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Income tax

Expert commentary and practical guidance from ICAEW related to income tax in the UK personal tax regime.

In this section

Practical guidance

ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax

TAXguide 19/21 Off-payroll working: cross-border issues

Off-payroll working: guidance on clients’ off-payroll working obligations when a contractor works through an intermediary such as a personal service company across borders and/or some of the parties (client, contractor, contractor’s personal service company) are non-UK resident and/or the work is not wholly carried out in the UK, how the ‘host employer’ rules in s689 ITEPA 2003 interact, and the impact of double tax treaties.

TAXguide 14/21 Income tax loss carry back

Finance Act 2021 introduces a new loss relief allowing trading losses incurred in 2020/21 and 2021/22 to be carried back for relief against trading profits in the preceding three tax years. In this TAXguide Rebecca Benneyworth explains the measure in detail and examines some of the complexities that arise when considering the practical implications of the loss carry back.

TAXguide 09/18: simple assessment

In TAXguide 09/18 Caroline Miskin explains what a simple assessment is and how HMRC is using them to reduce the number of taxpayers from self assessment. Read a summary here, Tax Faculty members can download the full guide.

TAXguide 04/17: Offshore trust changes

In TAXguide 04/17 - Offshore trust changes, Sue Moore, technical lead for private client tax matters in the Tax Faculty, provides information on the implications of changes to income tax legislation published on 26 January 2017. In particular the guide offers more details on transfer of assets and settlements legislation and has been created with input from HMRC.

Features and articles

Tax news in brief 23 November 2022

Highlights from the broader tax news for the week ending 23 November 2022, including: increase to electric car advisory fuel rate; removal of access to CHIEF for importers; technical guidance on the fulfilment house due diligence scheme; electronic submission of VAT refund claims for non-UK businesses; and the Autumn Finance Bill 2022.

Gift Aid, loans and loan waivers

HMRC now allows charities to claim gift aid on waived loans if specific conditions are met and the donation is gift aid eligible. Find out how to get it right and structure the gift to maximise the benefit to donor and charity.

Tax news in brief 9 November 2022

Highlights from the broader tax news for the week ending 9 November 2022, including: the latest ABAB survey report; reporting COVID-19 payments; customs valuation guidance; the HMRC app; and the VAT treatment of parking in country parks.

Webinars and recordings

MTDtalk 2022

In this series of webinars the ICAEW Tax Faculty (Anita Monteith and Caroline Miskin) and guests will provide the latest information and guidance on MTD ITSA, covering topics such as choosing software, the progress of HMRC’s pilot, the practicalities of signing up and answer questions from businesses and practitioners.

Basis period reform and estimated figures

This webinar from the Tax Faculty explains the potential options being explored by HMRC and reveals the results of a recent poll on the issue.

MTD ITSA: Your first 100 days plan

With only around 500 working days before the start of MTD ITSA, this webinar will focus your attention and outline clear actions that need to be taken in the next 100 days.

2022 02 17 Basis Period Reform

This webinar from the Tax Faculty will provide a step by step guide to the new rules and how the timing will work.

MTD for ITSA - back to basics and myth busting

This webinar recording from the Tax Faculty covers the regulations in detail explains where we are with the development of the policy and the pilot and what taxpayers and agents can do to prepare.

Getting ready for MTD with Sage

Hear from the experts as they cover off the key stages of preparation for Making Tax Digital for Income Tax.

Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by Markel Tax.

Markel Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.

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.

Income tax 2022/23

Annual guide covering the day-to-day issues most frequently encountered by tax practitioners, with worked examples and references to relevant legislation and case law. This new edition has been updated throughout for 2022/23 income tax rates and allowances.

Tax planning for farm and land diversification (6th edition)

Julie Butler explores the latest developments in the area of tax planning for farm and land diversification, including protecting the farm's assets, alternative land use, hobby and lifestyle farming, letting activity and divorce and farming.

Making tax digital tracker

The Tracker provides plain English guidance on the operation of MTD, with sections covering VAT, income tax, corporation tax and tax agents in relation to MTD. 

Bloomsbury Professional Tax Guide 2022/23

Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.

Revenue Law: Principles and Practice

Textbook aimed at finance and business undergraduate students, providing readers with an understanding of the law relating to all areas of UK taxation.

HMRC Investigations Handbook

Guidance on all aspects of HMRC’s investigative work, to help practitioners with tax administration and compliance.

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Rattiner's secrets of financial planning : from running your practice to optimizing your client's experience

Financial planning involves everything from determining the client's financial position, cash flow, and investment strategies, to income tax planning, risk management, insurance, and retirement and estate planning. Financial planners and advisors are responsible for recommendations and decisions that help people define and achieve their financial goals.

Daily Telegraph tax guide 2020

The Daily Telegraph Tax Guide is the UK's bestselling tax handbook, containing everything you need to know about completing a self-assessment tax return for 2019/20.

Taxation: Finance Act 2019

The main aim of this book is to describe the UK taxation system in sufficient depth and with sufficient clarity to meet the needs of those undertaking a first course of study in taxation.

Income tax

Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter on accounting for income tax gives a comparison of FRS 102 Section 29 and IFRS, and covers VAT and similar sales taxes, current tax, recognition and measurement of deferred tax, allocation of tax charge or credit, consolidated tax returns and offset of taxable profits and losses within groups, presentation, and disclosure.

Partnerships

A full chapter on the taxation of partnerships, including limited partnerships and LLPs. The key piece of legislation is the Income Tax (Trading and Other Income) Act 2005.

Chargeable gains

Covers chargeable gains for corporation tax purposes, with additional sections on dividends received, payments to charities, distributions, computation of tax liability, losses, groups, and the way corporation tax relates to income tax.

Vouchers and credit tokens exempt from income tax

Outlines the tax exemptions for vouchers and credit tokens offered to employees under the Income Tax (Earnings and Pensions) Act 2003. Includes both income tax and class 1 national insurance contributions.

Readily convertible assets

Explains how these assets are defined and valued under the Social Security (Contributions) Regulations 2001 and the Income Tax (Earnings and Pensions) Act 2003. This section is of particular relevance to payroll managers handling benefits in kind.

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Representations

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.

Income Tax Treaties

<p>Tax treaties between Australia and other international tax authorities, listed by country.</p>

Non-resident entertainers and sportspersons

HMRC self assessment helpsheet HS303, explaining the tax rules and treaty provisions for non resident entertainers and sportspersons.

Making Tax Digital for Income Tax hub

Collection of guides for agents and businesses on signing up and using MTD for income tax, including <a href="https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-income-tax">a list of compatible software available now</a>.

Cryptoassets for individuals

Policy paper setting out HMRC's view on how individuals who have cryptoassets (or cryptocurrency) are taxed. It explains what cryptoassets are, which taxes apply with detailed discussion of income tax and capital gains tax, cryptoassets received as earnings, and record keeping.

Trusts and taxes on GOV.UK

An overview giving information and guidance on types of trusts, how trusts are treated for income tax, CGT and inheritance tax purposes, tax for trust beneficiaries, and the tax reponsibilities of trustees.

Tax on dividends

Guidance on taxable investments explaining how dividends are taxed, including the dividend allowances in each tax year and the tax rate on dividends over your allowance. It also provides guidance on the different rules for dividends before 6 April 2016.

Tax on foreign income

Guidance aimed at taxpayers covering UK residence and tax, non-domiciled residents, paying tax on foreign income, exemptions, claiming tax relief, and tax for foreign students in the UK.

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