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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. Read ICAEW's analysis of the Budget announcements.

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. 

Manufacturing Outlook Report 2021

The past year has been dominated by the effects of the coronavirus pandemic (COVID-19) and in keeping with the campaign which we have been running throughout the year, ‘getting back onto a new and safe track’ is the theme of this year’s survey.

Tax Compliance

Slides from the session on Tax Compliance presented by at the ICAEW Partner in Learning Tutor Conference on 3 February 2021.

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.

Tax news in brief

Highlights from the broader tax news week ending 3 February, which includes: a restrained Scottish Budget in light of the coronavirus pandemic and HMRC publishes a Brexit edition of its Agent Update with guidance on postponed VAT accounting.

Annual Summary of Trends in the Devolved Taxes 2019-20

This comprehensive report gives an insight into the performance trends of Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT) since tax operations began in April 2015.

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.

Tax news in brief

Highlights from the broader tax news week ending 3 March, which includes: publication date of Finance Bill 2021, updated guidance on NICs and benefits in kind, latest fuel advisory rates and HMRC webinars for agents on off-payroll working and penalties for enabling tax.

Tax news in brief

Highlights from the broader tax news week ending 24 February, which includes: the opening of the online portal for the governments new payment scheme for deferred VAT, publication of the 2021/22 CWG2, OTS urges taxpayers to share their thoughts on the use of third-party data and HMRC publishes archive of pre-Brexit VAT notices.

The impact of Brexit on aspects of tax

From 1 January 2021 the UK left the European Union. A lot has been made of some of the potential labour challenges to the sector, something I am sure many of you are currently dealing with as we head into the January football transfer window. It will be interesting to see how the changing immigration laws and changes impacting the ability to sign under-18 players impact the transfer market. There are also a few impacts that you should potentially be aware of from a tax perspective and I flag some potential issues in this article.

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

Managing tax risks in a complex world

Join BDO’s James Egert, Karen Riley, Steven Levine and Carrie Rutland as they take a high-level overview of the key risks that companies face in making disclosures, submitting accurate returns and applying the law correctly.

The impact of Brexit on aspects of tax

From 1 January 2021 the UK left the European Union. A lot has been made of some of the potential labour challenges to the sector, something I am sure many of you are currently dealing with as we head into the January football transfer window. It will be interesting to see how the changing immigration laws and changes impacting the ability to sign under-18 players impact the transfer market. There are also a few impacts that you should potentially be aware of from a tax perspective and I flag some potential issues in this article.

Making tax digital

MTD Phase 2 - Are you ready?

Everything you need to know to get ready for the MTD Phase 2 deadline, including what counts as a digital link.

MTD for Income Tax Self Assessment

HMRC is expecting to lay the Making Tax Digital for Income Tax Self Assessment Regulations before Parliament in February 2021. This will give effect to the April 2023 start date for MTD for ITSA, as well as confirming many of the requirements (some of the detail will be in tertiary legislation which will follow later).

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

Chancellor announces big tax freeze

The income tax personal allowance and higher rate threshold will be frozen from 6 April 2022 until 5 April 2026. The capital gains tax annual exempt amount, the pensions lifetime allowance and the IHT and residence nil rate bands, meanwhile, will be frozen at their current rates.

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

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.

Support for agents on the day-to-day practicalities of tax administration with support on HMRC contacts, filing tax returns and making complaints.

HMRC toolkits

Learn about the HMRC toolkits that provide guidance on areas of error frequently seen in tax returns.

Expert commentary and practical guidance from ICAEW related to tax compliance, as defined by HMRC. Support on appeals and investigations, avoidance, evasion and penalties.

Managing tax risks in a complex world

Join BDO’s James Egert, Karen Riley, Steven Levine and Carrie Rutland as they take a high-level overview of the key risks that companies face in making disclosures, submitting accurate returns and applying the law correctly.

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.

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

Chancellor announces big tax freeze

The income tax personal allowance and higher rate threshold will be frozen from 6 April 2022 until 5 April 2026. The capital gains tax annual exempt amount, the pensions lifetime allowance and the IHT and residence nil rate bands, meanwhile, will be frozen at their current rates.

Construction Reverse Charge

FAQ on services reportable under the Construction Industry Scheme (CIS), concerning whether a client who supplies labour to building firms should be charging VAT after 1 March 2021.