ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
HMRC's vision to digitalise the UK tax system is well underway. The transformation started in April 2019 with Making Tax Digital (MTD) for VAT for businesses with taxable turnover above the VAT threshold.
How can we more closely align income tax and NIC, and why is this important?
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Tax is a fast-moving and ever-changing world. Our expert staff and volunteers, and consultation work with government, means we can bring you the latest developments and expert opinions. Join today to access our resources and keep on top tax form.
The Tax Faculty has formulated Ten Tenets for a Better Tax System. This comprises 10 key characteristics against which to evaluate tax systems and tax policies, which include: simplicity, certainty and reasonableness.
Business asset disposal relief (formerly entrepreneurs' relief)
Detailed guidance on the capital gains tax reliefs that may apply on the sale of businesses, business assets, or a gift.
A chapter providing detailed guidance on business asset disposal relief (formerly entrepreneurs’ relief), written for SMEs and entrepreneurs in the UK.
Chapter providing expert guidance on business asset disposal relief (previously called entrepreneurs’ relief) in relation to a business partnership.
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?
Bryan Crawford explains why cooperation and planning are fundamental when dealing with fixture sales.
12 November 2020: The UK government is extending the £1m annual investment allowance cap for a further year in a bid to stimulate investment.
Lindsey Wicks looks at the ramifications of the judgement in Payne & Ors v Revenue & Customs  EWCA Civ 889.
Guidance on capital allowances on property transactions, highlighting tax planning opportunities and potential pitfalls.
Anita Monteith shares her thoughts on HMRC’s approach.
An accessible guide to current VAT law, written for both professional advisers and non-professionals.
A full chapter covering the cash basis system of accounting, including eligibility, rules for specific trades and professions and the way cash basis works.
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.
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.
The third Update event from the Charity Finance Professionals Community, bringing the latest developments to your digital doorstep
A full chapter on the taxation of charities in the UK in this title aimed at finance and business undergraduate students.
Construction Industry Scheme
FAQ on services reportable under the Construction Industry Scheme (CIS), concerning whether a client who supplies labour to building firms should be charging VAT after 1 March 2021.
In this webinar, Neil Warren, Independent VAT speaker, author and consultant explains the new rules on VAT domestic reverse charge for construction services and how it will affect your clients.
26 January 2021: After several delays HMRC’s VAT domestic reverse charge for construction services is due to come into force on 1 March 2021. ICAEW’s Tax Faculty provides a reminder of the changes.
8 January 2021: HMRC needs to publish draft regulations and guidance detailing forthcoming changes to the construction industry scheme or consider pushing back implementation until 2022, according to ICAEW.
10 February 2021: Respected tax authority Rebecca Benneyworth has written two new TAXguides offering valuable insights into the key issues facing agents at the start of 2021 and exploring what business structure has the lowest tax burden.
8 February: ICAEW’s Tax Faculty is urging members to share their thoughts by 15 February on HMRC’s proposals to expand the Making Tax Digital regime to corporation tax.
The start of Making Tax Digital for corporation tax may not be until April 2026, but Anita Monteith urges action now that the consultation period is under way.
1 February 2021: HMRC is updating the look and feel of the agent services account homepage in a bid to improve navigation around the online portal. ICAEW’s Tax Faculty highlights the changes.
Highlights from the broader tax news week ending 3 March, which includes: publication date of Finance Bill 2021, updated guidance on NICs and benefits in kind, latest fuel advisory rates and HMRC webinars for agents on off-payroll working and penalties for enabling tax.
Highlights from the broader tax news week ending 24 February, which includes: the opening of the online portal for the governments new payment scheme for deferred VAT, publication of the 2021/22 CWG2, OTS urges taxpayers to share their thoughts on the use of third-party data and HMRC publishes archive of pre-Brexit VAT notices.
24 February 2021: This month’s top technical stories on ICAEW Insights include updates on self assessment penalties, IR35 changes and a major change to the government’s Kickstart Scheme.
12 February: HMRC has outlined how organisations employing former UK military personnel can claim relief on secondary national insurance contributions from April. A new policy paper lists documents that can help to ensure a veteran qualifies and examples of how claims work.
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.
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.
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.
Research and development
Katy Rabindran reflects on why the First-tier Tribunal decision in Hadee Engineering Co Limited v HMRC, issued in October 2020, provides key pointers on current R&D working practices and HMRC’s approach.
Highlights from the broader tax news week ending 13 January, which includes: ICAEW’s response to draft legislation on R&D tax relief for SMEs and £230,000 cap on participation in the agricultural flat rate scheme for VAT.
24 November 2020: Reports commissioned by HMRC suggest that the research and development expenditure credit (RDEC) scheme is the most effective incentive for encouraging additional investment in R&D.
17 November 2020: Draft legislation confirms a new cap to reduce the number of fraudulent claims for research and development tax credits by SMEs, largely in line with consultation proposals.
Self employment taxation
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).
A full chapter providing a practical overview of the taxation of self-employment income in the UK.
6 July: Businesses eligible for the first Self-employment Income Support (SEISS) grant must make their claim by Monday 13 July, ICAEW reminds members.
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.