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.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
Use of foreign income and gains as loan collateral for a relevant debt - update
Capital taxes liaison group minutes
Cross-border and home national insurance contribution issues
Features and articles
The HMRC service for reporting and paying capital gains tax on UK residential property has been problematic since it was introduced in April 2020. Two new problems have emerged since the start of this tax year. ICAEW’s Tax Faculty explains the impact.
International obligations are no excuse for sweeping away established self assessment safeguards and enabling HMRC to obtain information on taxpayers from financial institutions without prior approval, argues ICAEW’s Tax Faculty.
ICAEW’s Tax Faculty reports that notices to file income tax returns are being received by non-UK companies with UK rental profits despite such profits being subject to corporation tax since 6 April 2020.
In advance of the claims portal opening, HMRC has contacted those potentially eligible for the fourth Self-employment Income Support Scheme (SEISS) grant. ICAEW’s Tax Faculty has updated its guidance and a webinar is available to all members.
Employees working from home due to the coronavirus pandemic can continue to claim tax relief on costs not reimbursed by their employer, but a new claim will need to be made for the 2021/22 tax year, HMRC has confirmed.
While plans to use data supplied by third parties, such as banks, could significantly reduce the administrative burden of income reporting for tax returns, they will not progress without a unique way to identify every taxpayer, warns ICAEW.
HMRC has confirmed details of the temporary process which allows agents to submit an appeal against late filing penalties on behalf of up to 25 clients.
Highlights from the broader tax news week ending 17 March, which includes: new one-off process introduced to allow agents to make appeals for late filing of 2019/20 self assessment tax returns for multiple clients at the same time; an extension to the deadline for trusts to register with the TRS and an update on the VAT liability of the supply of digital newspapers prior to May 2020.
Webinars and recordings
Applications for the fourth SEISS grant open in late April 2021.
Who is obliged to to file a self assessment return and how does the system work for those who don't?
Lifting the bonnet to explain what filing a company tax return using iXBRL means in simple terms.
As HMRC begins to send out notices to file tax returns for the year ending 5 April 2018, the Tax Faculty give members a round up of what has changed since last year, and some practical pointers around the pitfalls to avoid.
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.
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.
A full chapter providing practical guidance on company tax returns and dealing with HMRC.
A full chapter providing practical guidance on penalties for incorrect tax returns.
A full chapter providing practical guidance on HMRC powers, covering topics such as appeal procedures, documents and record keeping, time limits for raising assessments, HMRC correction of tax returns and HMRC action to counter tax avoidance schemes.
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.
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.
This book contains everything you need to know about completing a self-assessment tax return for 2018/19.
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.
Guide to completing a Self-Assessment tax return for 2017/18, with advice and worked examples covering key aspects of personal taxation in the UK
A guide to completing a Self-Assessment tax return for 2016/17, with advice for any taxpayer to ensure you are as tax efficient as possible. Offers practical advice, timetables and examples that aim to simplify what many people view as a complex and challenging procedure.With a whole range of top tips for saving on all types of tax.
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.