Tax Faculty
Find out more about the Tax Faculty and upcoming events. Faculty members can access exclusive content, including TAXline, TAXguides, webinars, representations and support schemes.
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.
On 29 October, Chancellor Philip Hammond will present the 2018 budget. Here you will find reactions to the statement from ICAEW's chief executive and experts from the Tax Faculty, as well as the insights from ICAEW's latest economic forecast for the UK.
ICAEW's Tax Faculty has responded to HM Treasury's invitation for comments ahead of the 2018 Budget. The response concludes that there should be no new policy initiatives on tax at this time. Attention should instead be given to enabling taxpayers easily to fulfil their obligations and to understand their entitlements. Coping with HMRC’s digital systems has been made more difficult by the number of policy changes.
The Finance (No.3) Bill will be published on Wednesday 7 November 2018. On this page you can find guidance, parliamentary papers, representations and other commentary on the Bill's progress into law.
The Finance (No.2) Act 2017 received Royal Assent on 16 November 2017. It was originally introduced to Parliament as Finance Bill (No.2) 2017. On this page you can find guidance, parliamentary papers, representations and other commentary on the Bill's progress into law.
In this TAXguide Rebecca Benneyworth answers questions raised in response to the Tax Faculty webinar on employee benefit trust strategies and contractor loan schemes, which was broadcast on 8 August. Read a summary here, Tax Faculty members can download the full guide.
In this practical TAXguide Sarah Bradford, director of Writetax and editor of Small Business Tax and Finance, explores the cash basis of assessment as it applies to traders and landlords. Read a summary here, Tax Faculty members can download the full guide.
In TAXguide 14/18, Sue Moore answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘property tax update’’, broadcast on 9 July 2018.
Switching from an LLP to a limited company structure raises many tax questions, a recent meeting of the Croydon and South East London tax discussion groups hears.
The Scottish Parliament has a package of powers to set a number of taxes , and with the first devolved taxes for Wales to go live on Easter Sunday 1 April 2018 , the question arises about what is to happen in Northern Ireland?
Joanne Walker looks at the income tax aspects of the Scottish Budget for 2018/19, and what they mean for Scottish taxpayers, including the effect on tax rates and liabilities, interactions with the UK tax system and PAYE.
Chairman of the Tax Faculty Carl Bayley looks to the tasks for the year ahead for the faculty.
In this TAXguide Rebecca Benneyworth answers questions raised in response to the Tax Faculty webinar on employee benefit trust strategies and contractor loan schemes, which was broadcast on 8 August. Read a summary here, Tax Faculty members can download the full guide.
The new disguised remuneration tax charge comes into force next April. Jenny Hulme looks at what this means for finance departments.
Many individuals undertake work through an intermediary structure such as their own personal service company (PSC). This can be done for a variety of reasons such as limited liability, because the engager insists, or because it can mitigate tax.
FAQ on whether the employer provided childcare vouchers scheme deadline for new entrants has been extended beyond April 2018.
The complex Capital Gains Tax rules for non-residents show the dangers of not taking advice before returning to the UK for one taxpayer with a London residential property, a Tax Discussion Group hears.
Alistair Spence Clarke, founding partner of Spence Clarke & Co. in Marbella, Spain, explains how Brexit will affect the taxation of Spanish holiday homes and investments. This includes rental income, inheritance/gift tax and deferral of exit tax among other points.
Ian Young of the Tax Faculty reports on an international tax summit and the US Tax Reform Act. The Tax Director Group of the Global Accounting Alliance met in April in Washington, DC to meet with the US Treasury, the IRS, the Finance Committee of the Senate and the Joint Committee of Taxation, as well as some people from the American Institute of Certified Public Accountants
With the prospect of Making Tax Digital impending, and increasing pressure on practices to move from compliance to business advisory, there is an urgent need for guidance to help practitioners make the transition seamlessly.
Research by ICAEW has revealed that over 40% of businesses about to be affected by Making Tax Digital (MTD) for VAT are not yet aware of it despite the changes being mandatory for most VAT-registered businesses from April 2019.
