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Income tax - articles

Features and articles from ICAEW related to income tax in the UK personal tax regime.

Displaying 1-30 of 224 results
TAX FACULTY Tax news in brief 11 December 2024
  • Dec 2024
  • ICAEW Insights
Highlights from the broader tax news for the week ending 11 December 2024, including: an evaluation of rent-a-room relief; a new HMRC tool relating to umbrella companies; and an update on freeports.
INSIGHTS VIEWPOINT New HMRC tool for calculating overlap relief
  • Dec 2024
  • ICAEW Insights
HMRC has published an online calculator that can be used to work out a sole trader or partner’s overlap relief figure for their 2023/24 income tax self assessment (ITSA) return.
INSIGHTS VIEWPOINT Scottish Budget makes income tax changes
  • Dec 2024
  • ICAEW Insights
The Scottish government has set out its tax plans for 2025 to 2026, announcing changes to the income tax starter and basic rate bands and an increase in the rate of the additional dwelling supplement for land and building transaction tax (LBTT).
Exclusive TAX FACULTY An introduction to employee ownership trusts
  • Dec 2024
  • Nick Wright
  • Taxline
The sale of a company to an employee ownership trust (EOT) is becoming more popular. In the first of two articles on EOTs, Nick Wright explains why this may be the case and how an EOT could be used.
Exclusive TAX FACULTY The tax benefits of employee ownership trusts
  • Dec 2024
  • Nick Wright
  • Taxline
In the second of two articles on employee ownership trusts (EOTs), Nick Wright explores the capital gains tax exemption for the shareholders of the trading company and the income tax exemption for employees receiving bonuses.
TAX FACULTY Tax news in brief 4 December 2024
  • Dec 2024
  • ICAEW Insights
Highlights from the broader tax news for the week ending 4 December 2024, including: a reminder to pay simple assessment tax bills; a warning to look out for self assessment tax scams; and further information on the changes to agricultural property relief.
PRACTICE DEPARTMENT MTD for income tax: Your quick start guide
  • Nov 2024
  • ICAEW
As we navigate through the self-assessment season, many accountants are also planning their MTD income tax service offerings. But where do you start?
INSIGHTS VIEWPOINT TECHNICAL ROUND UP Technical round-up: November 2024
  • Nov 2024
  • ICAEW Insights
This month’s top stories feature Budget measures you may have missed; a deadline extension for providing agent codes; and data that suggests improvement on HMRC call handling.
INSIGHTS VIEWPOINT ECONOMIC UPDATE Economy explainers: what is MTD?
  • Nov 2024
  • ICAEW Tax Faculty
ICAEW's Tax Faculty sets out the key things taxpayers and agents need to know about Making Tax Digital (MTD), including the timeline for the phased introduction of MTD for income tax (MTD IT, formerly MTD ITSA).
INSIGHTS VIEWPOINT Free CPD: the latest developments in tax
  • Nov 2024
  • ICAEW Insights
Keeping up to date with tax policy and practice is a key part of many accountants’ professional development. Whether you’re analysing the implications of the Budget or planning for MTD ITSA, ICAEW has content that can support your CPD.
TAX FACULTY Tax news in brief 20 November 2024
  • Nov 2024
  • ICAEW Insights
Highlights from the broader tax news for the week ending 20 November 2024, including: an update on MTD ITSA; suggestions for HMRC on how to reduce the tax gap; and legislation to enact the changes to business rates announced at the Autumn Budget 2024.
INSIGHTS VIEWPOINT Request overlap information from HMRC by 31 December
  • Nov 2024
  • ICAEW Insights
Taxpayers and agents needing to use HMRC’s online service to obtain overlap relief details for 2023/24 income tax self assessment tax returns are asked to do so by 31 December 2024.
INSIGHTS VIEWPOINT Government and developers commit to MTD ITSA from 2026
  • Nov 2024
  • ICAEW Insights
Recent announcements by the government and software developers remove any doubt about the introduction of making tax digital income tax self assessment (MTD ITSA).
Tax news in brief 06 November 2024
  • Nov 2024
  • ICAEW Insights
Highlights from the broader tax news for the week ending 6 November 2024, including: a new online service for some PAYE claims for employment expenses; guidance from HMRC ahead of the tax return deadline; and a new way for agents to access HMRC’s guidance.
Exclusive TAX FACULTY What are the managed service company rules?
  • Nov 2024
  • ICAEW
  • Taxline
In the first of two articles exploring the managed service company rules, David Kirk looks at the definition of an MSC and explains the consequences of falling within the scope of the rules.
