This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in practice, policy and legislation related to personal tax.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
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Features and articles
Lindsey Wicks looks at the measures set to apply from April 2020, and raises concerns that some still lack clear guidance from HMRC.
24 March: ICAEW's Tax Faculty is urging members not to forget the marriage allowance and the potential support it could offer couples in these uncertain times.
Updated March 31: The UK government is supporting businesses during the coronavirus pandemic by deferring VAT and self assessment payments. ICAEW's Tax Faculty outlines how the deferral will work.
19 March 2020: business must keep track of losses resulting from coronavirus to ensure they can claim maximum reliefs and survive the pandemic, says ICAEW.
16 March 2020: there will be no further development of the HMRC service that pulls employment and other data into commercial self-assessment software, HMRC has confirmed, although the original service will remain available.
Before Making Tax Digital is mandated, shouldn’t we have a single income tax IT system for all?
Pillars One and Two are OECD’s response for a need to address international tax reform for digital economies across the globe.
How and why trust income and capital gains are taxed differently.
In light of upcoming changes to the off-payroll working regime, this guidance from the Tax Faculty outlines how to determine whether a private sector client using contractors through an intermediary is ‘small’.
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.
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.
Reforms to the Taxation of Non Domiciles - Meeting notes
Non-domiciliary announcements made at summer budget 2015
Company Directors - PAYE Real Time Information. A questions and answers guidance note.
The aim of this TAXGUIDE is to provide guidance on some of the practical points that members have encountered on the application of entrepreneurs' relief (ER). Guidance published by the Tax Faculty on 25 January 2012.
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 email@example.com.
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.
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.
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.
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.
Outlines the tax exemptions for vouchers and credit tokens offered to employees under the Income Tax (Earnings and Pensions) Act 2003. This includes both income tax and class 1 national insurance contributions.
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.
A long chapter on employment taxation in the UK. Covers NICs, income tax, and all the circumstances where a person may derive income or benefits from their employer.
An overview of taxation of property as it pertains to small businesses in the UK, determined by the Income Tax (Trading and Other Income) Act 2005. This chapter has sections on the basis of assessment, relief for capital expenditure, losses, and furnished holiday lettings (FHLs).
A response dated 19 February 2020 to a consultation published by HMRC on 22 January 2020.
Tax relief for training
MTD - Interest harmonisation and sanctions for late payment
MTD – Draft value added tax (amendment) regulations & notice 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.
<p>Government portal listing the full range of support measures available for UK businesses with information on how to access financial support packages, who is eligible, when the schemes open and how to apply. These cover the Coronavirus Business Interruption Loan Scheme; business rates holiday and cash grants for retail, hospitality and leisure; small business grant funding; SSP rebate; VAT and income tax deferral. There is additional separate guidance for businesses in <a href="https://www.gov.uk/guidance/coronavirus-covid-19-information-for-individuals-and-businesses-in-scotland">Scotland</a>, <a href="https://www.gov.uk/guidance/coronavirus-covid-19-information-for-individuals-and-businesses-in-wales#businesses">Wales</a> and <a href="https://www.gov.uk/government/news/covid-19-guidance-information-for-ni-businesses-employers">Northern Ireland</a>.</p>
<p>Updated guide from <a href="https://www.ey.com/">EY</a> highlighting accounting considerations for the financial effects of the coronavirus when preparing annual or interim IFRS financial statements in 2020. It discusses going concern, financial instruments, assets impairment, government grants, income taxes, liabilities from insurance contracts, leases, insurance recoveries, onerous contract provisions, fair value measurement, revenue recognition, events after the reporting period, other financial statement disclosure requirements, and other accounting estimates.</p>
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.
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.
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.
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.
Official information on devolved taxes in Wales with links to further guidance on and rates for Landfill Disposals Tax, Land Transaction Tax, and income tax.
Articles on employment taxes from Taxation magazine. Full articles available to subscribers or through the ICAEW Library & Information Service.
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