Displaying 1-30 of 99 results
INSIGHTS VIEWPOINT
Residential land tax hike in Wales
- Dec 2024
- ICAEW Insights
In its Budget for 2025-26, the Welsh government has announced that the rates of land transaction tax (LTT) for some purchases of residential property will increase by 1 percentage point.
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
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).
INSIGHTS VIEWPOINT
Inside local government budgets: spending
- Dec 2024
- ICAEW Insights
In the second of two articles exploring the work of local authority finance teams, ICAEW takes a look at how councils are spending their funds.
INSIGHTS VIEWPOINT
HMRC nudges taxpayers to declare property income and gains
- Nov 2024
- ICAEW Insights
In its latest one-to-many campaign, HMRC is writing to taxpayers it suspects of failing to declare taxable income from property lettings and/or a taxable profit on the sale of a property.
TAX FACULTY
Tax news in brief 27 November 2024
- Nov 2024
- ICAEW Insights
Highlights from the broader tax news for the week ending 27 November 2024, including: updated HMRC advisory fuel rates; new HMRC guidance on Pillar 2; and developments with regard to land transaction tax.
INSIGHTS VIEWPOINT
HMRC provides further guidance on FHL abolition
- Nov 2024
- ICAEW Insights
HMRC has published guidance to clarify issues raised during the consultation on the draft legislation to abolish tax rules for furnished holiday lets (FHLs).
Exclusive
FARMING AND RURAL BUSINESS COMMUNITY
Furnished holiday let reform – the last gasp from the March 2024 Budget!
- Nov 2024
- David Missen
- Farming and Rural Business Community News
The recently published details of forthcoming reforms to the tax treatment of Furnished Holiday Lettings (FHL) income, which were initially announced in the 2024 Budget but omitted from the Finance Bill, signal significant changes effective from the end of the 2024/5 tax year. These reforms, which were announced on 30 July, were confirmed as part of the 2024 Budget package.
INSIGHTS VIEWPOINT
Government publishes its plans for corporation tax
- Oct 2024
- ICAEW Insights
The government has set out its intentions for corporation tax for the next five years, delivering on its commitment to publish a business tax roadmap at the Autumn Budget.
INSIGHTS VIEWPOINT
CGT and SDLT rates increased in Budget
- Oct 2024
- ICAEW Insights
From 30 October 2024, the main rates of capital gains tax (CGT) will be increased to 18% and 24%. The 10% rate of CGT for disposals attracting business asset disposal relief (BADR) will increase to 14% (from April 2025) and to 18% (from April 2026).
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
ICAEW calls again for FHL brightline test
- Sep 2024
- ICAEW Insights
ICAEW’s Tax Faculty has responded to the government’s consultation on draft legislation which provides for the abolition of the furnished holiday lettings (FHL) tax regime from April 2025.
Tax news in brief 21 August 2024
- Aug 2024
- ICAEW Insights
Highlights from the broader tax news for the two weeks ending 21 August 2024, including updates on: requesting overlap relief information from HMRC; the abolition of land transaction tax multiple dwellings relief; and further changes to the legislation providing for the abolition of the pensions lifetime allowance.
INSIGHTS VIEWPOINT
Need to know: CGT on residential properties
- Jul 2024
- ICAEW Insights
Reductions in the tax-free amount mean more taxpayers will find themselves caught in the capital gains tax net. We look at the issues to be aware of, including 60-day reporting and recent developments relating to principal private residence relief.
Tax news in brief 17 July 2024
- Jul 2024
- ICAEW Insights
Highlights from the broader tax news for the week ending 17 July 2024, including: details of the Treasury’s new ministerial team; a change to the rules for land transaction tax; and a new VAT tool from HMRC.
Exclusive
TAX FACULTY
CGT on residential properties – an update
- Jul 2024
- Gillian Banks
- Taxline
More taxpayers will find themselves caught in the capital gains tax net due to reductions in the tax-free amount. Gillian Banks looks at the demands of 60-day reporting and provides an update on recent developments relating to principal private residence relief.
