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
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.
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.
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
Charities SORP published
Bulletin 2 for the Charities SORP (FRS 102) has been published on 5 October
TAXguide 12/18: Charities tax
In this TAXguide Paul Bater discusses developments concerning the direct and indirect tax treatment of charitable and other non-profit making organisations, including the latest in charitable giving.
Construction Industry Scheme
Have your say on UK tax policies
19 June: ICAEW’s Tax Faculty is calling on members to share their views on raising standards in the tax advice market, tackling abuse of tax relief and improving HMRC’s charter.
HMRC's latest updates for agents
20 April: ICAEW’s Tax Faculty highlights current issues and reminders for agents, including: non-resident landlords, quarterly instalment payments, tax credit renewals, child benefit claims, ATED and the construction industry scheme.
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.
Corporation tax
Updated guidance for non-resident companies which own UK property
30 June: HMRC’s updated guidance highlights areas where corporate non-resident landlords (NRLs) need to take care around the transfer or disposal of property and the use of losses, highlights ICAEW.
What might the government’s future tax policy look like?
In planning for the future, businesses and individuals are trying to forecast the government’s future tax policy.
Tax advice as lockdown eases
Angela Clegg of the Tax Faculty provides pointers on the tax measures that businesses should consider following the COVID-19 lockdown. She covers cash flow, employment issues, working from home and tax governance, among other things.
COVID-19: Clarity over repayments of corporation tax and anticipated losses
17 June: Following representations made by ICAEW’s Tax Faculty, HMRC has updated its company tax manual outlining when companies can make claims for repayments of corporation tax based on anticipated losses.
Entrepreneurs relief
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?
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.
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?
National insurance
Cut VAT rate to boost economy, say accountants
3 Jul 2020: An ICAEW poll has found that accountants consider a cut in VAT rates to be the most effective way of boosting the UK economy following the coronavirus crisis.
Employers reminded not to overlook obligations by HMRC
30 June: HMRC’s latest employer bulletin contains several reminders to stop firms falling behind with standard obligations during the coronavirus pandemic, such as suffixing “2013” to the reference when paying 2019/20 Class 1A NIC.
What might the government’s future tax policy look like?
In planning for the future, businesses and individuals are trying to forecast the government’s future tax policy.
Class 2 NIC collection issues remain unresolved, explains ICAEW
23 June: The collection of Class 2 national insurance contributions (NICs) will not be fixed soon after HMRC said costs and plans for IT systems were preventing a solution.
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.
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.
Research and development
Have your say on UK tax policies
19 June: ICAEW’s Tax Faculty is calling on members to share their views on raising standards in the tax advice market, tackling abuse of tax relief and improving HMRC’s charter.
Guidance on R&D tax credit services
9 June 2020: Members have identified a number of areas where they would welcome clarity on the application of PCRT to advice on Research & Development (R&D) tax matters. This guidance provides answers in the form of a series of frequently asked questions.
Deadlines for tax consultations extended
30 April: The government has announced new timelines for a number of consultations, including on raising standards in the tax advice market, in the light of the coronavirus pandemic.
R&D Tax credit efficiency
Manage your R&D Tax credits expertly.
Self employment taxation
Class 2 NIC collection issues remain unresolved, explains ICAEW
23 June: The collection of Class 2 national insurance contributions (NICs) will not be fixed soon after HMRC said costs and plans for IT systems were preventing a solution.
Error in tax credit renewal packs
22 June: HMRC is writing to one million tax credit claimants whose renewal packs omitted some information, as ICAEW urges self-employed claimants to check whether they need to contact HMRC by 31 July.
SEISS: How to request a review of entitlement
18 May: Following the launch of the Self-employment Income Support Scheme (SEISS) the Tax Faculty provides guidance on how taxpayers and their agents can request a review of grant entitlement.
Traders must claim the SEISS grant themselves, warns HMRC
May 14: A sharp reminder has been circulated by HMRC asking agents not to use client Government Gateway credentials to claim the SEISS grant on their behalf.