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
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.
Tax relief on commercial property
FAQ on whether a client can claim allowances on the building that his company has purchased.
The Business Case for Onsite Renewable Energy Generation
Chris Trigg highlights the latest electricity and gas price rises, the impact on business and a strategy to reduce demand for grid supplied energy to help manage and avoid these rising costs.
Cash basis
Making tax digital for VAT: Systems software and schemes
Technical helpsheet to help members in practice with implementing Making Tax Digital for VAT. It focuses on the systems, software and schemes practitioners will need in order to file clients' MTD for VAT returns digitally.
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.
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.
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.
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
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.
TAXguide 18/18: Small business tax issues
In TAXguide 18/18, Rebecca Benneyworth explores the recent tax changes affecting small businesses, and looks at the impact of the more recent changes to dividend taxation and the rate of corporation tax. The full guide can be downloaded by Tax Faculty members and Faculties Online subscribers.
Research and development tax relief
Sarah Goodman discusses the changes to the R&D tax relief for SMEs announced in the Budget 2018.
Budget 2018: Tax rates and allowances
ICAEW Tax Faculty provides analysis of the announcements relating to tax rates and allowances in the 2018 Budget.
Entrepreneurs relief
TAXguide 04/19: Entrepreneurs’ relief – clarification of the new 5% proceeds test
This TAXguide sets out a series of questions raised by the Tax Faculty with HMRC in order to explore the changes made to entrepreneurs’ relief, introduced in Finance Act 2019. HMRC’s replies are set out in full in this TAXguide.
TAXtalk February 2019
This month, the tax team's discussion on topical tax issues focused on off-payroll working (IR35), the business rates challenge, including a consultation into their relevance to holiday homes, and the future of trusts.
Budget 2018: Capital taxes and trusts
ICAEW Tax Faculty provides analysis of the announcements relating to capital taxes and stamp taxes in the 2018 Budget.
Pension answer to Entrepreneurs’ Relief loss risk
A recent meeting of one of the Tax Discussion Groups in Croydon and South East London heard how substantial pension contributions could reduce the impact a large cash balance might have on a client’s eligibility for Entrepreneurs’ Relief.
National insurance
Budget 2018: Tax rates and allowances
ICAEW Tax Faculty provides analysis of the announcements relating to tax rates and allowances in the 2018 Budget.
Budget 2018: Personal and employment taxes
ICAEW Tax Faculty provides analysis of the announcements relating to personal and employment taxes in the 2018 Budget.
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.
How do you tax a robot?
The Tax Faculty's technical lead, Anita Monteith, looks at the tax challenges brought by the increasing use of artificial intelligence and robotic process automation.
Partnership taxation
Engagement letters and privacy notices
ICAEW has developed guidance for practice firms on what to include in engagement letters. This page provides a series of sample wordings to help you draft your own engagement letters.
TAXguide 17/18: Partnership tax
In TAXguide 17/18, Andrew Constable answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘partnership tax’’, broadcast on 8 November 2018.
Partnership tax update
Partnerships and Limited Liability Partnerships (LLPs) are the structures of choice for a vast range of businesses, from small start-ups to very large professional firms.
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
IR35 cases
Exploration of a number of recent key IR35 cases.
TAXbite: IR35 – an overview
An introduction to IR35, what it is and why it is important.
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.
Taxing the gig economy – what’s the answer?
Jane Moore reports on the June 2018 meeting of Tax Club, which featured experts Jolyon Maugham QC and EY’s Steve Wade. They discussed the tax and employment law angles of the gig economy, including the tax position, the use of intermediaries, and alternatives and solutions.