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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 4 Aug, which includes: confirmation of closure of UK customs systems; updated guidance on cross-border NI and social security payments; OBR forecast requested for late October; and time limit to opt to tax land reverts to 30 days, but e-signatures remain.

 

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.

TAXline: June 2021

In this issue, Lindsey Wicks provides a summary of key measures outlined in Finance Bill 2021, Anita Monteith explains the importance of HMRC’s call for evidence and creating a tax system fit for the future and Richard Jones assesses the recently announced tax incentives available for freeports around the UK.

TAXline: May 2021

In this issue, Sophie Wales explains the application of ethics to tax work, Richard Jones considers the various March 2021 Budget announcements and ICAEW’s Head of Tax Frank Haskew and independent adviser Martin Wheatcroft talk to Sarah-Jayne Russell and reflect on recent announcements and challenges facing the Chancellor.

 

TAXguide 12/21 COVID-19 support grants tax considerations

The government’s COVID-19 financial support schemes give rise to a number of tax issues, separate from the rules that apply to the schemes themselves. This TAXguide, prepared by the Tax Faculty, covers the Coronavirus Job Retention Scheme (CJRS) and the Self-employment Income Support Scheme (SEISS) and is available to all ICAEW members.

TAXguide 10/21: A guide to principal private residence relief

Questions around the tax treatment of someone’s principal private residence (PPR) arise with frequency and all too often the answer is not as straightforward as might first appear. This guide considers the core rules, the traps and the key items to be aware of to help clients through this area of tax law.

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?

MTD for ITSA - back to basics and myth busting

This webinar from the Tax Faculty will cover the latest rules 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.

Patent Box

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

Freeports

In this webinar the Tax Faculty investigate the incentives, benefits, risks and pitfalls for businesses operating in Freeports.

Representations

ICAEW REP 70/21 Simplifying the VAT land exemption

The Tax Faculty believes that simplification of the VAT system for land and property is highly desirable and that consideration is given to removing the current VAT exemption rules for commercial property. However, now that the UK has left the EU, as land and property is only one aspect of the complications caused by the exemption regimes more generally, we think that the time has come to undertake a thorough review of the VAT exemption rules with a view to its abolition.

ICAEW REP 66/21 Timely payment

In responding to HMRC's call for evidence on timely payment, ICAEW argues that earlier payment of income and corporation tax should not be considered until the economy has recovered and that earlier payment should not be based on in-year estimates without HMRC first demonstrating that they can be a reliable basis for earlier payment.

ICAEW REP 65/21: Tax Administration Framework Review

In responding to HMRC's consultation on the Tax Administration Framework Review ICAEW argues that the starting point of such tax reform should be significant simplification of the underlying tax rules and that HMRC needs to be given the resources and funding to give it the capacity to take on such a major piece of work.

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.