ICAEW's Tax Faculty provides a summary of the announcements on tax and related matters in the 2021 Budget on 3 March, covering: business tax, COVID support, duties, employment taxes, environment taxes, international taxes, MTD, personal tax, property tax, tax compliance and VAT.

With the end of the pandemic hopefully near, the Chancellor clearly set out the fiscal damage to the UK economy and that the road to recovery will be a long one. Frank Haskew, Head of the Tax Faculty, shares his thoughts on a Budget that aims to rebuild the economy.

The Chancellor has announced a range of measures designed to stimulate business investment, including reliefs for losses and a super deduction for qualifying capital expenditure but also confirmed corporation tax rates will increase for many companies.

On 3 March 2021, the Chancellor extended coronavirus support measures, confirmed changes to corporation tax rates and the freeze of personal allowances, and outlined a series of measures aimed at supporting the rebuilding of the economy post-COVID. Read ICAEW's analysis of the Budget announcements.

A response dated 4 March 2021 to a consultation published by HMRC on 12 November 2020.

Slides from the session on Tax Compliance presented by at the ICAEW Partner in Learning Tutor Conference on 3 February 2021.

On 19 January 2020, ICAEW's Tax Faculty is hosting a webinar on DAC 6. Jo Myers from EY UK's international tax and transaction services team and Ariana Kosyan, from EY's emerging technologies team, will join the Faculty in discussing how the recently announced changes will affect businesses.

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.

Highlights from the broader tax news week ending 3 March, which includes: publication date of Finance Bill 2021, updated guidance on NICs and benefits in kind, latest fuel advisory rates and HMRC webinars for agents on off-payroll working and penalties for enabling tax.

Highlights from the broader tax news week ending 24 February, which includes: the opening of the online portal for the governments new payment scheme for deferred VAT, publication of the 2021/22 CWG2, OTS urges taxpayers to share their thoughts on the use of third-party data and HMRC publishes archive of pre-Brexit VAT notices.

24 February 2021: This month’s top technical stories on ICAEW Insights include updates on self assessment penalties, IR35 changes and a major change to the government’s Kickstart Scheme.

An introduction to DAC6 and the OECD Mandatory Disclosure Regimes in the context of UK reporting.

23 February: Writing in the Financial Times, the Tax Faculty’s Anita Monteith explored why the UK’s policymakers need to consider moving the start of the tax year and bring it in line with other countries.

Everything you need to know to get ready for the MTD Phase 2 deadline, including what counts as a digital link.

HMRC is expecting to lay the Making Tax Digital for Income Tax Self Assessment Regulations before Parliament in February 2021. This will give effect to the April 2023 start date for MTD for ITSA, as well as confirming many of the requirements (some of the detail will be in tertiary legislation which will follow later).

10 February 2021: Respected tax authority Rebecca Benneyworth has written two new TAXguides offering valuable insights into the key issues facing agents at the start of 2021 and exploring what business structure has the lowest tax burden.

The income tax personal allowance and higher rate threshold will be frozen from 6 April 2022 until 5 April 2026. The capital gains tax annual exempt amount, the pensions lifetime allowance and the IHT and residence nil rate bands, meanwhile, will be frozen at their current rates.

HMRC has agreed an analysis of when the inheritance tax spouse exemption is available for assets held in a trust which are treated as beneficially owned by the settlor as a result of the reservation of benefit rules.

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.

Professional Conduct in Relation to Taxation (PCRT) has been updated making it easier to navigate with a new digital structure. This edition is effective from 1 March 2019.

The Chancellor has announced a range of measures designed to stimulate business investment, including reliefs for losses and a super deduction for qualifying capital expenditure but also confirmed corporation tax rates will increase for many companies.

1 March 2021: Extending the business rates holiday for struggling companies in the retail, hospitality and leisure sectors should be a key announcement in next week’s Budget speech, a poll of chartered accountants has found.

HMRC may check your Stamp Duty Land Tax (SDLT) return to make sure you've paid the right amount.

Help can be provided if you need extra support with taxes which are managed by the Welsh Revenue Authority, such as Land Transaction Tax.

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

25 February 2021: Fair and effective taxation in the single market continues to be hampered by insufficient sharing of tax information, according to a recent report issued by the European Court of Auditors.

24 February 2021: This month’s top technical stories on ICAEW Insights include updates on self assessment penalties, IR35 changes and a major change to the government’s Kickstart Scheme.

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

HMRC is this month writing to businesses it believes are not registered for VAT, despite exceeding the £85,000 threshold. ICAEW’s Tax Faculty outlines what businesses can expect.

The income tax personal allowance and higher rate threshold will be frozen from 6 April 2022 until 5 April 2026. The capital gains tax annual exempt amount, the pensions lifetime allowance and the IHT and residence nil rate bands, meanwhile, will be frozen at their current rates.

With high volumes of VAT registration applications causing processing delays, HMRC is urging agents and taxpayers to double check applications before submission.