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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.
ICAEW’s Tax Faculty works to support its members and financial professionals on the latest developments in tax policy and practice. Here you can see list of the faculty’s latest activities, publications and webinars.
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
Guidance clarifies when subsequent claims might be accepted following a First-tier Tribunal decision.
How cases will be allocated before the First-tier Tribunal is changing from 1 June 2022. ICAEW’s Tax Faculty explains the changes.
HMRC places certain research and development claims on pause while it investigates irregularities in a bid to mitigate abuse of the relief.
HMRC confirms to ICAEW that the start date will be a year later than originally planned.
In this issue, Lindsey Wicks questions whether HMRC needs to look beyond digital record keeping, John Endacott provides case studies that examine the tests when starting a furnished holiday letting business and Richard Jones provides a high-level explanation of the proposed OECD rules.
In this issue, Julie Butler examines the tax rules and guidance around woodland carbon units, Neil Gaskell looks at why VAT is now due a major overhaul and Neil Warren gives practical examples of when supplies of services to an overseas customer are still subject to VAT.
In this issue, Anita Monteith considers how tax policy levers can affect the most polluting sectors, Angela Clegg outlines changes scheduled for April 2022 and Mark McLaughlin points out some important exceptions from the inheritance tax gifts with reservation rules.
In this issue, Graham Steele and Will Simpson take a deeper look at the Autumn Budget changes, Lindsey Wicks examines the industry around stamp duty land tax multiple dwellings relief claims and Andrew Cockman reviews the Court of Appeal decision in HMRC v Fisher  EWCA Civ 1438.
This TAXguide provides details of the reform to the taxation of unincorporated businesses introduced through FA 2022 to take effect from April 2024.
2022 TAXguides published by ICAEW Tax Faculty.
PAYE rates, thresholds, allowances, etc for employers in 2022/23 covering income tax, NIC, reliefs and levies, statutory payments, pensions, student loans, NMW/NLW rates and car/van/fuel BIK
This guide highlights a change in HMRC’s approach to the treatment of loans made to remittance basis users where assets of the borrower are held by the lender. This TAXguide has been prepared jointly with STEP and the Chartered Institute of Taxation.
Webinars, videos and podcasts
This webinar from the Tax Faculty explains the potential options being explored by HMRC and reveals the results of a recent poll on the issue.
In this series of webinars the ICAEW Tax Faculty (Anita Monteith and Caroline Miskin) and guests will provide the latest information and guidance on MTD ITSA, covering topics such as choosing software, the progress of HMRC’s pilot, the practicalities of signing up and answer questions from businesses and practitioners.
In this webinar the Tax Faculty team will provide analysis of the Chancellor's spring statement presented on 23 March.
As HMRC ‘light touch’ IR35 compliance enforcement is set to end in April 2022 we take a timely look at the changes that were implemented a year ago. Our expert speaker Richard Maitland, Partner and specialist in employment tax at MHA will shares with us the key learnings from the previous 12 months.
A response submitted on 11 February 2022 to a consultation published by the Public Accounts Committee (PAC) on 12 January 2022.
A response dated 5 May 2022 to a consultation published by the Office of Tax Simplification (OTS) on 24 February 2022.
ICAEW has responded to the consultation opened by the OECD into a reporting framework for crypto-asset exchanges and proposed changes to the common reporting standard. The response focuses solely on the crypto-asset exchange proposals.
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.
The government has moved swiftly to consult on draft legislation to reform basis period rules before MTD ITSA becomes mandatory. ICAEW is concerned that changes will be rushed through and disappointed that the normal consultation process is not being followed.
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.
A single identifier for individuals and smoother registration processes are pre-requisites for a better tax system, argues ICAEW. HMRC also needs funding to develop an improved process for registering, authenticating and authorising agents.
ICAEW considers HMRC’s call for evidence on timely payment to be premature, as earlier payment of income and corporation tax would reduce businesses’ flexibility to manage their cashflow.