Tax rates, allowances and reliefs
This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
Business tax
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.
Need to know
In this section
Capital allowances
Another ‘plant’ case, another taxpayer victory
Ray Chidell and Jake Iles of Six Forward Capital Allowances look at the implications of the 2019 May v HMRC case on capital allowances, including a look at broader considerations around the definition of ‘plant’.
TAXtalk February 2019
This month, the tax team's discussion on topical tax issues focused on off-payroll working (IR35), the business rates challenge, including a consultation into their relevance to holiday homes, and the future of trusts.
The impact of capital allowances rules
Anita Monteith considers the effects of the capital allowances rules. She covers topics including the Budget 2018 proposals, new structures and buildings allowance, reduced rate of special writing-down allowance and the annual investment allowance.
The ICAEW Tax Faculty Conference 2018 – part two
The 2018 ICAEW Tax Faculty Conference was chaired by Mary Monfries and Frank Haskew. This article includes commentary from Nigel Holmes (Catax) on R&D tax relief and patent box; John Cassidy (Crowe Clark Whitehill) on HMRC enquiries; and practical points from the Tax Faculty team.
Cash basis
Making tax digital for VAT: Systems software and schemes
Technical helpsheet to help members in practice with implementing Making Tax Digital for VAT. It focuses on the systems, software and schemes practitioners will need in order to file clients' MTD for VAT returns digitally.
TAXbite: MTD - Cash accounting scheme
An overview of the cash accounting scheme for VAT and how it interacts with MTD
MTD for business overview
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.
Charities
UK GAAP 2018 reminders and tips
Tessa Park, Kingston Smith outlines some key areas for UK GAAP reporters to consider when preparing their 2018 financial statements.
J Netley and HMRC
TCO 5904 Appeal number TC/2011/0610
Budget 2018: Charities
ICAEW Tax Faculty provides analysis of the announcements relating to the taxation of charities in the 2018 Budget.
Charities SORP published
Bulletin 2 for the Charities SORP (FRS 102) has been published on 5 October
Budget 2018: Avoidance, evasion and compliance
ICAEW Tax Faculty provides analysis of the announcements relating to tax avoidance, evasion and compliance in the 2018 Budget.
TAXguide 01/18: Construction industry scheme: a practical guide
In TAXguide 01/18 Howard Royse provides an overview of the construction industry and explains the verification process and what gross payment status means. Read a summary here, Tax Faculty members can download the full guide.
The construction industry - what could possibly go wrong?
First broadcast 8 June 2017 - Join Sarah Ghaffari and Howard Royse for this informative webinar about the construction industry.
The construction industry scheme for tax practitioners
Tax consultant Tim Palmer spoke to members of ICAEW’s Tax Club for younger tax practitioners about the regulatory and reporting requirements of the construction industry scheme
Corporation tax
TAXguide 18/18: Small business tax issues
In TAXguide 18/18, Rebecca Benneyworth explores the recent tax changes affecting small businesses, and looks at the impact of the more recent changes to dividend taxation and the rate of corporation tax. The full guide can be downloaded by Tax Faculty members and Faculties Online subscribers.
Budget 2018: Tax rates and allowances
ICAEW Tax Faculty provides analysis of the announcements relating to tax rates and allowances in the 2018 Budget.
Budget 2018: Business and company tax
ICAEW Tax Faculty provides analysis of the announcements relating to business and company tax in the 2018 Budget.
Budget 2018: Avoidance, evasion and compliance
ICAEW Tax Faculty provides analysis of the announcements relating to tax avoidance, evasion and compliance in the 2018 Budget.
Entrepreneurs relief
TAXguide 04/19: Entrepreneurs’ relief – clarification of the new 5% proceeds test
This TAXguide sets out a series of questions raised by the Tax Faculty with HMRC in order to explore the changes made to entrepreneurs’ relief, introduced in Finance Act 2019. HMRC’s replies are set out in full in this TAXguide.
TAXtalk February 2019
This month, the tax team's discussion on topical tax issues focused on off-payroll working (IR35), the business rates challenge, including a consultation into their relevance to holiday homes, and the future of trusts.
Budget 2018: Capital taxes and trusts
ICAEW Tax Faculty provides analysis of the announcements relating to capital taxes and stamp taxes in the 2018 Budget.
Pension answer to Entrepreneurs’ Relief loss risk
A recent meeting of one of the Tax Discussion Groups in Croydon and South East London heard how substantial pension contributions could reduce the impact a large cash balance might have on a client’s eligibility for Entrepreneurs’ Relief.
National insurance
Budget 2018: Tax rates and allowances
ICAEW Tax Faculty provides analysis of the announcements relating to tax rates and allowances in the 2018 Budget.
Budget 2018: Personal and employment taxes
ICAEW Tax Faculty provides analysis of the announcements relating to personal and employment taxes in the 2018 Budget.
Budget 2018: Avoidance, evasion and compliance
ICAEW Tax Faculty provides analysis of the announcements relating to tax avoidance, evasion and compliance in the 2018 Budget.
How do you tax a robot?
The Tax Faculty's technical lead, Anita Monteith, looks at the tax challenges brought by the increasing use of artificial intelligence and robotic process automation.
Partnership taxation
TAXguide 17/18: Partnership tax
In TAXguide 17/18, Andrew Constable answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘partnership tax’’, broadcast on 8 November 2018.
The importance of correct farm accounts
The AHDB (Agriculture Horticulture Development Board) has some very admirable goals
Partnership tax update
Partnerships and Limited Liability Partnerships (LLPs) are the structures of choice for a vast range of businesses, from small start-ups to very large professional firms.
Research and development
The ICAEW Tax Faculty Conference 2018 – part two
The 2018 ICAEW Tax Faculty Conference was chaired by Mary Monfries and Frank Haskew. This article includes commentary from Nigel Holmes (Catax) on R&D tax relief and patent box; John Cassidy (Crowe Clark Whitehill) on HMRC enquiries; and practical points from the Tax Faculty team.
Research and development tax relief
Sarah Goodman discusses the changes to the R&D tax relief for SMEs announced in the Budget 2018.
Business implications of Autumn Budget 2017
Changes to business rates and reliefs for R&D will be welcome news for firms, says Matthew Rideout, but the Autumn Budget will probably not have a major impact on business who are facing the challenges of Brexit and continuing high inflation.
Research and development tax relief in the UK
Nigel Holmes of tax relief specialist Catax considers research and development tax relief in the UK, the effecting of claiming state funding, R&D expenditure credit and how SMEs can make the most of R&D tax relief and grants side by side
Self employment taxation
TAXbite: IR35 – an overview
An introduction to IR35, what it is and why it is important.
Following HMRC’s procedures for self assessment
Caroline Miskin explains that if you don’t follow HMRC’s standard procedures for registering clients for self assessment, they may end up with duplicate income tax calculations or unpaid class 2 NIC.
Taxing the gig economy – what’s the answer?
Jane Moore reports on the June 2018 meeting of Tax Club, which featured experts Jolyon Maugham QC and EY’s Steve Wade. They discussed the tax and employment law angles of the gig economy, including the tax position, the use of intermediaries, and alternatives and solutions.
Employment tax round up - 2018
This webinar aired on 13 February 2018, just before Scotland's major shake-up of income tax. In it payroll consultant Kate Upcraft and ICAEW’s Peter Bickley explore what this means for agents and taxpayers, and look at a myriad of other changes in the payroll arena as we approach the start of the new tax year.