All the latest news about ICAEW and the accountancy profession.

The latest news about the UK's tax system brought to you by ICAEW's Tax Faculty.

Opinions and news analysis, covering the worlds of business and accountancy.

Are you a glass half full or a glass half empty person? I imagine that many of us who are chartered accountants would have to say that our training encourages us to be more ‘half glass empty’ than ‘half glass full’! The Chancellors’ Spring Statement may have given us a perfect opportunity to test that out for ourselves.

This month’s top technical stories include a decrease in the UK’s estimated tax gap, delay to implementation of the global minimum tax rate and HMRC clarification on R&D tax credit compliance checks.

Some uncertainty has arisen over the nature of accounts that need to be submitted with tax returns for non-UK resident companies with UK rental profits. HMRC has now updated its guidance to make the position clear.

HMRC confirms that additional checks are being applied to repayment cases in date order including when advance assurance has been given.

Tax credit claimants advised to expect longer processing times.

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.

Flexible benefit packages can offer tax and NIC advantages. They can simplify administration, as well as making the benefit package more attractive to employees. However, ICAEW’s Tax Faculty warns that the underlying tax rules should not be overlooked.

ICAEW’s Tax Faculty summarises some essential reading for employers and payroll agents.

HMRC has started encouraging agents to sign clients up to the Making Tax Digital income tax self assessment pilot. ICAEW’s Tax Faculty explains the somewhat confusing communications.

Some uncertainty has arisen over the nature of accounts that need to be submitted with tax returns for non-UK resident companies with UK rental profits. HMRC has now updated its guidance to make the position clear.

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.

Views are being sought until 27 May 2022 on the methods that owners of unincorporated businesses with accounting year ends that differ from the tax year end could use to correct estimates in their tax returns.

This month’s top technical stories include a decrease in the UK’s estimated tax gap, delay to implementation of the global minimum tax rate and HMRC clarification on R&D tax credit compliance checks.

HMRC has started encouraging agents to sign clients up to the Making Tax Digital income tax self assessment pilot. ICAEW’s Tax Faculty explains the somewhat confusing communications.

Join ICAEW’s Tax Faculty for the June 2022 edition of MTDtalk for the latest information on Making Tax Digital.

This month’s top technical stories include a decrease in the UK’s estimated tax gap, delay to implementation of the global minimum tax rate and HMRC clarification on R&D tax credit compliance checks.

HMRC figures released for the pandemic period of 2020/21 show the tax gap held steady at 5.1% in percentage terms, but fell by £2bn in real terms as theoretical tax liabilities fell. ICAEW’s Tax Faculty looks at the key data.

New rules require all UK express trusts and some non-UK trusts to register with HMRC. This includes non-taxable trusts unless the trust is specifically excluded.

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.

Lack of awareness of the change and jointly held property were among the issues raised with the Office of Tax Simplification.

Taxation of the digital economy and e-commerce transactions should be considered without reference to the debate around the imbalance of business rates for ‘bricks and mortar’ businesses, says ICAEW.

Highlights from the broader tax news for the week ending 11 May 2022, including: late payment interest rate increase; guidance on changes to VAT penalties and VAT interest charges; revocation of recognised status for Moscow Stock Exchange; a GAAR Advisory Panel Opinion; exclusivity clauses in employment contracts; and HMRC’s Residential Property Developer Tax Manual.

The Government announces income tax, corporation tax and national insurance contributions exemptions alongside reliefs from the annual tax on enveloped dwellings and the 15% stamp duty land tax rate.

There are better ways to deliver affordable housing than local rates of land transaction tax rates, says ICAEW in response to the Welsh Government’s consultation on local variation to LTT for second homes, short-term holiday lets and other additional residential properties.

HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.

This month’s top technical stories include a decrease in the UK’s estimated tax gap, delay to implementation of the global minimum tax rate and HMRC clarification on R&D tax credit compliance checks.

Consultation covering the information provided by repayment agents about their services, the use of assignments, and registration of repayment agents.

Businesses that manufacture plastic packaging in the UK, or import plastic packaging into the UK, may need to submit a plastic packaging tax return by 29 July 2022.

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.

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.

Highlights from the broader tax news for the week ending 29 June 2022, including: an increase in response times for VAT non-statutory clearance requests; and an update to HMRC’s VAT input tax toolkit.

The requirement to keep digital accounting records and use MTD VAT compatible software to submit VAT returns was extended to all VAT registered businesses from 1 April 2022. Were those newly subject to MTD VAT requirements ready?

Get the latest analysis from experts on a range of tax issues, including VAT, inheritance tax and Making Tax Digital, as well as practical tips for practitioners, important deadlines and dates and the latest news from the faculty.