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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 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.

TAXguide 12/15

Reforms to the Taxation of Non Domiciles - Meeting notes

TAXguide 08/15

Non-domiciliary announcements made at summer budget 2015

TAXguide 05/15

Company Directors - PAYE Real Time Information. A questions and answers guidance note.

TAXguide 01/12: Entrepreneurs' relief - practical points

Guidance on some of the practical points that ICAEW members have encountered on the application of entrepreneurs' relief. Part B of this guidance focuses on technical points, such as the definition of qualifying company and the disposal of settle assets, and has been agreed by HMRC.

Features and articles

Tax news in brief

Highlights from the broader tax news week ending 21 July, which includes: HMRC clarification on working from home deduction, confirmation that CJRS and SEISS grant claimants cannot participate in MTD ITSA pilot and new VAT1 form for manual registrations, as well as HMRC's priorities for 2021/22 and its plans for dealing with tax debt.

Webinars and recordings

MTD for ITSA - back to basics and myth busting

This webinar from the Tax Faculty will cover the latest rules in detail and explain where we are with the development of the policy and the pilot and what taxpayers and agents can do to prepare.

Tax Administration Framework Review - Supporting a 21st century tax system

Fundamental elements of the tax system could be set to change in the biggest shake up since self assessment was launched in the last millennium. The government's call for evidence on the tax administration framework review (TAFR), published on Tax Day, 23 March 2021, goes much further than a possible updating of Taxes Management Act 1970. Anita Monteith, Caroline Miskin and Richard Jones delve into the call for evidence in this Tax Faculty webinar.

MTD for Income Tax Self Assessment

HMRC is expecting to lay the Making Tax Digital for Income Tax Self Assessment Regulations before Parliament in February 2021. This will give effect to the April 2023 start date for MTD for ITSA, as well as confirming many of the requirements (some of the detail will be in tertiary legislation which will follow later).

MTD for Income Tax Self Assessment

Making Tax Digital for Income Tax Self Assessment will start in April 2023. In this webinar the Tax Faculty's Anita Monteith and Caroline Miskin discuss developments so far and the steps that agents and businesses should consider at this stage.

Wyman Symposium 2020 - Exploring the digital agenda

The Covid-19 crisis has had a profound impact upon the way we work and tax is no exception. Tax authorities are leading in the way and we are seeing a ‘dash for a digital tax system’. This Symposium brings together five expert speakers who will each provide their own perspectives on what a good digital tax system and administration should look like.

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.

HMRC Investigations Handbook

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

Income tax 2020/21

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.

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. 

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.

Bloomsbury Professional Tax Guide 2019/20

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

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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.

Employment income

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.

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Representations

ICAEW REP 66/21 Timely payment

In responding to HMRC's call for evidence on timely payment, ICAEW argues that earlier payment of income and corporation tax should not be considered until the economy has recovered and that earlier payment should not be based on in-year estimates without HMRC first demonstrating that they can be a reliable basis for earlier payment.

ICAEW REP 65/21: Tax Administration Framework Review

In responding to HMRC's consultation on the Tax Administration Framework Review ICAEW argues that the starting point of such tax reform should be significant simplification of the underlying tax rules and that HMRC needs to be given the resources and funding to give it the capacity to take on such a major piece of work.

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.

Non-resident entertainers and sportspersons

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

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.

Welsh taxes

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.

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