ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
ICAEW members have free access to an exclusive capital allowances helpline service, provided by Catax Solutions.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Tax is a fast-moving and ever-changing world. Our expert staff and volunteers, and consultation work with government, means we can bring you the latest developments and expert opinions. Join today to access our resources and keep on top tax form.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
The super deduction, special rate allowance and extension of the uplifted annual investment allowance, were discussed by Steve Watts and Richard Jones in a Tax Faculty webinar on 14 June 2021. This TAXguide provides answers to questions raised in that webinar.
Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.
Features and articles
The current value of farms is high despite low profits and uncertainty. At the time of writing, demand for farms exceeds supply and there are a larger number of buyers who are new to farming coming into the market. Purchasing a farm can give rise to many tax reliefs and it is essential that these are maximised from every perspective and be tailor-made to the buyer. Capital allowances planning is often overlooked or even dismissed as too tedious.
Paul Vohmann and Richard Jones set out ideas for incentivising capital investment.
In its response to HM Treasury’s policy paper on options for reforming plant and machinery allowances, ICAEW’s Tax Faculty sets out ideas to make the regime more targeted and to help the government meet its other policy objectives.
BDO’s Stuart Lisle, Tax Partner, and Martin Callaghan, Director, Tax Assurance & Risk Management, reveal the results of a comparative review for ICAEW.
Highlights from the broader tax news for the two weeks ending 8 June 2022, including: HMRC’s super deduction guidance; and the latest fuel advisory rates.
The government is keen to encourage business investment and innovation, but the application of the tax rules can be less than clear. Technical Editor Lindsey Wicks explains.
Chancellor Rishi Sunak wants businesses “to have their say” in how investment taxes should be reformed to “drive and sustain growth in the UK.”
A publication aiming to kickstart a conversation with businesses about how to reform the UK’s capital allowances regime has been published today.
Webinars and recordings
In this episode of the Insights podcast we analyse the latest news from the world of accountancy, business and finance.
Brought to you by the Tax Faculty, this webinar covers the capital allowances landscape following the provisions in the 2021 Finance Act.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Chapter containing practical advice on capital allowances in relation to incorporating a business.
Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.
A chapter on capital allowances, containing worked examples throughout.
Guidance on capital allowances on property transactions, highlighting tax planning opportunities and potential pitfalls.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact firstname.lastname@example.org.
Explains the nature of chattels and wasting assets as defined by the Taxation of Chargeable Gains Act 1992. Shows where capital allowances are available using a reference table and a worked example.
Explains how corporation tax applies to trading income and the ways in which it differs from income taxation. Covers the annual investment allowance, first-year tax credits and capital allowances for plant and machinery.
An outline of allowances for small businesses provided under the Capital Allowances Act 2001. This chapter covers business premises renovation allowance, qualifying expenditure, qualifying building, and other relevant matters.
Comment submitted on 29 June 2022 to a paper published by HM Treasury on 9 May 2022.
Pushing through proposals to change basis periods ahead of the expansion of Making Tax Digital will cause as many problems as it solves and would be a backwards step for affected businesses, warns ICAEW in its response to HMRC's consultation on aligning basis periods with the tax year. ICAEW has urged the government not to implement to proposals.
Briefing submitted to MPs on 12 April 2021 on Finance (No.2) Bill 2019-21 published by government on 11 March 2021 on clause 9 which relates to super-deductions and other temporary first year allowances.
A response dated 13 April 2021 to a consultation published by TSC on 1 March 2021.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Information on how to claim relief for qualifying expenditure for plant and machinery, how much businesses can claim, and withdrawal of relief. Includes examples with calculations.
Information on requirements for claiming enhanced structures and buildings allowance relief, how to apportion the relief, and how much businesses can claim. Includes examples with calculations.
Measure introduced in Budget 2021 offering an enhanced 10% rate of Structures and Buildings Allowance for constructing or renovating non-residential structures and buildings within Freeport tax sites in Great Britain, once they have been designated.
Summary from the Low Incomes Tax Reform Group which explains what capital allowances are and how to claim them.
HMRC internal manual providing guidance on the meaning of research and development, qualifying expenditure, allowances and charges, disposal events and disposal values, demolition costs, and additional VAT.
Extensive collection of HMRC guidance on claiming and working out your capital allowances.
Internal HMRC manual which defines capital allowances, explains how allowances are made and how to claim.
A series of short online presentations on capital allowances presented by Ray Chidell, a renowned author on the topic. The talks cover a whole spectrum of capital allowances issues, from fixtures and integral features to the definition of plant and the claiming of allowances, using examples to demonstrate how the rules work out in practice.
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