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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

Viewpoints July 2022

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

Are there reasons for charity accountants to feel positive about tax?

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.

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. 

DAC 6: EU tax disclosure

Support and guidance on taxation under the devolved governments of the UK; Northern Ireland, Scotland and Wales
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.
Expert commentary and practical guidance from ICAEW related to international taxation regimes.

Personal tax

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.

Making tax digital

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

Estimated tax gap falls to £32bn

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.

Trust Registration Service Update

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.

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. 

Affect of second property on SDLT

FAQ on whether a client who is currently in the middle of selling their main home and purchasing their new home, will be affected by an additional SDLT percentage, as they also own an additional residential property which they rent out to tenants.

Tax news in brief 11 May

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.

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

Affect of second property on SDLT

FAQ on whether a client who is currently in the middle of selling their main home and purchasing their new home, will be affected by an additional SDLT percentage, as they also own an additional residential property which they rent out to tenants.

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.

ICAEW works to support tax reform

TAXguide 21/17: The tax implications of Brexit

Although many of the implications of Brexit are currently unknown, VAT and customs duties are likely to be affected. This guide outlines the potential tax consequences. This guide was updated following the publication on 23 August 2018 of guidance from HMRC as to what will happen if there is no Brexit deal.

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

Tax news in brief 29 June 2022

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.

Making Tax Digital

FAQ on whether a client who is UK VAT registered on a voluntary basis ,and who currently keeps records manually, will soon be obliged to switch to operating under MTD rules.

TAXline

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.