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
Proposed tax changes, and projected investment published by the Chancellor – 11 March 2020
A budget update from Ros Rowe, subject matter expert for the Construction & Real Estate Community
TAXguide: 06/20 Spring Budget 2020
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.
Taxing new vehicle purchases
Taxing a new car or van will depend on its eco credentials, and whether it’s defined as a car or a van, which is not always straightforward.
ICAEW Farming and Rural Business Conference 2019 highlights
The best bits from this year's Farming & Rural Business Community conference.
Cash basis
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 started with Making Tax Digital (MTD) for VAT from April 2019.
TAXguide 14/18: property taxes – webinar Q&A
In TAXguide 14/18, Sue Moore answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘property tax update’’, broadcast on 9 July 2018.
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
Getting ready for the new construction industry reverse charge
Nick McChesney, the Tax Faculty’s VAT and Duties Committee chair, examines the new construction industry reverse charge and how to prepare for it.
VAT construction reverse charge
FAQ on whether the new domestic reverse charge for construction services coming in from 1 October 2019 will affect my client supplies, who supplies construction services, usually as a sub-contractor to a main contractor.
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.
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
The developing attraction of research and development tax relief claims
Nigel Holmes reviews the changing landscape for research and development (R&D) tax relief claims.
Upcoming changes to tax in April 2020
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
TAXguide: 06/20 Spring Budget 2020
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.
High street blues: is a corporation tax hike the answer?
4 March 2020: a government-commissioned report is set to recommend an increase in corporation tax of 2% to finance business rate cuts for struggling high street retailers. But should UK plc shoulder a greater tax burden to support one part of the economy? Beth McLoughlin investigates.
Entrepreneurs relief
Budget 2020: Entrepreneurs’ relief lifetime limit cut to fund other key business tax breaks
11 March 2020: the Chancellor announced he will continue to use the tax system to support genuine risk-taking and creativity where it is proven to be effective.
Is the writing on the wall for entrepreneurs’ relief?
10 February 2020: whispers of reforms to entrepreneurs’ relief in the upcoming Budget have brought out supporters and detractors to the current regime. But what benefits does the controversial relief bring to business? And what good would scrapping it do?
Book review: Slevin’s Guide to Entrepreneurs’ Relief
Sue Moore reviews Slevin’s Guide to Entrepreneurs’ Relief, issue 11, by Kevin Slevin – a taxation specialist. She describes it as a thorough exploration of the complex and ever-evolving relief.
A limited period of time
Rachael Dronfield examines a First-tier Tribunal decision concerning whether a minimum period applies to holding an interest in possession for entrepreneurs’ relief.
National insurance
Upcoming changes to tax in April 2020
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
COVID-19: Support through the benefits system
20 March: ICAEW members may need to help clients, friends or family to access support through the benefits system during the coronavirus outbreak. Benefits may be something on which they would not usually advise. The Tax Faculty has created this basic guide on which benefits to consider, together with sources of support.
TAXguide 03/20 Off-payroll working from April 2020
In light of upcoming changes to the off-payroll working regime, this guidance from the Tax Faculty outlines how to determine whether a private sector client using contractors through an intermediary is ‘small’.
More support on changes to employment allowance rules
14 February 2020: new guidance has been published by HMRC and ICAEW’s Tax Faculty on changes to the employment allowance (EA) that are coming into force on 6 April.
Partnership taxation
The enquiry powers applicable to LLPs
John Cassidy examines the 2019 case of Inverclyde Property Renovation LLP and Clackmannanshire Regeneration LLP that calls into question the enquiry powers applicable to LLPs.
Coming full circle on partnership expenses
Graeme Blair takes us on a six-month journey through the changes to HMRC’s guidance on partnership expenses.
Its different in Scotland part three
It is important to be aware of the differences between partnerships in Scotland and those in the rest of the UK.
Research and development
The developing attraction of research and development tax relief claims
Nigel Holmes reviews the changing landscape for research and development (R&D) tax relief claims.
TAXguide: 06/20 Spring Budget 2020
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.
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.
Self employment taxation
Simplification of tax reporting and payment arrangements for the self-employed and landlords
In this webinar we are joined by the Office of Tax Simplification to discuss the OTS document which sets out the scope of a new project around simplifying the tax reporting and payment arrangements for the self-employed and landlords of private residential property.
IR35 cases
Exploration of a number of recent key IR35 cases.
VAT construction reverse charge
FAQ on whether the new domestic reverse charge for construction services coming in from 1 October 2019 will affect my client supplies, who supplies construction services, usually as a sub-contractor to a main contractor.
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.