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TAXguides

TAXguides provide practical guidance to practitioners on important developments to tax practice and policy. Tax Faculty members are able to download all guides in their entirety.

Published in 2022

 

TAXguide 02/22: Basis Period Reform

This TAXguide provides details of the reform to the taxation of unincorporated businesses introduced through FA 2022 to take effect from April 2024.

Published in 2021

 

TAXguide 19/21 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.

Published in 2020

 

TAXguide 22/20 Accounting for off-payroll working

Off-payroll working rules from April 2021 require private sector end users to determine employment status of contractors who use an intermediary. If there is deemed employment, the intermediary receives payment net of deductions. This builds on legislation for public sector engagers effective from 2017. Existing IR35 rules continue to apply where the end user is small. Rebecca Benneyworth provides guidance on how to account for off-payroll transactions.

TAXguide 21/20 Employment Tax: round up of 2020/21 and a look ahead

This TAXguide collates a broad range of employment tax changes for 2020/21 and looks ahead to 2021/22. Kate Upcraft provides practical guidance on off-payroll working, national insurance exemptions, the employment allowance, termination payments, student loans, RTI matters, statutory parental bereavement pay (SPBP), and summarises benefits and expenses in the context of COVID-19.

TAXguide 19/20: Intangible fixed assets and corporation tax deductibility

This TAXguide, written by Andrew Tall, explains the different ways that a revenue deduction can be claimed for ‘typical’ intangible fixed assets (ITFA) used by a company in a taxable business, as introduced in Finance Act 2002 under Chs 3 and 15, Pt 8, Corporation Tax Act 2009 (CTA 2009), and subsequently amended.

TAXguide 18/20: VAT MOSS – what happens following the end of the UK VAT MOSS scheme

The UK has left the EU, with 31 December 2020 marking the end of the transitional deal that has been in place since 1 February 2020. The EU departure will mean important changes for UK businesses that sell broadcasting, telecommunication and electronic (BTE) services to non-business customers (B2C) inside the EU. Neil Warren provides guidance on the key changes that will take place.

TAXguide 17/20: CJRS - The furlough scheme reinvented

The Coronavirus Job Retention Scheme (CJRS) has been extended until 30 April 2021 and altered from the previous two iterations. In this TAXguide ICAEW's Tax Faculty provides the answers to questions raised by attendees at its latest webinar explaining the changes to the CJRS recorded on 20 November.

TAXguide 15/20: CGT UK property disposal reporting

The requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential property separately from the self assessment tax return was introduced in April 2020. The deadline is 60 days for all completions on or after 27 October 2021. Disposals occurring before this date had to be reported within 30 days. Non-residents have had an obligation since 2015. ICAEW’s Tax Faculty provides guidance on the digital service for reporting disposals to HMRC.

Published in 2019

 

TAXguide 06/19: Termination payments

A new regime for taxing termination payments was introduced from 6 April 2018. TAXguide 06/19 sets out a number of questions in relation to the changes, with answers provided by HMRC.

Published in 2018

 

TAXguide 17/18: Partnership tax

In TAXguide 17/18, Andrew Constable answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘partnership tax’’, broadcast on 8 November 2018.

Changes to CGT on residential property

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.

Charities taxation

Access resources on reliefs related to the taxation of charitable organisations within the UK tax regime

TAXguide 11/18: the settlements legislation

In TAXguide 11/18 Sarah Godfrey explores the settlements legislation and what it means for the family business, the Arctic Systems case and HMRC’s views of the rules as they currently apply.

Published in 2017

 

TAXguide 21/17: The tax implications of Brexit

Although many of the implications of Brexit are currently unknown, VAT and customs duties are likely to be affected. This guide outlines the potential tax consequences. This guide was updated following the publication on 23 August 2018 of guidance from HMRC as to what will happen if there is no Brexit deal.

The Taxation of UK trusts FAQs

The ICAEW Tax Faculty presented a webinar on the tax treatment of UK trusts on 10 November 2016. It was well attended and several questions were raised that we did not have time to answer. A selection of the key questions are answered below.

TAXguide 19/17: High income child benefit charge

In TAXguide 19/17, David Kirk provides a step by step explanation of how to calculate the high income child benefit charge and highlights the potential pitfalls. Read a summary here, Tax Faculty members can download the full guide.

Published before 2017

 

TAXguide 02/16 (TECH 06/16 TAX)

Company Distributions : transactions in securities regime and liquidation distributions targeted anti-avoidance rule. Note of meeting with HMRC on 26 January 2016 published by ICAEW Tax Faculty.

TAXguide 13/15

Use of foreign income and gains as loan collateral for a relevant debt - update

TAXguide 12/15

Reforms to the Taxation of Non Domiciles - Meeting notes