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Tax Faculty

Find out more about the Tax Faculty and upcoming events. Faculty members can access exclusive content, including TAXline, TAXguides, webinars, representations and support schemes.

Tax news

The latest updates on the UK tax system

Tax news in brief

Highlights from the broader tax news week ending 13 October, which includes: new HMRC guidance on joint and several liability notices and on avoiding non-compliant umbrella companies. HMRC extends access for employer client data, is to cease benefit payments to post office accounts and confirms that DIY housebuilders can reclaim VAT on blinds and shutters.

 

TAXline: October 2021

In this issue, Anita Monteith considers how the government might bring forward tax payment dates, Neil Warren considers the VAT treatment of a range of business expenses and staff perks and Dean Needham explains how the timing of investment expenditure can affect the level of tax relief available.

TAXline: September 2021

In this issue Rebecca Benneyworth examines growing complexity in the tax system, Marc Levitt provides an update on family investment companies and Karen Eckstein outlines risks and opportunities when buying or selling a professional services firm.

TAXline: August 2021

In this issue, Steve Wade explains why there are difficult decisions ahead on the route to a straightforward tax system, Stephen Yates reviews a new income tax annual published by Claritax Books and Mark McLaughlin looks at the cautionary tale of Mr Khan, where a company purchase of own shares had unexpected and expensive tax consequences.

TAXline: July 2021

In this issue, Kate Upcraft shares her advice for the remaining few months of the Coronavirus Job Retention Scheme, Andy Tall examines the changes to the penalty regime for late VAT and ITSA returns and Jonathan Schwarz reviews Automatic Exchange of Information Handbook by John Hiddleston.

 

TAXguide 17/21 Off-payroll working: cross-border issues

Off-payroll working: guidance on clients’ off-payroll working obligations when a contractor works through an intermediary such as a personal service company across borders and/or some of the parties (client, contractor, contractor’s personal service company) are non-UK resident and/or the work is not wholly carried out in the UK, how the ‘host employer’ rules in s689 ITEPA 2003 interact, and the impact of double tax treaties.

TAXguide 14/21 Income tax loss carry back

Finance Act 2021 introduces a new loss relief allowing trading losses incurred in 2020/21 and 2021/22 to be carried back for relief against trading profits in the preceding three tax years. In this TAXguide Rebecca Benneyworth explains the measure in detail and examines some of the complexities that arise when considering the practical implications of the loss carry back.

MTD for ITSA - back to basics and myth busting

This webinar from the Tax Faculty will cover the regulations 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 & Technology: Opportunity, Threat or Big Brother?

In this year's Hardman Lecture, former ICAEW President Paul Aplin will explore the opportunities and threats technology presents to the tax profession: what familiar tasks will disappear or change?

Patent Box

Are you prepared for the future of patent box relief? Find out about the changes for claims made from 1 July 2021.

Representations

ICAEW REP 95/21 Autumn Budget 2021 representations - Building a modern tax system

A response dated 5 October 2021 to a consultation published by HMT on 30 September 2021, including ICAEW’s Tax Faculty customary pre-Budget letter to the Financial Secretary to the Treasury. It calls for the acceleration of work to build a modern tax system, while urging a “manageable pace” of transition, it cautions against implementing tax changes without consultation, such as the new Health and Social Care Levy.

ICAEW REP 86-21 Notification of uncertain tax treatments

Draft legislation and guidance implementing the government’s plans for large businesses to report uncertain tax positions will introduce additional complexity and not provide the clarity taxpayers need, ICAEW warns in its response to HMRC's consultation.

The future of tax

As digital technologies transform the worlds of work and leisure, the UK government grapples with balancing the books while ensuring its tax system is fit for purpose. As HMRC launches its review of the system that underpins the tax system, we take a look at the pressing issues and challenges.

HMRC needs more resource to rebuild the UK's tax system

ICAEW welcomes HMRC’s vision of a more flexible and responsive tax system outlined in the Tax Administration Framework Review but warns that significant challenges, such as creating a single identifier for taxpayers and consolidation of tax systems, can only be met if HMRC is properly resourced.