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.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
In TAXguide 18/17, Caroline Miskin explains what special relief is, when it might apply and the conditions that need to be met to make a formal claim. Read a summary here, Tax Faculty members can download the full guide.
Use of foreign income and gains as loan collateral for a relevant debt - update
Legitimate expectation and reliance on HMRC Guidance - the minutes of two meetings between concerned external stakeholders and HMRC on Mansworth v Jelley and general surrounding issues.
Features and articles
ICAEW’s Tax Faculty highlights that employees should check whether they are eligible to make a claim.
Whether they’re selling due to changes in the tax regime or simply because of market conditions, landlords looking to offload residential property need to be prepared to meet their CGT compliance obligations, says Gillian Banks.
If partnerships cannot change accounting date, what should they do? Simon Girling shares his practitioner’s survival guide to meeting deadlines and handling estimated or provisional figures.
Letters were sent to companies, agents and software providers last month, highlighting a discrepancy in some cases between the figures in companies’ computations and tax returns. Unless the taxpayer or agent requests otherwise, HMRC will use the figures in the computation as the filed position.
HMRC has released a list of tax returns that cannot be filed online due to software issues. ICAEW’s Tax Faculty summarises some of the circumstances this applies to.
ICAEW’s Tax Faculty highlights current issues and reminders for agents including: payments by card reader, voluntary class 2 NIC on 2020/21 tax returns and a new advance assurance online service.
Invitations for a call with a customer compliance manager before filing 2021/22 tax returns are expected to be sent out in November. This is a follow-on from a ‘test and learn activity’ carried out earlier this year.
In our latest AML update we highlight the results of our recent thematic reviews on sanctions and COVID-19 support schemes. We also give an update on the Register of Overseas Entities and provide a link to the UKFIU’s recent webinar showcasing its new suspicious activity reporting portal. There is also a reminder about the range of AML resources that are available including our AML helpline.
Webinars and recordings
This webinar will help you navigate the significant changes to the fifth SEISS grant, and will also cover tax return and compliance issues.
Applications for the fourth SEISS grant open in late April 2021.
Lifting the bonnet to explain what filing a company tax return using iXBRL means in simple terms.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Chapter providing expert guidance on VAT in relation to business partnerships, including LLPs.
Guide to the growing breadth of HMRC powers and the increasingly complex penalty regime for non-compliance.
A chapter on taxpayers' rights and HMRC powers in relation to tax returns.
Chapter containing advice on computations and the corporation tax self-assessment (CTSA) return, written for anyone who advises or runs a family or owner-managed company.
A full chapter providing practical guidance on penalties for incorrect tax returns.
A full chapter providing practical guidance on company tax returns and dealing with HMRC.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact firstname.lastname@example.org.
The Daily Telegraph Tax Guide is the UK's bestselling tax handbook, containing everything you need to know about completing a self-assessment tax return for 2019/20.
Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter on accounting for income tax gives a comparison of FRS 102 Section 29 and IFRS, and covers VAT and similar sales taxes, current tax, recognition and measurement of deferred tax, allocation of tax charge or credit, consolidated tax returns and offset of taxable profits and losses within groups, presentation, and disclosure.
Section covering the penalties for late VAT registration, unauthorised issue of tax invoices, and late, fraudulent or erroneous tax returns.
Briefly explains who has an obligation to register for VAT with a worked example for a small business. It also notes the pros and cons of voluntary VAT registration.
A guide to financial and legal issues for GPs and managers of medical practices.
Guide to completing the self-assessment tax return.