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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

Payroll Rewards 2023 BW

Slides to accompany the Tax Faculty Payroll and rewards webinar broadcast 16 May 2023.

Payroll Rewards 2023 Colour

Slides to accompany the Tax Faculty Payroll and rewards update webinar broadcast on 16 May 2023.

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. 

TAXguide 03/23: R&D tax relief for accounting periods spanning 1 April 2023

The rates of research and development (R&D) tax relief have changed for expenditure incurred on or after 1 April 2023. In addition, the change in corporation tax rates from the same date means that the results for periods spanning 1 April 2023 must be time apportioned. This TAXguide uses examples to demonstrate the interaction of these changes.

Cash Accounting Scheme

FAQ on whether a decorator client, using the Cash Accounting Scheme, will have to account for VAT on payment for a job that was invoiced for, and completed, before the client registered for VAT.

DAC 6: EU tax disclosure

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

Tax news in brief 29 March 2023

Highlights from the broader tax news for the week ending 29 March 2023, including: VAT penalty notices; the removal of the lifetime allowance; making MDR reports; Welsh Freeports; LBTT relief for green freeports; and an LBTT webinar series.

Property: ADS: the hidden traps

It is a misconception that land and buildings transaction tax additional dwelling supplement does not apply to a main residence, and purchasers can be caught out by anomalous rules.

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 31 May 2023

Highlights from the broader tax news for the week ending 31 May 2023, including: advisory fuel rates; service availability indicators for payment plans; visitor levy legislation; and an update to SAYE bonus rates.

P11Ds: filing online when a different agent is authorised for PAYE

Many employers will outsource their payroll to one agent but use another for P11D reporting. As HMRC systems do not have the functionality to recognise multiple agents for the same head of duty (eg, employers’ PAYE), concerns have been raised about how agents in this situation can submit P11Ds online for clients. ICAEW’s Tax Faculty shares the solution.

Tax news in brief 17 May 2023

Highlights from the broader tax news for the week ending 17 May 2023, including: LBTT Green Freeports relief; SA exclusions and special cases; amendments to plastic packaging tax regulations; HMRC’s employment related securities bulletin; making child benefit claims online; and changes to the check when you can expect a reply from HMRC service.

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

Tax news in brief 19 April 2023

Highlights from the broader tax news for the week ending 19 April 2023, including: closure of online VAT return; PAYE direct debits; TRS reporting requirements; interest rate increase for discounted gift trusts; NMW campaign; Finance Bill amendment for R&D; closure of the DAC6 reporting service; and Tax Administration and Maintenance Day.

Tax news in brief 12 April 2023

Highlights from the broader tax news for the week ending 12 April 2023, including: pension lump sums; HMRC’s Digital Disclosure Service; digital services tax; partnerships holding UK residential property; till system disclosures; and disguised remuneration instalment arrangements.

Making tax digital

Faculty news: May 2023

Frank Haskew looks at the restrictions on HMRC's ADL and examines the response to the IESBA exposure draft, plus details representations and committee meetings.

Harvesting Success: Why the new financial year is a prime opportunity for farming teams to get ahead

With the end of the financial year, accountants working with farming clients are presented with unique challenges, particularly when it comes to gathering data. In this article, we’ll explore the upcoming changes regarding Making Tax Digital (MTD) and MTD for Income Tax Self Assessment (ITSA), and its impact on accounting firms working with farming clients, as well as what other firms are doing to mitigate some of the pain points when gathering data.

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 31 May 2023

Highlights from the broader tax news for the week ending 31 May 2023, including: advisory fuel rates; service availability indicators for payment plans; visitor levy legislation; and an update to SAYE bonus 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. 

Spring Budget 2023

The Spring Budget has given the profession plenty to think about. The following articles look at if from three different angles.

Energy saving materials and planning permission

The construction, maintenance and improvement of property is a key issue for almost all farmers. In this article Julie Butler considers two property related tax cases and their implications for the rural business.

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

Energy saving materials and planning permission

The construction, maintenance and improvement of property is a key issue for almost all farmers. In this article Julie Butler considers two property related tax cases and their implications for the rural business.

Tax news in brief 29 March 2023

Highlights from the broader tax news for the week ending 29 March 2023, including: VAT penalty notices; the removal of the lifetime allowance; making MDR reports; Welsh Freeports; LBTT relief for green freeports; and an LBTT webinar series.

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.

HMRC additional needs working group

The Tax Faculty takes part in many HMRC engagement forums, one of which is the additional needs working group (ANWG). The ANWG enables dialogue between HMRC and interested parties regarding taxpayers and agents who may need additional support to access HMRC services.

ICAEW works to support tax reform

Taxing corporate profits: hard choices

Currently there is widespread concern that many businesses, particularly large multinational corporations, are not paying enough tax on their profits. This is a serious issue at a time when public finances are under strain. This ICAEW report highlights the tough choices faced by businesses and politicians in relation to corporate tax.

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

Tax news in brief 10 May 2023

Highlights from the broader tax news for the week ending 10 May 2023, including: a digital VAT5L form; changes to the DASVOIT rules; and a report from the Public Accounts Committee on tax compliance.