA Super Cup matches in the UK; HMRC combines group VAT registration forms VAT50 and VAT51; and the UK and Switzerland agree deal on social security payments.

VAT – Pre-registration

FAQ about a client who has gone over the VAT registration threshold for the first time and wants to join the Flat Rate Scheme immediately, but there is concern that they won't be able to get any pre-registration VAT back unless it meets the FRS capex criteria.