ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
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
Investment zones were refocused at the Spring Budget 2023. They are intended to grow the economy by focusing on places with significant unmet productivity potential and building on their existing strengths. How do they compare to freeports?
Bryan Crawford considers the capital allowances actions that advisers should be taking when advising non-taxpaying sellers or buyers of commercial property.
The Budget contained tax announcements designed to support business growth. We assess how these measures were received and their drawbacks.
The Finance (No. 2) Bill 2022/23 includes Spring Budget announcements such as the full expensing first-year capital allowance, abolition of the pension lifetime allowance charge and investment zones.
ICAEW’s Tax Faculty summarises the key tax announcements from the Chancellor’s Budget speech, including pension and capital allowance reforms.
Angela Clegg examines practical steps for managing the uncertainty within the tax policy environment, including remuneration for owner-managers, the return of close investment-holding companies, the annual investment allowance and the end of the super deduction.
Chancellor Kwasi Kwarteng confirms that the corporate tax rate increase in April 2023 will be cancelled and that the temporary £1m annual investment allowance limit will become permanent.
The Chancellor took some big swings when it came to tax in his mini-Budget.
Webinars and recordings
This webinar from the Tax Faculty will explore current issues relating to capital allowances.
Slides from the Freeport Tax Faculty webinar 19 October 2022.
Brought to you by the Tax Faculty, this webinar covers the capital allowances landscape following the provisions in the 2021 Finance Act.
Bloomsbury 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 Accounting and Tax Service.
Chapter providing expert guidance on capital allowances in relation to partnership taxation.
Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.
Guidance on capital allowances on property transactions, highlighting tax planning opportunities and potential pitfalls.
Chapter containing practical advice on capital allowances in relation to incorporating a business.
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.
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.
This chapter outlines the essentials of the Capital Allowances Act 2001. It includes a definition of plant and machinery, a list of qualifying activities and a definition of expenditure. There is also a section on the various kinds of allowance, including enhanced capital allowances and annual investment allowance.
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.
A representation dated 6 September 2023 to a consultation published by the National Institute of Economic and Social Research.
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.
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 requirements for claiming enhanced structures and buildings allowance relief, how to apportion the relief, and how much businesses can claim. Includes examples with calculations.
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.
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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