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.
Capital allowances
Access expert commentary and practical guidance from ICAEW on capital allowances within the UK tax regime
Need to know
In this section
Practical guidance
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
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.
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.
TAXguide 15/18: The cash basis for traders and landlords
In this practical TAXguide Sarah Bradford, director of Writetax and editor of Small Business Tax and Finance, explores the cash basis of assessment as it applies to traders and landlords. Read a summary here, Tax Faculty members can download the full guide.
TAXguide 04/14
Renewals basis for unfurnished rental property.
Features and articles
The importance of working together
Bryan Crawford explains why cooperation and planning are fundamental when dealing with fixture sales.
AIA limit to remain at £1m until 1 January 2022
12 November 2020: The UK government is extending the £1m annual investment allowance cap for a further year in a bid to stimulate investment.
When is a goods van considered a car?
Lindsey Wicks looks at the ramifications of the judgement in Payne & Ors v Revenue & Customs [2020] EWCA Civ 889.
The tax implications of insolvency
Andy Tall provides practical reminders of the tax considerations when closing down a company.
Access to Bloomsbury Professional titles broadened
24 August: ICAEW members working in business and non-profits, and those who are unemployed, have been given access to more than 60 tax and accountancy titles from Bloomsbury until the end of October.
Exploring the role of tax reliefs
Investment in infrastructure and innovation to support growth were two key features within the Spring Budget. Lindsey Wicks examines the role that tax reliefs play in delivering the government’s goals, including going into detail about simple and certain reliefs.
Proposed tax changes, and projected investment published by the Chancellor – 11 March 2020
A budget update from Ros Rowe, subject matter expert for the Construction & Real Estate Community
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.
Webinars and recordings
Business tax update
The latest key tax rules and reliefs affecting business.
Capital allowances
This webinar provides illustrative examples and practical tips on how to maximise capital allowances and take advantage of the reliefs available.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Capital allowances on property transactions
Guidance on capital allowances on property transactions, highlighting tax planning opportunities and potential pitfalls.
Self-employment
A full chapter providing a practical overview of the taxation of self-employment income in the UK.
Capital allowances (plant and machinery)
Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.
Hotels - special features
Chapter on the scope for capital allowances claims provided by the special features and assets of hotels.
Capital allowances: transactions and planning 2020/21
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
Capital allowances
Chapter providing expert guidance on capital allowances in relation to partnership taxation.
Capital allowances
Chapter containing practical advice on capital allowances in relation to incorporating a business.
Capital allowances on plant and machinery
Guidance on capital allowances for plant and machinery, highlighting tax planning opportunities and potential pitfalls.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.
eBooks
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com.
Chattels and wasting assets
Explains the nature of chattels and wasting assets as defined by the Taxation of Chargeable Gains Act 1992. Shows where capital allowances are available using a reference table and a worked example.
Trading income
Explains how corporation tax applies to trading income and the ways in which it differs from income taxation. Covers the annual investment allowance, first-year tax credits and capital allowances for plant and machinery.
Capital allowances on plant and machinery
An outline of allowances for small businesses provided under the Capital Allowances Act 2001. This chapter covers business premises renovation allowance, qualifying expenditure, qualifying building, and other relevant matters.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Representations
ICAEW REP 46/19 - Capital allowances for structures and buildings
A response dated 24 April 2019 to a consultation published by HMRC on 13 March 2019.
ICAEW REP 21/19 - Capital allowances for structures and buildings
A response dated 4 February 2019 to a consultation published by HMRC on 29 October 2018.
ICAEW Rep 137/18
ICAEW responds to the business lifecycle review call for evidence published by the Office of Tax Simplification in October 2018.
ICAEW Rep 133/18
Letter to Rt Hon Mel Stride - Temporary increase of annual investment allowance
Further support
Useful links
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
What capital allowances can I claim?
Summary from the Low Incomes Tax Reform Group which explains what capital allowances are and how to claim them.
Capital Allowances Manual: Research and development allowance (RDA)
HMRC internal manual providing guidance on the meaning of research and development, qualifying expenditure, allowances and charges, disposal events and disposal values, demolition costs, and additional VAT.
Business tax: Capital allowances
Extensive collection of HMRC guidance on claiming and working out your capital allowances.
Capital Allowances Manual
Internal HMRC manual which defines capital allowances, explains how allowances are made and how to claim.
Capital allowances training
A series of short online presentations on capital allowances presented by Ray Chidell, a renowned author on the topic. The talks cover a whole spectrum of capital allowances issues, from fixtures and integral features to the definition of plant and the claiming of allowances, using examples to demonstrate how the rules work out in practice.
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