ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
ICAEW members have free access to an exclusive capital allowances helpline service, provided by Catax Solutions.
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.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
The super deduction, special rate allowance and extension of the uplifted annual investment allowance, were discussed by Steve Watts and Richard Jones in a Tax Faculty webinar on 14 June 2021. This TAXguide provides answers to questions raised in that webinar.
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.
This TAXguide will cover the key changes to the capital allowances regime since Tax Practice supplement 21 on the subject in September 2008.
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.
Renewals basis for unfurnished rental property.
Features and articles
Draft legislation, consultation updates and promises of future tax measures were made on 20 July. The focus for many will be on basis period reform, but ICAEW’s Tax Faculty highlights the other key announcements.
Finance Act 2021 introduces changes to corporation tax rates and loss carry-back rules relevant to both companies and unincorporated business owners. Andrew Constable and Richard Jones consider some of these changes, and their impact on the decisions of owner-managers.
Richard Jones assesses the recently announced tax incentives available for freeports around the UK.
Richard Jones considers the various March 2021 Budget announcements affecting company tax computations.
A summary of how this year's Budget will affect the Farming & Rural Business Community.
ICAEW’s Tax Faculty has written to MPs highlighting that assets purchased with a view to leasing to third parties do not qualify for the new super-deduction or special rate first- year allowance for capital allowances purposes.
A deeper look at the what the budget means for business
Businesses and civil society organisations are investigating the pros and cons of setting up in eight new Freeports announced for England.
Webinars and recordings
The latest key tax rules and reliefs affecting business.
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.
Chapter containing practical advice on capital allowances in relation to incorporating a business.
Expert commentary on the current UK corporation tax legislation on capital allowances for plant and machinery.
Guidance on capital allowances for plant and machinery, highlighting tax planning opportunities and potential pitfalls.
Guidance on capital allowances on property transactions, highlighting tax planning opportunities and potential pitfalls.
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 firstname.lastname@example.org.
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.
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.
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.
Briefing submitted to MPs on 12 April 2021 on Finance (No.2) Bill 2019-21 published by government on 11 March 2021 on clause 9 which relates to super-deductions and other temporary first year allowances.
A response dated 13 April 2021 to a consultation published by TSC on 1 March 2021.
A response dated 24 April 2019 to a consultation published by HMRC on 13 March 2019.
A response dated 4 February 2019 to a consultation published by HMRC on 29 October 2018.
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.
Summary from the Low Incomes Tax Reform Group which explains what capital allowances are and how to claim them.
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.
Extensive collection of HMRC guidance on claiming and working out your capital allowances.
Internal HMRC manual which defines capital allowances, explains how allowances are made and how to claim.
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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