PRACTICE DEPARTMENT Prepare for MTD ITSA: manging workflows
  • Oct 2024
  • Rebecca Benneyworth
  • Practicewire
Submitting updates for clients within MTD ITSA in the same month, four times a year, presents a huge challenge for firms. In the second of a series of articles, Rebecca Benneyworth considers how to manage information and workloads.
INSIGHTS VIEWPOINT TECHNICAL ROUND UP Technical round-up: October 2024
  • Oct 2024
  • ICAEW Insights
This month’s top stories feature eight Budget updates covered by ICAEW’s Tax Faculty, a list of software products that are now ready for MTD ITSA, and new VAT guidance for private schools.
INSIGHTS VIEWPOINT Budget updates on manifesto commitments
  • Oct 2024
  • ICAEW Insights
The government has provided updates on some of the key measures included in the Labour Party’s general election manifesto, including the taxation of “non-doms” and charging VAT on services provided by private schools.
INSIGHTS VIEWPOINT Budget makes changes to how the tax system is administered
  • Oct 2024
  • ICAEW Insights
The Budget included several announcements on how HMRC will tackle non-compliance in the tax system, as well as an important update on making tax digital for income tax self assessment (MTD ITSA).
Tax news in brief 30 October 2024
  • Oct 2024
  • ICAEW Insights
Highlights from the broader tax news for the week ending 30 October 2024, including: a MTD ITSA event organised by HMRC; an online tool for taxpayers from HMRC; and an update from HMRC on tax avoidance schemes.
Exclusive TAX FACULTY The benefits of relocating to Cyprus
  • Oct 2024
  • Constantinos Kounnis
  • Taxline
Cyprus has become a fashionable relocation destination for high net worth individuals, experienced professionals and expatriates in recent years. Constantinos Kounnis explains why tax may have had a role to play.
Tax news in brief 23 October 2024
  • Oct 2024
Highlights from the broader tax news for the week ending 23 October 2024, including: a new GAAR advisory panel opinion; updated guidance on employment related securities; and developments with regard to the Celtic freeport tax sites.
INSIGHTS VIEWPOINT New HMRC MTD ITSA tool
  • Oct 2024
  • ICAEW Insights
HMRC has published a guidance tool which allows a taxpayer to check if they are required to comply with making tax digital (MTD) income tax self assessment (ITSA).
INSIGHTS VIEWPOINT Nine software products support MTD ITSA
  • Oct 2024
  • ICAEW Insights
FreeAgent and Hammock for landlords have joined the list of software products that are now ready for making tax digital income tax self assessment (MTD ITSA).
Exclusive TAX FACULTY Why furnished holiday let owners are facing higher tax bills
  • Oct 2024
  • ICAEW
  • Taxline
In the latest episode of The Tax Track podcast, ICAEW experts discuss how the government’s plans to abolish the furnished holiday let regime will change how income tax relief is given for interest, increasing the tax liabilities for many property owners.
INSIGHTS VIEWPOINT Record number respond to ABAB tax survey
  • Oct 2024
  • ICAEW Insights
ABAB’s annual survey suggests that most agents and businesses see no benefits to making tax digital for income self assessment (MTD ITSA), and that frustration with HMRC’s service levels is growing.
INSIGHTS VIEWPOINT Tax return fix for student loan deductions
  • Sep 2024
  • ICAEW Insights
Taxpayers who make student loan repayments and whose income includes payrolled benefits in kind (BIK) should follow HMRC’s guidance when completing their self assessment (SA) tax return, warns ICAEW.
INSIGHTS VIEWPOINT Claims for investors’ relief may not be valid
  • Aug 2024
  • ICAEW Insights
HMRC is writing to taxpayers who claimed for investors’ relief on their 2022/23 income tax self assessment (ITSA) return and do not appear to meet the conditions for the relief.
INSIGHTS VIEWPOINT MTD update: HMRC guidance, email and event
  • Aug 2024
  • ICAEW Insights
HMRC has confirmed how it works out property income for the making tax digital (MTD) income tax self assessment (ITSA) threshold test. It is also stepping-up efforts to encourage taxpayers to join private beta testing.
INSIGHTS VIEWPOINT Don’t forget the 31 July payment on account deadline, warns ICAEW
  • Jul 2024
  • ICAEW Insights
The second payment on account towards income tax self assessment (ITSA) liabilities and class 4 national insurance contributions (NIC) for 2023/24 is due by 31 July 2024.
Displaying 1-30 of 224 results
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