UK tax rates, allowances and reliefs
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
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
Business asset disposal relief (formerly entrepreneurs' relief)
Capital gains tax: partnership or company?
Mark McLaughlin looks at the distinction between partnerships and companies for business asset disposal relief (BADR) purposes in relation to pre-trading activities and capital gains tax, focusing on Wardle v Revenue and Customs.
Entrepreneurs’ relief
Rachael Dronfield provides an update on entrepreneurs’ relief for trust business assets in relation to the Quentin Skinner 2005 settlement.
Financial tips for GPs as they begin emerge from Covid-19 lockdown
All businesses will need to take lessons learned over the last few weeks into their future and our GP Practice clients, and Primary Care as a wider spectrum, will be no exception to this. So, what can we advise them to help the thought process on the financial aspects?
The increasing appeal of rollover relief for landowners and farmers
Julie Butler and Fred Butler examine the growing attraction of rollover relief.
Capital allowances
Business investment: the tax/investment balancing act
Competitive tax rates and incentives can encourage investment, but applying this is not quite as simple as it might first seem.
Growth Plan 2022: 19% CT rate and £1m AIA from April 2023
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.
Growth Plan 2022: investment zones
The government announced that it will introduce investment zones across the UK as part of its plan for growth. Investment zones will benefit from tax incentives, planning liberalisation and wider support for the local economy.
Mini-budget: tax changes in full
The Chancellor took some big swings when it came to tax in his mini-Budget.
Charities
Gift Aid, loans and loan waivers
HMRC now allows charities to claim gift aid on waived loans if specific conditions are met and the donation is gift aid eligible. Find out how to get it right and structure the gift to maximise the benefit to donor and charity.
Are there reasons for charity accountants to feel positive about tax?
Are you a glass half full or a glass half empty person? I imagine that many of us who are chartered accountants would have to say that our training encourages us to be more ‘half glass empty’ than ‘half glass full’! The Chancellors’ Spring Statement may have given us a perfect opportunity to test that out for ourselves.
Spring Statement 2022
23 March 2022: Read the Charity Tax Group’s analysis of impact of the Chancellor’s Spring Statement on charities.
Taxing mountain climb will help change lives
Tax charities TaxAid and TaxHelp for Older People give free life-changing assistance to people in crisis with tax problems. Tina Riches invites you to join a group of tax professionals next year on a climb of Mt Kilimanjaro, Africa's highest peak, to raise sponsorship in a campaign to fund the two charities.
Construction Industry Scheme
Construction Industry Scheme
FAQ on whether CIS deductions be applicable on boiler installation work, carried out by a sub-contractor for a plumbing company.
Construction Industry Partnerships
Concise chapter providing guidance on partnership taxation for businesses in the construction industry, which are subject to the Construction Industry Scheme ('CIS').
Employment status
A chapter discussing the ways in which employment status may have to be considered by a business when it incorporates.
The Construction Industry Scheme
Practical guidance on how the Construction Industry Scheme (CIS) applies to businesses within the UK tax regime.
Corporation tax
Positive findings by NAO regarding digital services tax implementation
The National Audit Office (NAO) confirmed that implementation of the digital services tax (DST) has meant that most digital groups are now paying significantly more UK tax. Receipts from DST are up by 30% on HMRC’s initial forecasts to £358m for 2020/21.
Banks dodged a windfall tax bullet, but the government’s still desperate for revenue
Interest rates had gone up sharply, and households and businesses were feeling the pain. Inflation was in double figures, partly under the impact of soaring energy prices, and the government was under pressure. In response, the chancellor announced a change that sent shudders through the banking sector.
Tax news in brief 16 November 2022
Highlights from the broader tax news for the week ending 16 November 2022, including: self assessment and corporation tax repayment notifications; and HMRC’s response to the Adjudicator’s annual report.
IFRS 17: Tax transitional rules for long term insurance businesses
Regulations laid before the House of Commons on 10 November 2022 mitigate the tax consequences of adopting IFRS 17 by spreading certain amounts that would otherwise be subject to corporation tax immediately on adoption over 10 years.
National insurance
Booth's NIC Brief
How to register clients for self assessment or as self-employed
Tax agents acting for individuals will no doubt be seeing a flurry of registrations required in the run up to 31 January. ICAEW’s Tax Faculty recaps the main processes.
UK first-half deficit in line, but expected to soar over winter
The energy price guarantee, a national insurance cut and rising interest charges are expected to result in double the budgeted deficit for 2022/23.
Chancellor statement: certainty on some mini-budget tax measures
New Chancellor Jeremy Hunt confirms off-payroll working will remain and that income tax rates will not change.
Partnership taxation
Defining general, or ordinary, partnerships for tax
Mark McLaughlin examines the challenges around determining the existence of a general partnership of individuals, including spouses and civil partners, and offers useful tips.
Tax issues in mixed partnerships
Andrew Constable highlights the tax issues to be aware of when a partnership has both individual and corporate partners.
Draft Finance Bill 2022-23: personal tax measures
Government announcements on legislation day include possible changes to the capital gains tax rules on separation and a significant consultation on improving the data HMRC collects from taxpayers. ICAEW’s Tax Faculty summarises the planned measures likely to affect individuals.
Research and development
ICAEW calls for refocusing of R&D tax relief changes
In its response to the draft Finance Bill clauses published on 20 July 2022, ICAEW has highlighted those measures that it believes will inhibit R&D activity and therefore growth in the UK.
made.simplr
made.simplr is a pioneer of cloud-based R&D Tax Credit management software that connects to your accounting software to produce HMRC compliant R&D reports.
HMRC online gForms can now be viewed before completion
HMRC has improved functionality around gForms to allow the entire form to be viewed before completion.
Tax news in brief 31 August 2022
Highlights from the broader tax news for the week ending 31 August 2022, including: advisory fuel rates; trust registration penalties; and an update on R&D tax credit payment delays.
Self employment taxation
NIC for the self-employed: a clarification and reminder following the Spring Statement
Voluntary class 2 national insurance contributions are unaffected by the Spring Statement changes, but don’t forget that class 4 losses might need recording separately.
Spring Statement: NIC measures welcome but not as simple as the Chancellor’s speech made it sound
National insurance contributions thresholds will rise for employees and the self-employed, together with the employment allowance for small employers. Class 2 NIC will include a zero-rate band.
Tax year for SEISS payments
FAQ about whether a client’s Self Employed Income Support Scheme (SEISS) payments received in June and August 2020, will be taxable in the 2021/22 tax year as they were received after his year end.
COVID-19 and the future of tax
How will the Exchequer cover the costs of the economic support and stimulus packages caused by the pandemic? A reduction in defence spend, changes to business rates, corporation, capital gains and inheritance taxes; a wealth tax?