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)
Tax
Commentary and support on tax issues affecting small and micro businesses.
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?
Capital allowances
The tax-efficient benefits of electric company cars
Sam Inkersole explains how electric company cars offer a favourable benefit in kind for employers and employees alike.
Expenses
Clearly laid-out chapter on expenses, covering tax issues relating to UK employers and their staff.
Self-employment
A full chapter providing a practical overview of the taxation of self-employment income in the UK, including the temporary Covid-19 Self-employment Income Support Scheme (SEISS).
Tax news in brief
Highlights from the broader tax news for the week ending 17 November, including: HMRC contacting taxpayers about the extension of MTD VAT from April 2022, designation of the first freeport tax sites and a warning about self assessment scams.
Charities
VAT exemption for services provided to a charity
FAQ on the VAT status of a charity that is employing the services of a carpet fitter who is installing carpets in an existing commercial property.
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.
Charity retail in recovery but volunteers still in short supply
18 September: Shop closures during lockdown left a hole in charities’ budgets but continued rate reliefs and an extension to the retail grant scheme would help charity shops recover
Construction Industry Scheme
Agent update highlights changes to pay and benefits reporting
HMRC’s latest agent update provides notice of a number of changes affecting employers and their agents. ICAEW’s Tax Faculty highlights some key items.
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 Corporate Finance Manual CFM1000
This HM Revenue and Customs Corporate Finance Manual contains guidance on the corporation tax treatment of corporate finance, including derivative contracts and foreign exchange.
A new tax regime for qualifying asset holding companies
April 2022 sees a new tax regime for ‘qualifying asset holding companies’ (QAHCs). Richard Jones, Business Tax Manager, Tax Faculty, explains what QAHCs are and how they are taxed differently to other UK companies.
Obtaining missing UTRs for corporate non-resident landlords
As the filing deadline for the first CT returns for many corporate non-resident landlords approaches, agents are discovering that some clients have not received their unique taxpayer reference. ICAEW’s Tax Faculty explains what to do.
2021: the year in tax
As the year comes to a close, the 10 biggest stories in tax from 2021 can tell us a lot about the New Year and beyond.
National insurance
Employment taxes and NIC – 2021 round-up
How ICAEW’s Tax Faculty has influenced policy and practice for employment taxes and NIC.
The tax system in review
The impact of COVID-19 continues to cast a shadow over the UK tax system, says Head of Tax Faculty Frank Haskew as he takes a look back at the previous year and predicts what is in store for the months ahead.
National Insurance
Clearly laid-out chapter on national insurance, covering tax issues related to UK employers and their staff.
National insurance contributions 2021/22
Key information for practitioners, covering all classes of UK National Insurance contributions.
Partnership taxation
Notification of uncertain tax treatments: amendment to notification dates
The government has tabled amendments to Finance Bill 2021-22 to ensure notification of uncertain tax treatments by large businesses triggered by an accounting provision would not be required until after the provision has been made.
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
HMRC accounts reveal huge losses from COVID-19
HMRC’s 2020-21 financial statements report a big drop in tax revenues and high levels of fraud in £81.2bn COVID-19 support schemes.
Tax Faculty analysis of Autumn Budget 2021
ICAEW's Tax Faculty provides a comprehensive summary of the announcements on tax and related matters in the Budget on 27 October.
Research and development
Practical guidance on tax reliefs related to research and development within the UK business tax regime.
Tax
Commentary and support on tax issues affecting small and micro businesses.
Self employment taxation
What happens if you miss the 31 January self assessment filing and payment deadline?
Following HMRC’s announcement that it will provide a one-month penalty waiver for late-filing and late-payment penalties, ICAEW’s Tax Faculty shares guidance from HMRC on other implications of not meeting the 31 January deadline.
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.
COVID-19 and the future of tax
How will the Exchequer cover the costs of the economic support and stimulus packages caused by the pandemic? A reduction in defence spend, changes to business rates, corporation, capital gains and inheritance taxes; a wealth tax?