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TAXguides

Published by ICAEW's Tax Faculty, TAXguides provide practical guidance on developments to tax practice and policy. Here you can find the latest guides sorted by tax type, including: business tax, employment tax, international taxes personal tax, property tax and VAT, as well as support on tax administration.

 

Budgets and legislation

 

TAXguide 02/19: Cleansing of mixed funds

This guide considers the areas of uncertainty in the Finance (No. 2) Act 2017 statutory provisions for the cleansing of mixed funds. It is formed of questions and answers from ICAEW and other professional bodies, together with comments from HMRC.

TAXguide 04/17: Offshore trust changes

In TAXguide 04/17 - Offshore trust changes, Sue Moore, technical lead for private client tax matters in the Tax Faculty, provides information on the implications of changes to income tax legislation published on 26 January 2017. In particular the guide offers more details on transfer of assets and settlements legislation and has been created with input from HMRC.

TAXguide 08/15

Non-domiciliary announcements made at summer budget 2015

TAXguide 07/15

Finance Act 2015 Changes to entrepreneurs' relief

 

TAXguide 09/21: Brexit – The corporate tax implications

This TAXguide analyses the corporate tax impact of Brexit on the typical cycle of outbound and inbound business operations within the UK and the EU as from 1 January 2021. It analyses them from the viewpoint of both the UK and the member states of the EU.

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 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.

Employment tax

 

TAXguide 17/21 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 08/21: COVID-19: Displaced expatriate employees

This TAXguide contains correspondence between ICAEW, the Financial Secretary to the Treasury and HMRC on the statutory residence test and social security in relation to expatriate employees that have been displaced due to the impacts of the coronavirus pandemic. This TAXguide replaces TAXguide 06/21 which predated HMRC’s reply on social security contributions.

TAXguide 01/21: Off-payroll working from April 2021

This guide provides answers to questions asked at the off-payroll working webinar presented by Steve Wade and Kate Upcraft on 23/11/20. It covers changes from April 2021 including the size of clients, overseas clients, employment status and status determination statements, deemed employment income, personal service companies and the contractor, and practitioner support.

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.

International taxes

 

TAXguide 09/21: Brexit – The corporate tax implications

This TAXguide analyses the corporate tax impact of Brexit on the typical cycle of outbound and inbound business operations within the UK and the EU as from 1 January 2021. It analyses them from the viewpoint of both the UK and the member states of the EU.

TAXguide 08/21: COVID-19: Displaced expatriate employees

This TAXguide contains correspondence between ICAEW, the Financial Secretary to the Treasury and HMRC on the statutory residence test and social security in relation to expatriate employees that have been displaced due to the impacts of the coronavirus pandemic. This TAXguide replaces TAXguide 06/21 which predated HMRC’s reply on social security contributions.

TAXguide 03/21: Deemed domicile changes - trust protections and OIGs

Guidance from ICAEW, STEP, and the CIOT to highlight a key issue with respect to the trust protections as introduced by Finance (No 2) Act 2017. This guide focuses on the situation where the settlor is deemed UK domiciled only under the 15-year rule and offshore income gains arise directly to the non-UK resident trust.

TAXguide 02/21: Deemed domicile changes - trust protections

Guidance from ICAEW, STEP, and the CIOT to highlight practical issues and uncertainties in the statutory provisions for trust protections introduced by Finance (No 2) Act 2017. This guide is formed of notes prepared by the professional bodies covers issues, such as: de minimis, guarantees, property management and offshore income gains.

 

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.

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.

TAXguide 08/21: COVID-19: Displaced expatriate employees

This TAXguide contains correspondence between ICAEW, the Financial Secretary to the Treasury and HMRC on the statutory residence test and social security in relation to expatriate employees that have been displaced due to the impacts of the coronavirus pandemic. This TAXguide replaces TAXguide 06/21 which predated HMRC’s reply on social security contributions.

TAXguide 03/21: Deemed domicile changes - trust protections and OIGs

Guidance from ICAEW, STEP, and the CIOT to highlight a key issue with respect to the trust protections as introduced by Finance (No 2) Act 2017. This guide focuses on the situation where the settlor is deemed UK domiciled only under the 15-year rule and offshore income gains arise directly to the non-UK resident trust.

TAXguide 02/21: Deemed domicile changes - trust protections

Guidance from ICAEW, STEP, and the CIOT to highlight practical issues and uncertainties in the statutory provisions for trust protections introduced by Finance (No 2) Act 2017. This guide is formed of notes prepared by the professional bodies covers issues, such as: de minimis, guarantees, property management and offshore income gains.

 

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.

TAXguide 01/17: Let property

This TAXguide provides guidance on the tax issues connected with let property from the point of view of the landlord. It concentrates on residential property and is aimed at practitioners who are advising individuals who have bought property as an investment, rather than commercial property development businesses. Read a summary here, Tax Faculty members can download the full guide.

TAXguide 08/15

Non-domiciliary announcements made at summer budget 2015

TAXguide 07/15

Finance Act 2015 Changes to entrepreneurs' relief

Tax administration and compliance

 

TAXguide 05/21: Tax issues in 2021

In this TAXguide, Rebecca Benneyworth highlights some key tax areas for practitioners to be aware of in the early part of 2021, before the next round of announcements arrives in the March Budget.

TAXguide 05/20 HMRC digital forms for agents

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.

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.

TAXguide 12/17: Common reporting standard - requirement to notify clients

TAXguide 12/17 explains the new legal requirement for financial institutions and professionals, including tax advisers, to write to clients to whom they have given advice on offshore matters. The guide outlines the rules, suggests how you might comply and provides a draft client letter. Read a summary here, Tax Faculty members can download the full guide.

TAXGUIDE 02/16

Company distributions - transactions in securities regime and liquidation distributions targeted anti-avoidance rule

 

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 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.