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 Budget contained tax announcements designed to support business growth. We assess how these measures were received and their drawbacks.
Slides to accompany the Tax Faculty Payroll and rewards webinar broadcast 16 May 2023.
Slides to accompany the Tax Faculty Payroll and rewards update webinar broadcast on 16 May 2023.
This webinar from the Tax Faculty covers recent and upcoming changes in Payroll, Rewards and Employment taxes.
The Budget contained tax announcements designed to support business growth. We assess how these measures were received and their drawbacks.
Mark McLaughlin, Bloomsbury Accounting and Tax Service, looks at the payment of dividends in owner-managed companies and highlights a recent case on restricted or ‘blocked’ dividends.
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.
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.
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.
The differences between how and when the higher rates apply to residential property purchases in England and Northern Ireland, Scotland and Wales go beyond the rates charged. Lindsey Wicks highlights some key variations alongside planned changes in Scotland.
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.
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.
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.
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.
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.
This webinar from the Tax Faculty covers recent and upcoming changes in Payroll, Rewards and Employment taxes.
In this case study you can read an example of how ICAEW's new CPD requirements could apply to an experienced member offering tax advice to an international group.
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.
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.
ICAEW has written to HMRC as part of its engagement on the review of how MTD ITSA could be shaped to suit the needs of smaller self-employed and property businesses.
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.
Stephen Dale reflects on how the past 50 years informs the future for the UK VAT system – the topic of ICAEW Tax Faculty’s conference on 22 May.
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.
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.
The unanimous agreement paves the way for greater co-operation between member states to reduce opportunities for tax avoidance and tax fraud using crypto assets, by amending the directive on administrative co-operation in the area of taxation (DAC).
HMRC has published a new form to enable individuals to apply for marriage allowance by post more easily. It is also possible to claim the allowance online, by phone and through a self assessment tax return.
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.
Buying a house in Italy is a dream come true for many, but if you do not know the property tax rules you could be faced with some unpleasant surprises. Andrea Matera explains what you need to know.
The Spring Budget has given the profession plenty to think about. The following articles look at if from three different angles.
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.
ICAEW’s Tax Faculty summarises the key changes contained in the bill.
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.
The differences between how and when the higher rates apply to residential property purchases in England and Northern Ireland, Scotland and Wales go beyond the rates charged. Lindsey Wicks highlights some key variations alongside planned changes in Scotland.
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.
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.
This guidance summarises the different methods of paying tax to HMRC.
The unanimous agreement paves the way for greater co-operation between member states to reduce opportunities for tax avoidance and tax fraud using crypto assets, by amending the directive on administrative co-operation in the area of taxation (DAC).
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.
HMRC has published a new form to enable individuals to apply for marriage allowance by post more easily. It is also possible to claim the allowance online, by phone and through a self assessment tax return.
The Tax Faculty’s response provides a detailed analysis of the proposed revisions to the Ethical Code published by the International Ethics Standards Board (IESBA) compared to the UK’s Professional Conduct in Relation to Taxation (PCRT).
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.
How can we more closely align income tax and NIC, and why is this important?
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.
The Tax Faculty expresses concern that the proposed output VAT liability would fall on the wrong person.
The mystery of just why so many businesses sit just below the VAT registration threshold will be a big topic of debate at ICAEW’s VAT at 50 conference on Monday 22 May.
HMRC plans to free up helpline resources to work on processing VAT registration applications.
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.