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)
Making Tax Digital
Caroline Miskin provides an overview of the status of HMRC’s digitalisation project, involving VAT, ITSA, CT and penalties
Entrepreneurs’ relief
Rachael Dronfield provides an update on entrepreneurs’ relief for trust business assets in relation to the Quentin Skinner 2005 settlement.
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?
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?
Capital allowances
Retail property - special features
Chapter on the scope for capital allowances claims provided by the special features and assets of retail property.
Hotels - special features
Chapter on the scope for capital allowances claims provided by the special features and assets of hotels.
Vehicle fleet
Chapter on the scope for capital allowances claims provided by company cars.
Research and development, patents and know-how
A chapter on capital allowances for expenditure on research and development, patents and know-how.
Cash basis
How to build a trusted, modern tax administration system
Anita Monteith shares her thoughts on HMRC’s approach.
TAXbite: MTD - cash accounting scheme
An overview of the cash accounting scheme for VAT and how it interacts with MTD
HMRC owed £3bn in outstanding VAT
The value of outstanding VAT is at a five-year high
Charities
CIOT hosts virtual conference to support tax charities
The Chartered Institute of Taxation has organised a virtual conference covering current tax issues for private clients and owner-managed businesses on 13 September. The half-day event aims to help two tax charities: TaxAid and Tax Help for Older People.
Campaign for a Gift Aid Emergency Relief Package
A coalition of leading voices in the UK charity sector is calling on the Government to temporarily increase the level of Gift Aid that can be claimed on donations to support charities through the difficult times ahead.
Charity retail in recovery but volunteers still in short supply
18 September: Shop closures during lockdown left a hole in charities’ budgets but continued rate reliefs and an extension to the retail grant scheme would help charity shops recover
Learn about ‘purpose tests’ and support tax charities
10 September 2020: Freshfields Bruckhaus Deringer are hosting a webinar “What's the point of purpose tests?” to raise funds for the Bridge the Gap campaign on 8 October.
Construction Industry Scheme
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').
A guide to the Finance Bill 2021
Lindsey Wicks provides a summary of key measures outlined in Finance Bill 2021.
Construction Reverse Charge
FAQ on how the new domestic reverse charge (DRC) VAT rules (which came into force on 1 March 2021) apply within the Flat Rate Scheme.
Simplify late payment penalties and defer CIS changes, says ICAEW
The new penalty regime for the late payment of income tax and VAT is “overly complex” and needs to be simplified, according to the Tax Faculty’s response to the Finance Bill. It’s also recommending the deferral of changes to the construction industry scheme.
Corporation tax
Uncertain tax treatment rules still complex and confusing, warns ICAEW
Draft legislation and guidance implementing the government’s plans for large businesses to report uncertain tax positions will introduce additional complexity and not provide the clarity taxpayers need, according to ICAEW’s Tax Faculty.
September 2021: new updates from HMRC
HMRC has provided new guidance on the payment of Corporation Tax for unincorporated associations and clubs, funded pension schemes and IP appointments.
TAXguide 16/21 Off-payroll working: trusts as clients: ‘small’ and ‘UK connection’
Questions and HMRC’s answers on how to determine whether a trust that uses the services of a contractor provided through an intermediary such as a personal service company is ‘small’ or has a UK connection under the off-payroll working rules.
Patent Box
Are you prepared for the future of patent box relief? Find out about the changes for claims made from 1 July 2021.
National insurance
National Insurance rise, ransomware and charity fraud
In this ICAEW Insights podcast we examine the government’s new Health and Social Care Levy, look at the rising tide of ransomware, and outline how the pandemic has changed fraud in the charity sector.
Registration of self-employed reverts to pre-COVID process
HMRC has confirmed that the normal process for registering as self-employed has been restored. Taxpayers who could not obtain a national insurance number during the pandemic used a workaround and now need to contact HMRC to arrange collection of Class 2 national insurance contributions.
PM confirms 1.25% increase to NIC and dividend tax rates
National insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022, with the projected £12bn annual income to be ringfenced to pay for health and social care.
TAXguide 17/21 Off-payroll working: cross-border issues
Off-payroll working: guidance on clients’ off-payroll working obligations when a contractor works through an intermediary such as a personal service company across borders and/or some of the parties (client, contractor, contractor’s personal service company) are non-UK resident and/or the work is not wholly carried out in the UK, how the ‘host employer’ rules in s689 ITEPA 2003 interact, and the impact of double tax treaties.
Partnership taxation
Book reviews: Taxation of Partnerships and Taxpayer Safeguards and the Rule of Law
Andrew Constable and Pete Miller review the latest guides for tax advisers – Taxation of Partnerships, First Edition by Paul Howard; and Taxpayer Safeguards and the Rule of Law, First Edition by Robin Williamson, respectively.
Have your say on VAT grouping
7 September: ICAEW’s Tax Faculty is calling on members to share their views on UK VAT grouping provisions to support an HM Treasury call for evidence.
Access to Bloomsbury Professional titles broadened
24 August: ICAEW members working in business and non-profits, and those who are unemployed, have been given access to more than 60 tax and accountancy titles from Bloomsbury until the end of October.
Research and development
Patent Box
Are you prepared for the future of patent box relief? Find out about the changes for claims made from 1 July 2021.
Research and development, patents and know-how
A chapter on capital allowances for expenditure on research and development, patents and know-how.
Capital allowances: transactions and planning 2021/22
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
R&D relief regime ripe for update, say ICAEW members
The UK’s current research and development tax relief regime is popular with companies, but there are opportunities to provide support closer to spend, to prevent funding limit breaches and to bring it up to date for a digital world, confirms ICAEW.
Self employment taxation
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.
Rethinking taxation of work
Steve Wade explains why there are difficult decisions ahead on the route to a straightforward tax system.
Employment status manual: entertainment industry
Employment status guidance for the entertainment industry. The guidance covers film and video workers, TV and radio workers, theatrical workers and musicians.
Registering a self-employment with no national insurance number
28 October 2020: HMRC has introduced a workaround for those who have been unable to obtain a national insurance number and need to register a self-employment and obtain a Unique Taxpayer Reference (UTR).