This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
ICAEW members have free access to an exclusive capital allowances helpline service, provided by Catax Solutions.
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in policy, practice and legislation related to business taxes and reliefs.
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.
Features and articles
Jane Moore rounds up the tax items from the Spring Statement 2019, including Making Tax Digital, structures and buildings allowance, tax avoidance and evasion, national minimum wage, apprenticeship levy and forthcoming papers over the rest of the year.
Rebecca Cave explains the tax treatment of low emission vehicles. She details capital allowances, benefits-in-kind, the encouragement of hybrids, OpRA, leased cars, electric vans and the cost of charging – as well as the potential of free charging at work.
Ray Chidell and Jake Iles of Six Forward Capital Allowances look at the implications of the 2019 May v HMRC case on capital allowances, including a look at broader considerations around the definition of ‘plant’.
Anita Monteith considers the effects of the capital allowances rules. She covers topics including the Budget 2018 proposals, new structures and buildings allowance, reduced rate of special writing-down allowance and the annual investment allowance.
A temporary higher annual investment allowance is available from 2019. Good news for any farmers investing in new equipment.
Steven Bone explores the unexpected tax relief for buildings unveiled in the 2018 budget.
ICAEW Tax Faculty provides analysis of the announcements relating to business and company tax in the 2018 Budget.
The Chancellor faced a tough job to reassure businesses and while some measures, such as the increase in Annual Investment Allowance and the business rates relief are welcome, Iain Wright, director of corporate and regional engagement at ICAEW, concludes that increasing national debt shows the fragility of the recovery and the uncertainty arising from Brexit.
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.
This month, the tax team's discussion on topical tax issues focused on off-payroll working (IR35), the business rates challenge, including a consultation into their relevance to holiday homes, and the future of trusts.
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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.
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.
ICAEW responds to the business lifecycle review call for evidence published by the Office of Tax Simplification in October 2018.
Letter to Rt Hon Mel Stride - Temporary increase of annual investment allowance
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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