Enhanced ICAEW membership
From 1 January 2023, as part of a wider initiative to support ICAEW members, Associate and Fellow members will no longer need to pay an additional fee for membership to the Tax Faculty.
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.
The highest December deficit on record has been driven by higher debt interest costs and the cost of energy support schemes.
There are currently two R&D tax relief schemes available to businesses. Changes to these will come into force from April 2023, and there are proposals to redesign and overhaul these in the longer term.
An eight-week consultation has been launched following the Autumn Statement announcement of a simplified, single RDEC-like scheme.
Frank Haskew shares his insights on how external factors might shape future tax developments, including regulation and Making Tax Digital.
Damon Wright and Jade Els summarise the VAT issues identified with the platform economy and the changes proposed from 1 January 2025 aimed at resolving those issues.
ICAEW’s Tax Faculty reflects on the tax recommendations contained in the government’s net zero review chaired by Chris Skidmore MP, the former energy minister.
April 2023 will bring a major shake-up of the rules dictating when trading profits of unincorporated businesses are subject to income tax. Emma Rawson, ATT Technical Officer at Bloomsbury Professional Online, explores the changes and explains what steps can be taken now.
There are currently two R&D tax relief schemes available to businesses. Changes to these will come into force from April 2023, and there are proposals to redesign and overhaul these in the longer term.
4 January 2021: HMRC has confirmed that the UK will no longer be applying DAC 6 in its entirety following conclusion of the Free Trade Agreement with the EU. Only arrangements that would have fallen within Category D of DAC 6 will now need to be reported, in line with the OECD’s mandatory disclosure rules.
ICAEW’s Tax Faculty explains why all ICAEW members need to be alert to their potential reporting obligations. Highlighting common misconceptions and answering frequently asked questions about the regime.
An introduction to DAC6 and the OECD Mandatory Disclosure Regimes in the context of UK reporting.
Highlights from the broader tax news for the week ending 18 January 2023, including: Finance Act Royal Assent; Agent Maintainer Team; ATED revaluations; changes to HMRC statistics publications; and administration of Scottish income tax.
Highlights from the broader tax news for the week ending 21 December 2022, including: Spring Budget date announcement; the Scottish budget 2023-24; marginal relief calculator; spotting payroll company fraud; alcohol duty freeze extension; and taxation of transferred basic life assurance and general annuity business.
The Welsh Government has announced changes to the main residential rates and bands of land transaction tax. The new rates and bands apply to transactions with an effective date on or after 10 October 2022.
FAQ questioning whether a salary sacrifice arrangement needs to be set up for a director who is provided with a company bicycle under a cycle to work scheme.
Whether they’re selling due to changes in the tax regime or simply because of market conditions, landlords looking to offload residential property need to be prepared to meet their CGT compliance obligations, says Gillian Banks.
A1 certificates are issued by HMRC for employees and the self-employed working across borders as evidence that the worker does not need to pay social security contributions in another country.
Late payment notices will be suppressed, but not immediately.
The end of the tax year is approaching. A reduction to the capital gains tax annual exempt amount is imminent. This may be a good time for taxpayers to take stock of available capital losses, and ensure they have been claimed, says Mei Lim Cooper.
Cross-border tax avoidance arrangement disclosure rules devised by the OECD (known as the mandatory disclosure rules, or MDR) will enter into force in the UK on 28 March 2023. Arrangements entered into on or after this date must be reported to HMRC under this regime.
Damon Wright and Jade Els summarise the VAT issues identified with the platform economy and the changes proposed from 1 January 2025 aimed at resolving those issues.
The impact of the December 2022 announcement that the introduction of Making Tax Digital income tax self assessment (MTD ITSA) is being delayed (again) and phased is starting to sink in. Caroline Miskin shares her thoughts on how policy and implementation should develop.
Research by HMRC shows that more than half of agents have accessed clients’ online accounts, suggesting that agents’ needs are not being met. The findings tally with recent feedback to ICAEW’s Tax Faculty, but overall give a more positive impression than might have been expected.
Frank Haskew shares his insights on how external factors might shape future tax developments, including regulation and Making Tax Digital.
With more and more people dipping their toe into the world of crypto, accountants increasingly need to become experts in crypto tax compliance and financial planning. Daniel Howitt looks at how.
The end of the tax year is approaching. A reduction to the capital gains tax annual exempt amount is imminent. This may be a good time for taxpayers to take stock of available capital losses, and ensure they have been claimed, says Mei Lim Cooper.
The highest December deficit on record has been driven by higher debt interest costs and the cost of energy support schemes.
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.
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.
PCRT sets out the principles and standards of behaviour that all members, affiliates and students must follow in their tax work.
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.
HMRC has sent letters to companies asking them to check whether the valuations they have used to determine annual tax on enveloped dwellings (ATED) liabilities since 2018 are correct.
ICAEW’s Tax Faculty reflects on the tax recommendations contained in the government’s net zero review chaired by Chris Skidmore MP, the former energy minister.
The annual release of tax relief statistics, published on 12 January 2023, shows a significant rise in the cost of some reliefs. However, overall, the percentage increase in cost between 2020/21 and 2021/22 was less than the increase in tax receipts over the same period.
Highlights from the broader tax news for the week ending 18 January 2023, including: Finance Act Royal Assent; Agent Maintainer Team; ATED revaluations; changes to HMRC statistics publications; and administration of Scottish income tax.
ICAEW’s Tax Faculty explains when to expect legislation for various measures announced at the Autumn Statement.
Our chart this week illustrates how tax cuts, higher interest charges and energy support packages contribute to the Institute for Fiscal Studies forecast of big increases in the fiscal deficit over the next few years.
The Welsh Government has announced changes to the main residential rates and bands of land transaction tax. The new rates and bands apply to transactions with an effective date on or after 10 October 2022.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
This guide to help you through the HMRC complaits process.
Learn about the HMRC toolkits that provide guidance on areas of error frequently seen in tax returns.
With more and more people dipping their toe into the world of crypto, accountants increasingly need to become experts in crypto tax compliance and financial planning. Daniel Howitt looks at how.
Frank Haskew discusses ICAEW’s representations to the government ahead of the Budget, HMRC service standards and the Tax Faculty’s wider consultation and representational work.
Research by HMRC shows that more than half of agents have accessed clients’ online accounts, suggesting that agents’ needs are not being met. The findings tally with recent feedback to ICAEW’s Tax Faculty, but overall give a more positive impression than might have been expected.
Cross-border tax avoidance arrangement disclosure rules devised by the OECD (known as the mandatory disclosure rules, or MDR) will enter into force in the UK on 28 March 2023. Arrangements entered into on or after this date must be reported to HMRC under this regime.
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.
In this issue of the Tax Faculty's monthly magazine: Lindsey Wicks provides a summary of the tax changes coming into force in April 2017; Anita Monteith continues her examination of taxation and the gig economy; and Robert Lilly crop explains how to appeal business rates increases as a result of the new property valuation list.
How can we more closely align income tax and NIC, and why is this important?
Damon Wright and Jade Els summarise the VAT issues identified with the platform economy and the changes proposed from 1 January 2025 aimed at resolving those issues.
FAQ on a client who is behind with both submitting and paying his VAT returns and not able to pay VAT due for the 12/22 VAT period, thus incurring a default surcharge. It looks at what will happen if he does not submit and/or pay his VAT return for 03/23 on time.
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Highlights from the broader tax news for the week ending 11 January 2023, including: import VAT declaration issue; and form to make a till system disclosure.