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ICAEW's Tax Faculty provide insights into the latest developments in tax practice and policy.
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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27 March: ICAEW has been inundated with queries around how businesses should manage communications with HMRC in light of the new restrictions. The Tax Faculty has put together this update on where HMRC is now accepting digital communications.
Updated March 27: The UK government is supporting businesses during the coronavirus pandemic by deferring VAT and self assessment payments. ICAEW's Tax Faculty outlines how the proposed action will work.
26 March 2020: the following is our understanding of this policy and how this will work based on the information published up to and including 26 March. It should not be relied on for advice at this stage but is intended to give an indication of how the scheme will work.
25 March: ICAEW's Tax Faculty advises that, due to fewer advisers, HMRC has reduced opening hours on helplines.
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.
In this issue, Lindsey Wicks looks at the world of vehicles and taxes, Caroline Miskin explores the need for a single income tax IT system, Meg Saksida discusses why trust income and gains are taxed differently and Vicky Smallwood highlights accelerated reporting and payment for CGT from April.
In this issue, Sue Moore reports from the Society of Trust and Estate Practitioners’ conference, Gillian Banks follows up on her 2017 article on the Higgins case regarding private residence relief and Chris Sanger looks at the extent to which environmental taxes will feature in the new government’s first Budget.
In this issue, Frank Haskew reviews 2019, including Brexit and off-payroll working, Kate Upcraft explains the challenges in preparing payroll for the 2020/21 tax year, Caroline Miskin reflects on the transition to Making Tax Digital for VAT and Sue Moore reviews Slevin’s Guide to Entrepreneurs’ Relief.
A series of questions posed by the ICAEW Tax Faculty exploring the impact of changes to the off-payroll working regime where one of the parties is based outside the UK. Answer have been taken from HMRC guidance.
A series of questions posed by the ICAEW Tax Faculty exploring the impact of changes to the off-payroll working regime and what they mean practically for payroll processes. Answer have been taken from HMRC guidance.
Rishi Sunak delivered his first Budget of 2020 on 11 March. The Tax Faculty provides its summary of all the key tax announcements in this TAXguide.
In light of upcoming changes to the off-payroll working regime, this guidance from the Tax Faculty outlines how to determine whether a private sector client using contractors through an intermediary is ‘small’.
HMRC has digitalised many of the forms it provides to facilitate transactions, but often these forms are not available to authorised agents. While HMRC is taking steps to rectify this, the Tax Faculty has created this TAXguide to provide a list of links to the digital forms that can be accessed by agents.
HMRC has an ongoing programme of digitalising its services, including for agents. This guide provides an update on this programme.
Webinars, videos and podcasts
PwC's Gillian Banks, Vicky Smallwood from PKF Francis Clark and Frank Haskew, Head of ICAEW Tax Faculty, explain the new rules on capital gains tax (CGT) on residential property.
An overview of the new off-payroll working rules in the private sector from 5 April 2020
The Tax Faculty's essential budget webinar.
Frank Haskew and Caroline Miskin discuss the latest developments on HMRC’s agent strategy and services.
A response dated 28 February 2020 to a consultation published by HMRC on 3 February 2020.
A response dated 21 February 2020 to a consultation published by HMRC on 24 January 2020
A response dated 19 February 2020 to a consultation published by HMRC on 22 January 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