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
ICAEW Farming and Rural Business Conference 2019 highlights
The best bits from this year's Farming & Rural Business Community conference.
Property issues facing the GP sector
These are some of the issues and concerns which the GP sector are facing.
Exploring structures and buildings allowances
Bryan Crawford, founder and director of Furasta Consulting, considers the actions that taxpayers and their advisers should be taking when it comes to structures and buildings allowances. Among other things, he goes into detail about qualifying expenditure, qualifying use and allowance statements.
TAXguide 11/19: Capital allowances update
This TAXguide will cover the key changes to the capital allowances regime since Tax Practice supplement 21 on the subject in September 2008.
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 - what could possibly go wrong?
First broadcast 8 June 2017 - Join Sarah Ghaffari and Howard Royse for this informative webinar about the construction industry.
Corporation tax
HMRC Update confirms changes to code out of self-assessment debt
17 February: In its latest Agent Update, HMRC has confirmed changes to collection of self-assessment debt, offered opportunities for agents to test new systems and published reminders for non-resident corporate landlords becoming liable to corporation tax from April 2020.
HMRC’s guidance on taxing cryptoassets
Michelle Robinson of Deloitte examines HMRC’s guidance for businesses that undertake transactions involving exchange tokens, including the scope of HMRC’s guidance, its approach to taxation of cryptoassets, company taxation, venture capital schemes and VAT, among other things.
Corporation Tax and the General Election of 2019
Politicians focus too much on the rate and not enough on the yield and wider impact of a coherent CT strategy
TAXguide 05/19: Intangible fixed assets and corporate tax deductibility
In TAXguide 05/19 Andrew Tall explains the different ways that a revenue deduction can be claimed for ‘typical’ intangible fixed assets used by a company in a taxable business, as introduced in Finance Act 2019 under chapters 3 and 15, Pt 8, Corporation Tax Act 2009.
Entrepreneurs relief
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.
TAXbite: Check your NIC record!
An introduction to checking your national insurance contributions.
National insurance
More support on changes to employment allowance rules
14 February: 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.
TAXguide 02/20 Employment Allowance from April 2020
From April 2020, employers who together with their connected companies have aggregate Class 1 secondary NIC liability of £100,000 or more in the preceding tax year cannot claim employment allowance (EA). EA also becomes de minimis State Aid.
Exploring the position of the personal service company
With the imminent arrival of off-payrolling for the private sector from April 2020, Peter Bickley reflects on whether the prospective new rules will change how businesses engage contractors. He covers IR35 and off-payroll working rules, tax compliance for the personal service company and a working example, as well as further guidance for Tax Faculty members.
Looking ahead at PAYE 2020
Kate Upcraft explains the challenges in preparing payroll for the 2020/21 tax year. She covers off-payroll working, company cars, Employment Allowance and termination payments, among other things.
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 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
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.