Tax Faculty
Find out more about the Tax Faculty and upcoming events. Faculty members can access exclusive content, including TAXline, TAXguides, webinars, representations and support schemes.
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.
Need to know
In this section
Budgets and legislation
Finance Act 2019
The Finance Act 2019 received Royal Assent on 12 February 2019. It was originally introduced to Parliament as Finance (No.3) Bill 2018. On this page you can find guidance, parliamentary papers, representations and other commentary on the Bill's progress into law.
Budget 2018 Report
Technical managers from ICAEW Tax Faculty provide a summary of all the new announcements relating to tax in the 2018 Budget.
The NHS, Brexit and more: TAXtalk Budget 2018
Two days after the 2018 Budget, Frank Haskew and Anita Monteith from the Tax Faculty, were joined by ICAEW's Public Sector Director Ross Campbell to discuss Philip Hammond's announcements.
ICAEW Rep 115/18: Budget Autumn 2018
ICAEW's Tax Faculty has responded to HM Treasury's invitation for comments ahead of the 2018 Budget. The response concludes that there should be no new policy initiatives on tax at this time. Attention should instead be given to enabling taxpayers easily to fulfil their obligations and to understand their entitlements. Coping with HMRC’s digital systems has been made more difficult by the number of policy changes.
Business tax
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.
Getting ready for the new construction industry reverse charge
Nick McChesney, the Tax Faculty’s VAT and Duties Committee chair, examines the new construction industry reverse charge and how to prepare for it.
Exploring structures and buildings allowances
Bryan Crawford, founder and director of Furasta Consulting, considers the actions that taxpayers and their advisers should be taking when it comes to structures and buildings allowances. Among other things, he goes into detail about qualifying expenditure, qualifying use and allowance statements.
Essentials CPD: use holiday time to plan study time!
Why not make the best of your downtime by reviewing 2019’s essential line up of CPD training courses, tailored for LSCA members.
TAXguide 11/19: Capital allowances update
This TAXguide will cover the key changes to the capital allowances regime since Tax Practice supplement 21 on the subject in September 2008.
Devolved taxes
Support and guidance on taxation under the devolved governments of the UK; Northern Ireland, Scotland and Wales
Devolved taxes
In this webinar Charlotte Barbour, director of taxation, ICAS, and Frank Haskew, Head of Tax, ICAEW provide an overview of the devolved tax powers, and pointers to areas where care needs to be taken when advising clients across the UK.
SDLT payment window reduced
For transactions with an effective date falling on or after 1 March 2019, the due date for payment of the SDLT has changed to 14 days.
TAXline News - September 2018
Frank Haskew, Head of the Tax Faculty, reports on recent developments at the Tax Faculty during September 2018.
Employment 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.
Off payroll working in the private sector
From April 2020 the operation of IR35, or off-payroll working as it is also known, will change in the private sector. In this webinar we unpick the draft legislation, provide practical tips on preparation for change and highlight the pitfalls to watch out for.
Disguised remuneration, contractor loans and the 2019 charge
Since our original webinar in August 2018, several key milestones have passed, more is now known about the information which must be provided, the potential penalties and what help is available. In this webinar, Rebecca Benneyworth reprises the earlier recording and brings viewers up to date.
Employment taxes update
In this webinar Kate Upcraft and Peter Bickley cover the latest developments in the employment tax arena, including; preparation for the roll out of the IR35 off-payroll reforms to the private sector, tax regimes and optional remuneration arrangements.
IR35 cases
Exploration of a number of recent key IR35 cases.
International taxes
Expert commentary and practical guidance from ICAEW related to international taxation regimes.
TAXguide 08/19: Inheritance tax on overseas property representing UK residential property
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. TAXguide 08/19 presents questions and draft suggested answers together with comments from HMRC on areas of uncertainty in the statutory provisions covering the extension of inheritance tax to overseas property.
Spring Statement 2019
Jane Moore rounds up the tax items from the Spring Statement 2019, including Making Tax Digital, structures and buildings allowance, tax avoidance and evasion, national minimum wage, apprenticeship levy and forthcoming papers over the rest of the year.
How to tax the digital economy
Ian Young looks at developments in the digital economy – both in the UK and internationally.
Making tax digital
Manually inputting paper records to comply with MTD
FAQ on whether a client has to retrospectively input a large volume of purchase data captured in ledgers into his digital records to comply with Making Tax Digital.
Tax relief on business premises
FAQ on whether a client a client can claim tax relief on the structure of recently-built extension to their business premises.
How has Making Tax Digital changed VAT recordkeeping?
Caroline Miskin explains Making Tax Digital for VAT’s recordkeeping requirements. She answers some common questions and clarifies areas of confusion, including the level of detail needed for digital records, relaxations and trading through digital platforms.