Tax news in brief 5 June 2024
- Jun 2024
- ICAEW
Highlights from the broader tax news for the week ending 5 June 2024, including: HMRC publishes guidance on the abolition of multiple dwellings relief; an update on the VAT refund scheme for museums and galleries; and the Scottish visitor levy has been passed.
INSIGHTS VIEWPOINT
Finance (No. 2) Act 2024 receives Royal Assent
- May 2024
- ICAEW Insights
Some of the changes announced at the Spring Budget 2024 have now become law, including an increase in the thresholds for the high income child benefit charge for 2024/25.
INSIGHTS VIEWPOINT
HMRC rejects ‘brightline’ test for furnished holiday lets (FHLs)
- May 2024
- ICAEW Insights
In response to ICAEW’s letter on the abolition of the FHL regime, HMRC has confirmed that the boundary between property letting and trading will be judged on the facts and by reference to case law.
INSIGHTS VIEWPOINT
TECHNICAL ROUND UP
ICAEW technical round-up: April
- Apr 2024
- ICAEW Insights
This month’s top stories include community amateur sports clubs asked to check their status; MTD ITSA private beta testing relaunched; and tax administration and maintenance day summary.
INSIGHTS VIEWPOINT
Public finances end financial year in weak position
- Apr 2024
- ICAEW Insights
Net debt represents a growing fiscal mortgage of £92,000 per UK household as a difficult financial year comes to a close.
INSIGHTS VIEWPOINT
Welsh government consults on LTT multiple dwellings relief
- Apr 2024
- ICAEW Insights
The Welsh government is consulting on several changes to land transaction tax, including the abolition of multiple dwellings relief.
INSIGHTS VIEWPOINT
TECHNICAL ROUND UP
ICAEW technical updates: March 2024
- Mar 2024
- ICAEW Insights
This month’s top stories include Spring Budget announcements, HMRC halting the decision to restrict helplines, and more guidance on the lifetime allowance abolition.
INSIGHTS VIEWPOINT
HMRC corrects advice given on tax relief for boiler repairs
- Mar 2024
- ICAEW Insights
In 2023, HMRC issued a letter stating that boiler upgrades did not constitute a repair. However, HMRC is now contacting affected taxpayers acknowledging that this advice was incorrect.
INSIGHTS VIEWPOINT
Draft legislation published for some Spring Budget 2024 measures
- Mar 2024
- ICAEW Insights
The Spring Finance Bill contains legislation which increases the thresholds for the high income child benefit charge and abolishes multiple dwellings relief for SDLT.
INSIGHTS VIEWPOINT
Chancellor abolishes furnished holiday lets treatment and announces stamp duty land tax changes
- Mar 2024
- ICAEW Insights
From April 2025, taxpayers will no longer be able to treat their property business as a furnished holiday let (FHL). Stamp duty land tax multiple dwelling relief (SDLT MDR) will be abolished from 1 June 2024.
INSIGHTS VIEWPOINT
A pre-election Budget lacking in rabbits or hats
- Mar 2024
- ICAEW Insights
An extension of full expensing to leases is welcome news for businesses in a Budget that delivers nothing unexpected.
Exclusive
TAX FACULTY
Time to think about ATED?
- Feb 2024
- ICAEW
- Taxline
Ahead of the next ATED deadline on 30 April 2024, Stephen Relf explains why more of us may need to engage with ATED, identifies some problem areas to look out for and asks if ATED is still fit for purpose.
Tax news in brief 28 February 2024
- Feb 2024
Highlights from the broader tax news for the week ending 28 February 2024, including: a new income tax exemption for the Champions League final, tips from HMRC on paying PAYE and filing an ATED return; and the EU’s new digital system for union goods.
INSIGHTS VIEWPOINT
Modest boost to public finances won’t stop taxes rising
- Feb 2024
- ICAEW Insights
Prior month revisions boost public finances despite worse than expected self assessment receipts, as a think tank says tax cuts in the Budget will be sandwiched between tax rises in the years before and after.
Displaying 1-30 of 99 results
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