UK tax rates, allowances and reliefs
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
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
Business asset disposal relief (formerly entrepreneurs' relief)
Capital gains tax: partnership or company?
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.
Entrepreneurs’ relief
Rachael Dronfield provides an update on entrepreneurs’ relief for trust business assets in relation to the Quentin Skinner 2005 settlement.
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?
The increasing appeal of rollover relief for landowners and farmers
Julie Butler and Fred Butler examine the growing attraction of rollover relief.
Capital allowances
Tax news in brief 8 June
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.
When science and the tax system don’t mix
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.
Capital allowances
Chapter containing practical advice on capital allowances in relation to incorporating a business.
Treasury invites views on reforming UK capital allowance regime
Chancellor Rishi Sunak wants businesses “to have their say” in how investment taxes should be reformed to “drive and sustain growth in the UK.”
Charities
Are there reasons for charity accountants to feel positive about tax?
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.
Spring Statement 2022
23 March 2022: Read the Charity Tax Group’s analysis of impact of the Chancellor’s Spring Statement on charities.
CIOT hosts virtual conference to support tax 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.
Campaign for a Gift Aid Emergency Relief Package
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.
Construction Industry Scheme
Employment status
A chapter discussing the ways in which employment status may have to be considered by a business when it incorporates.
The Construction Industry Scheme
Practical guidance on how the Construction Industry Scheme (CIS) applies to businesses within the UK tax regime.
Construction Industry Partnerships
Concise chapter providing guidance on partnership taxation for businesses in the construction industry, which are subject to the Construction Industry Scheme ('CIS').
Construction Reverse Charge
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.
Corporation tax
HMRC updates guidance on accounts for non-resident corporate landlords
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.
TAXline
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.
What constitutes subsidised expenditure?
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.
Corporation tax - income tax chargeable event gain rules
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.
National insurance
Employer Bulletin: NIC thresholds, student loan deductions, PAYE RTI penalties
ICAEW’s Tax Faculty summarises some essential reading for employers and payroll agents.
HMRC breaks its silence on the MTD ITSA pilot
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.
Calculating class 1 NIC from April 2022
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.
TAXline
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.
Partnership taxation
HMRC’s power to issue joint and several liability notices explained
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
Differing business tax rates in Italy
Andrea Matera discusses tax rates that apply to partnership and capital company structures under the Italian business models.
Capital gains tax: partnership or company?
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.
Research and development
ICAEW technical round-up: June 2022
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.
R&D tax credits: further clarification on compliance checks
HMRC confirms that additional checks are being applied to repayment cases in date order including when advance assurance has been given.
HMRC enhances compliance checks on R&D tax credit claims
Tax credit claimants advised to expect longer processing times.
What constitutes subsidised expenditure?
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.
Self employment taxation
NIC for the self-employed: a clarification and reminder following the Spring Statement
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.
Spring Statement: NIC measures welcome but not as simple as the Chancellor’s speech made it sound
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.
Tax payment dates and Making Tax Digital
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.
Tax year for SEISS payments
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.