The big data benefits of Making Tax Digital
As businesses migrate their reporting online, Johnston Carmichael’s Ewan Bolt takes a look at the additional advantages of going digital.
Personal tax
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
HMRC’s dropped appeal against the First-tier Tribunal
Lindsey Wicks, technical editor in the Tax Faculty, considers the implications of HMRC dropping its appeal against a First-tier Tribunal win for the taxpayer in the Hymanson case concerning lifetime allowance fixed protection.
Changes in capital gains tax on private residences
Rebecca Benneyworth, vice chairman of the Tax Faculty, explores the forthcoming changes to capital gains tax on private residences, focusing on the 30-day payment window and giving practical examples.
TAXguide 11/19: Capital allowances update
This TAXguide will cover the key changes to the capital allowances regime since Tax Practice supplement 21 on the subject in September 2008.
Professional standards
Professional conduct in relation to taxation (PCRT)
Professional Conduct in Relation to Taxation (PCRT) has been updated making it easier to navigate with a new digital structure. This edition is effective from 1 March 2019.
Engagement letters and privacy notices
ICAEW has developed guidance for practice firms on what to include in engagement letters. This page provides a series of sample wordings to help you draft your own engagement letters.
Avoidance and Professional Conduct in Relation to Tax
First broadcast 01 December 2016 - ICAEW deputy president Nick Parker, ICAEW Head of Tax Frank Haskew guide you through the changes to PCRT that came into effect on 1 March 2017.
Property tax
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.
Changes in capital gains tax on private residences
Rebecca Benneyworth, vice chairman of the Tax Faculty, explores the forthcoming changes to capital gains tax on private residences, focusing on the 30-day payment window and giving practical examples.
Offsetting earlier losses from property rental against future profits
FAQ on whether a client can set the property losses brought forward against the profits from a newly acquired rental property. He previously rented out a residential property in the UK, but sold it in 2012-13 and declared the capital gain on sale on that year’s tax return. He made a loss that year, which has been carried forward since.
TAXguide 08/19: Inheritance tax on overseas property representing UK residential property
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. TAXguide 08/19 presents questions and draft suggested answers together with comments from HMRC on areas of uncertainty in the statutory provisions covering the extension of inheritance tax to overseas property.
TAXguide 07/19: A Guide to Principal Private Residence relief
Questions around the tax treatment of someone’s principal private residence (PPR) arise with some frequency and all too often the answer is not as straightforward as might first appear. This guide considers the core rules, the traps and the key items to be aware of to help clients through this area of tax law.
Stamp duty land tax
Expert commentary and practical guidance from ICAEW related to stamp duty land tax in the UK regime.
Budget 2018: Avoidance, evasion and compliance
ICAEW Tax Faculty provides analysis of the announcements relating to tax avoidance, evasion and compliance in the 2018 Budget.
Budget 2018: Stamp taxes
ICAEW Tax Faculty provides analysis of the announcements relating to stamp taxes in the Budget 2018
Trust Registration Service: where do we stand?
Sue Moore, Tax Faculty technical manager with responsibility for private client matters, provides a progress report, explaining what practitioners need to know, on the new Trust Registration Service that was introduced in 2017
Tax administration
Expert commentary and practical guidance from ICAEW related to the administration of the UK tax regime, covering agents work with HMRC and tax returns, as well as the compliance issues, including appeals and investigations, avoidance, evasion, money laundering and penalties.
HMRC contact information
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Tax rates, allowances and reliefs
This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
Practical points 2018 - Tax administration
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in policy, practice and legislation related to the administration of tax.
Making complaints to HMRC
This guide to help you through the HMRC complaits process.
ICAEW works to support tax reform
Reforming property taxes for business – what are the options?
Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.
Hypothecation of taxes – a cure to austerity?
Is hypothecation - assigning particular tax revenues to a specific public policy goal - a good thing? Read Ian Young's article presenting the facts and then decide.
The sharing economy – labour and the gig economy
Anita Monteith of ICAEW’s Tax Faculty explains how to account for trades in the sharing economy, specifically how tax and national insurance work in the gig economy
Expert commentary and practical guidance from ICAEW related to VAT under the UK tax regime.
How has Making Tax Digital changed VAT recordkeeping?
Caroline Miskin explains Making Tax Digital for VAT’s recordkeeping requirements. She answers some common questions and clarifies areas of confusion, including the level of detail needed for digital records, relaxations and trading through digital platforms.
Getting ready for the new construction industry reverse charge
Nick McChesney, the Tax Faculty’s VAT and Duties Committee chair, examines the new construction industry reverse charge and how to prepare for it.
VAT registration if no UK supplies
FAQ on whether a UK-based consulting company, providing strategy consultancy services to USA and Canadian based businesses only, can avoid VAT on general business costs and and sub-contracted services.
Are fruit shrubs always zero rated?
What are the rules and regulations according to HMRC?