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
Government and HMRC have listened to representations and put back the implementation of MTD ITSA and potential reforms to basis periods. The new MTD ITSA start date of April 2024 for the self-employed and landlords has now been set in legislation, providing the certainty that has been lacking, says ICAEW.
Increased turnover is a red flag that SEISS grants may need to be repaid, but it isn’t conclusive. A much more granular approach is needed, for example to establish whether a new contract arose providing a late boost to profits unforeseen at the time a claim was made.
ICAEW’s representation to the Tax Administration Framework Review pointed out that the criteria for who does and doesn’t need to file a self assessment tax return are arbitrary and need to be reviewed. The Tax Faculty explains the rules as they currently stand.
Since the last newsletter in July, there have been a number of disciplinary outcomes published including the following tribunal cases, consent orders and fixed penalties.
As the mid-point of the applications window for SEISS 5 grants approaches, HMRC has clarified some of its guidance. ICAEW’s Tax Faculty explains what has changed and shares the latest information on tax returns.
HMRC has acknowledged its error in not allowing overpaid CGT on UK residential property to be offset against income tax. ICAEW’s Tax Faculty explains the solution that has been put in place for 2020/21 self assessment returns.
HMRC has started to autocorrect 2020/21 tax returns where the SEISS grants reported do not match its records and has restarted pre-claim checks in advance of the fifth grant. ICAEW’s Tax Faculty has the latest information.
HMRC reports that it has been unable to automatically process a significant number of 2020/21 self assessment tax returns because of apparent inconsistencies in the reporting of SEISS grants. ICAEW’s Tax Faculty explains how to avoid the problem.
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.
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.
Chapter providing expert guidance on VAT in relation to business partnerships, including LLPs.
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.
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 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 email@example.com.
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.