HMRC is on record as agreeing that agents need to be able to see and do everything that their clients can. But, as HMRC rolls out its digital tax systems, this worthy ambition has not yet been translated into reality.
ICAEW has surveyed 500 business, asking if they are aware of the new requirements under HMRC's Making Tax Digital (MTD) programme and what steps they have take to prepare for the changes. Close to half of respondents said they had not heard of MTD for VAT. Read the full survey results.
The complex Capital Gains Tax rules for non-residents show the dangers of not taking advice before returning to the UK for one taxpayer with a London residential property, a Tax Discussion Group hears.
Making Tax Digital (MTD) will lead to very significant change for many ICAEW members in practice. MTD is a major HMRC driven change to the administration of the tax system but it should be seen in the context of the increasing digitalisation of business, including the business of providing accounting and tax services.
Agents will need to take steps to prepare both their own practices and their clients for the disruption that Making Tax Digital and digitalisation will cause to the market for accounting and tax services.
PCRT sets out the principles and standards of behaviour that all members, affiliates and students must follow in their tax work. The latest version came into effect on 1 March 2017 and has now been republished in a new digital format designed to make it easier to navigate than the existing paper version.
ICAEW has developed guidance for practice firms on what to include in engagement letters. This page provides a series of sample wordings to help you draft your own engagement letters.
First broadcast 01 December 2016 - ICAEW deputy president Nick Parker, ICAEW Head of Tax Frank Haskew guide you through the changes to PCRT that came into effect on 1 March 2017.
The complex Capital Gains Tax rules for non-residents show the dangers of not taking advice before returning to the UK for one taxpayer with a London residential property, a Tax Discussion Group hears.
In TAXguide 14/18, Sue Moore answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘property tax update’’, broadcast on 9 July 2018.
Alistair Spence Clarke, founding partner of Spence Clarke & Co. in Marbella, Spain, explains how Brexit will affect the taxation of Spanish holiday homes and investments. This includes rental income, inheritance/gift tax and deferral of exit tax among other points.
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. In TAXguide 13/18 ICAEW, STEP, the CIOT and the Law Society have published questions and draft suggested answers to highlight and consider areas of uncertainty in the statutory provisions covering the extension of inheritance tax (IHT). Read a summary here and download the full guide.
Sue Moore, Tax Faculty technical manager with responsibility for private client matters, provides a progress report, explaining what practitioners need to know, on the new Trust Registration Service that was introduced in 2017
First broadcast on 1 December 2018. In this webinar Sarah Ghaffari will be joined by Pete Miller to discuss the tax implications of corporate reconstructions, from the tax treatment of distributions to stamp duty charges.
ICAEW Tax Faculty provides analysis of the announcements relating to property taxes in the Autumn Budget 2017.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
This guidance provides a summary of key tax rates, allowances and reliefs for 2016/17, 2017/18 and 2018/19.
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in policy, practice and legislation related to the administration of tax.
This guide to help you through the HMRC complaits process.
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.
Anita Monteith of ICAEW’s Tax Faculty explains how to account for trades in the sharing economy, specifically how tax and national insurance work in the gig economy
ICAEW has surveyed 500 business, asking if they are aware of the new requirements under HMRC's Making Tax Digital (MTD) programme and what steps they have take to prepare for the changes. Close to half of respondents said they had not heard of MTD for VAT. Read the full survey results.
HMRC's vision to digitalise the UK tax system is well underway. The transformation will start with Making Tax Digital (MTD) for VAT from April 2019.
Making Tax Digital (MTD) for income tax will not be mandated until April 2020 at the earliest and much of the detail of the requirements is still unknown. Here ICAEW's Tax Faculty outlines how it is likely to work and the progress of the pilots.
The first stage of HMRC's Making Tax Digital (MTD) programme focuses on VAT and imposes new requirements for digital recording keeping on VAT registered businesses and organisations from April 2019.