UK tax rates, allowances and reliefs
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
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.
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.
Rachael Dronfield provides an update on entrepreneurs’ relief for trust business assets in relation to the Quentin Skinner 2005 settlement.
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?
Julie Butler and Fred Butler examine the growing attraction of rollover relief.
Highlights from the broader tax news for the two weeks ending 8 June 2022, including: HMRC’s super deduction guidance; and the latest fuel advisory rates.
The government is keen to encourage business investment and innovation, but the application of the tax rules can be less than clear. Technical Editor Lindsey Wicks explains.
Chapter containing practical advice on capital allowances in relation to incorporating a business.
Chancellor Rishi Sunak wants businesses “to have their say” in how investment taxes should be reformed to “drive and sustain growth in the UK.”
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.
23 March 2022: Read the Charity Tax Group’s analysis of impact of the Chancellor’s Spring Statement on 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.
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.
A chapter discussing the ways in which employment status may have to be considered by a business when it incorporates.
Practical guidance on how the Construction Industry Scheme (CIS) applies to businesses within the UK tax regime.
Concise chapter providing guidance on partnership taxation for businesses in the construction industry, which are subject to the Construction Industry Scheme ('CIS').
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.
Some uncertainty has arisen over the nature of accounts that need to be submitted with tax returns for non-UK resident companies with UK rental profits. HMRC has now updated its guidance to make the position clear.
Get the latest analysis from experts on a range of tax issues, including VAT, inheritance tax and Making Tax Digital, as well as practical tips for practitioners, important deadlines and dates and the latest news from the faculty.
Corporate Tax Manager Randeep Dhaliwal discusses a case and HMRC’s R&D manual update in relation to tax relief claims for client-subsidised expenditure.
FAQ on whether a company will be subject to the income tax chargeable event gain rules following their disposed of an investment life insurance contract.
ICAEW’s Tax Faculty summarises some essential reading for employers and payroll agents.
HMRC has started encouraging agents to sign clients up to the Making Tax Digital income tax self assessment pilot. ICAEW’s Tax Faculty explains the somewhat confusing communications.
National insurance relief for freeport tax sites has introduced a £25,000 threshold. ICAEW’s Tax Faculty explains the confusion surrounding when this threshold has to be taken into account in NIC calculations.
Get the latest analysis from experts on a range of tax issues, including VAT, inheritance tax and Making Tax Digital, as well as practical tips for practitioners, important deadlines and dates and the latest news from the faculty.
HMRC can issue notices to transfer tax liabilities of companies and limited liability partnerships to directors, shadow directors and other individuals connected with managing the business
Andrea Matera discusses tax rates that apply to partnership and capital company structures under the Italian business models.
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.
This month’s top technical stories include a decrease in the UK’s estimated tax gap, delay to implementation of the global minimum tax rate and HMRC clarification on R&D tax credit compliance checks.
HMRC confirms that additional checks are being applied to repayment cases in date order including when advance assurance has been given.
Tax credit claimants advised to expect longer processing times.
Corporate Tax Manager Randeep Dhaliwal discusses a case and HMRC’s R&D manual update in relation to tax relief claims for client-subsidised expenditure.
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.
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.
Anita Monteith considers how the government might bring forward tax payment dates to help plug the gaping hole in its finances, including Making Tax Digital for Income Tax Self Assessment.
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.