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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

Features and articles

The HMRC digital roadmap

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.

Webinars and recordings

Employment tax round up - 2018

This webinar aired on 13 February 2018, just before Scotland's major shake-up of income tax. In it payroll consultant Kate Upcraft and ICAEW’s Peter Bickley explore what this means for agents and taxpayers, and look at a myriad of other changes in the payroll arena as we approach the start of the new tax year.

An elementary guide to the Taxation of UK trusts

First broadcast 10 November 2016 - In this practical webinar Sarah Ghaffari and Sue Moore will talk through the lifecycle of a trust, highlighting which taxes are payable, when and by whom.

Practical guidance

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

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.

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.

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 library@icaew.com.

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. This 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.

Property income

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).

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Representations

ICAEW REP 29/18

MTD - Interest harmonisation and sanctions for late payment

ICAEW Rep 18/18

MTD – Draft value added tax (amendment) regulations & notice 2018

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.

Coronavirus Business Support

<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>

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.

Tax Journal: Employment Taxes

Articles on employment taxes from Taxation magazine. Full articles available to subscribers or through the ICAEW Library & Information Service.

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