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The latest news about the UK's tax system, policy changes and legislative updates brought to you by ICAEW's Tax Faculty.
Governments around the world have announced tax measures to support businesses and individuals in response to the COVID-19 pandemic. This page brings together guidance and news from ICAEW, as well as externally-produced resources that provide practical information on emerging tax issues.
TAXbites provide a brief reminder of the basics on popular topics. Each recording lasts around 10 minutes and is freely available for all to view
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15 July: Following the Summer Statement announcement of the increase to the stamp duty land tax nil rate band, Wales has announced an increase in its nil rate band for residential property to £250,000 effective from 27 July.
14 July: HMRC has published its tax gap estimate for 2018/19 showing that the gap between tax expected and collected fell to 4.7%, equating to £31bn of lost revenue.
13 July: To raise standards in the tax advice market HMRC should work with professional bodies and promote the value of using a qualified adviser, rather than consider new regulation, says ICAEW.
13 July: Following the Summer Statement announcement of the increase to the stamp duty land tax nil rate band, Scotland has announced an increase in its nil rate band for residential property to £250,000 effective from 15 July.
In this issue, Angela Clegg provides pointers on the tax measures that businesses should consider following the COVID-19 lockdown, Andy Tall examines changes to the intangible fixed assets regime and Meg Saksida highlights the scope for HMRC to apply discretion on time limits in existing guidance and legislation.
In this issue, Julie Butler and Fred Butler examine rollover relief, John Boulton considers the policy response to COVID-19, Bryan Crawford examines the requirements to be met in order to claim land remediation relief and David Heaton clarifies the new off-payroll working rules.
In this issue, Andrew Cockman explores the first reported home loan scheme case, Sue Moore looks at the key Budget changes affecting private clients, Lindsey Wicks summarises the contents of Finance Bill 2020 and Angela Clegg examines the call for evidence on raising standards in the tax advice market.
In this issue, Lindsey Wicks looks at the tax measures set to apply from April 2020, Mandipa Soni examines the loan relationship unallowable purpose rule, Nigel Holmes reviews research and development tax relief claims and Neil Warren considers tax-saving benefits of forming a VAT group.
Tax guides published before 2017 by ICAEW Tax Faculty.
2017 TAXguides published by ICAEW Tax Faculty.
2018 TAXguides published by ICAEW Tax Faculty.
2019 TAXguides published by ICAEW Tax Faculty.
2020 TAXguides published by ICAEW Tax Faculty.
Webinars, videos and podcasts
Employment tax specialist Kate Upcraft and Tax Faculty technical managers Anita Monteith and Caroline Miskin, explain the complexities of the Coronavirus Job Retention Scheme (CJRS) followed by an update on the latest payroll hot topics.
On 29 May, Rishi Sunak outlined how the government plans to reshape the CJRS from 1 July to encourage those furloughed back into work. In this webinar Anita Monteith, Caroline Miskin and Frank Haskew discuss the latest developments.
Covering the key changes in the employment tax arena for this tax year
Steve Wade provides guidance on the implementation of the new off-payroll working rules due to come into effect in April 2021.
ICAEW's Tax Faculty responds to HMRC's call for evidence on raising standards in the tax advice market, arguing that the best approach is for HMRC to work with the professional bodies behind PCRT to improve standards, alongside taking steps to stop unscrupulous promoters of tax avoidance schemes and highlighting the importance of using a professionally qualified adviser.
On 30 June Frank Haskew, Head of ICAEW's Tax Faculty, wrote to Jesse Norman the Financial Secretary to the Treasury ahead of the summer economic update. In the letter he outlines the three priorities ICAEW believes should guide future government policy: stabilising the economy in the short-term, building sustainability into the medium-term recovery plans, and securing the ability of British business to compete internationally in the long-term.
A response dated 12 June 2020 to a consultation published by HMRC on 29 May 2020.
Tax topics for today
Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.
Is hypothecation - assigning particular tax revenues to a specific public policy goal - a good thing? Read Ian Young's article presenting the facts and then decide.
Anita Monteith of ICAEW’s Tax Faculty explains how to account for trades in the sharing economy, specifically how tax and national insurance work in the gig economy