Blogs - Tax News - ICAEW Blogs and Discussions

Government launches Help to Save scheme

The Help to Save scheme announced at Budget 2016 was launched on 12 September 2018. The launch follows an eight-month pilot during which 45,000 individuals deposited over £3m. Help to Save is aimed at low-income workers and is avail...

17 Sep 2018

Catch up now: TAXtalk and Making Tax Digital webinar

Tax Faculty Team

If you missed last week’s TAXtalk or the latest Demystifying Making Tax Digital webinar you can catch up now. TAXtalk If you missed the September 2018 edition of TAXtalk, you can watch it now on the TAXtalk home page. All our TAXtalks are free....

14 Sep 2018

Contractor loans and the cash basis rules – two new practical guides

Tax Faculty Team

The Tax Faculty has published two new TAXguides this month: TAXguide 15/18: The cash basis for traders and landlords In this TAXguide, available exclusively to members of the Tax Faculty, Sarah Bradford director of Writetax and editor of Small Busine...

14 Sep 2018

Carried-forward losses – updated HMRC guidance needed

Tax Faculty Team

The Tax Faculty has written to HMRC in relation to the changes made to carried forward corporation tax losses in Finance (No 2) Act 2017. In ICAEW rep 110/18 we highlight our concern that the requirement to state the deductions allowance in a year wh...

14 Sep 2018

Uncovering R&D tax relief and the patent box rules

Tax Faculty Team

Catax will be presenting on R&D tax relief and patent box at this year’s Tax Faculty Conference breakfast session on 28 September. Both are vastly under-claimed reliefs. Why should you attend? You will leave the session with a better under...

14 Sep 2018

No deal Brexit advice for businesses only trading with the EU

Tax Faculty Team

HMRC has begun writing to all VAT-registered businesses in the UK that currently only trade within the EU. The letters set out how businesses would trade with the rest of the world in the unlikely event the UK leaves the EU without a deal, and how th...

14 Sep 2018

Tax Faculty weekly news update No. 928

Tax Faculty Team

Click the link below to download a copy of this week's news letter: ion.icaew.com/.../928-Tax-Faculty-weekly-news-update-No-928.pdf

11 Sep 2018

Tax Faculty activity report to 10 September 2018

Tax Faculty Team

This report highlights some of the Tax Faculty’s activities since the last report to 15 June 2018, and what we are working on at the moment. 1. Significant meetings and other activity The Tax Faculty has submitted responses to a number ...

11 Sep 2018

VAT exemption for all domestic service charges

Tax Faculty Team

HMRC has issued Revenue and Customs Brief 6 (2018) and VAT information sheet 07/18 to explain when the Extra Statutory Concession (ESC 3.18) for the VAT exemption for all domestic service charges may be applied and what property management and simila...

10 Sep 2018

UK tax rates – how do they compare with other countries?

Tax Faculty Team

The latest comparative study of the tax systems in the OECD countries provides interesting comparatives for the UK in the run up to the Budget in November. The study covers the 36 members of the OECD as well as Argentina, Indonesia and South Africa. ...

10 Sep 2018

Guidance on tax for workers in the gig economy

Tax Faculty Team

The gig economy has been the subject of much discussion in the tax world recently. What is it, how does it work and how should it be taxed? A new factsheet from the Low Incomes Tax Reform Group provides practical help for workers caught up &nda...

8 Sep 2018

Government announces that Class 2 NIC will not be abolished

Tax Faculty Team

The government has announced that Class 2 National Insurance contributions (NIC) will not be abolished in the current parliament. It had been due to be abolished in April 2019. Class 2 NIC is payable on self-employed profits, currently at the r...

7 Sep 2018

Access to Government Gateway on 10 September 2018

Tax Faculty Team

HMRC has asked us to alert members to a possible issue with access to the Government Gateway on Monday 10 September 2018. The message from HMRC is: “As part of the work needed to update and enhance the Government Gateway, we are cha...

6 Sep 2018

New TAXguide – property taxes Q&A

Tax Faculty Team

The Tax Faculty has published TAXguide 14/18, in which we answer a selection of the key questions raised by viewers of the Property taxes update webinar broadcast on 9 July 2018. The TAXguide and the webinar materials are freely available to T...

5 Sep 2018

SA900 trust and estates tax returns 2018 guidance changed

Tax Faculty Team

HMRC has advised us that the guidance for the SA900 trust and estates tax return regarding interest received gross has been amended, as following the original guidance resulted in a rejected return. HMRC has issued the following statement: &ldqu...

5 Sep 2018

Digital change – events to help you prepare

Tax Faculty Team

A number of events this autumn will help Tax Faculty members prepare for the challenges digitalisation will pose for their practices. ICAEW courses ICAEW is organising half day Start your digital journey workshops in Manchester, London, Birming...

5 Sep 2018

Tax Faculty weekly news update No. 927

Tax Faculty Team

Download a PDF copy of this week's newsletter by clicking on the link below: ion.icaew.com/.../927-Tax-Faculty-weekly-news-update-No-927.pdf

4 Sep 2018

HMRC Talking Points in September – MTD for VAT, support for tax agents, and more

Tax Faculty Team

The schedule of HMRC Talking Points webinars for agents for September 2018 is shown below. It includes sessions on MTD for VAT and CGT private residence relief, and a consultation seeking the views of agents on the agent blog, agent forum and videos ...

4 Sep 2018

HMRC tax agent blog – staying safe online

Tax Faculty Team

The latest posting on HMRC’s blog for tax agents provides a useful reminder of the tops tips for staying safe online. The blog also highlights scam texts and phone calls; as we reported in a recent news item telephone scams appear to be on the ...

4 Sep 2018

Company cars – advisory fuel rates from 1 September 2018

Tax Faculty Team

HMRC has published the advisory fuel rates that apply from 1 September 2018. These are the rates employers can use to reimburse employees who pay to put fuel in their company cars when using them for business. There have been some minor increas...

4 Sep 2018

The tax implications of Brexit, TAXguide 21/17 updated

Tax Faculty Team

We have updated our TAXguide 21/17 The tax implications of Brexit following last week’s publication by HMRC, VAT for business if there’s no Brexit deal, see previous news item. Follow the ICAEW Brexit hub to keep up to date with the lates...

3 Sep 2018

Comments on draft Finance Bill clauses include new 30 day rule for paying CGT on property

Tax Faculty Team

ICAEW has welcomed the opportunity to respond to the consultations on several of the clauses published on 6 July 2018 as draft Finance (No3) Bill 2017-19 legislation. Our comments on some of the draft legislation have been published as ICAEW Rep 97/...

3 Sep 2018

Tax Faculty weekly news update No. 926

Tax Faculty Team

Download a pdf copy of this week's newsletter below: ion.icaew.com/.../926-Tax-Faculty-weekly-news-update-No-926.pdf

29 Aug 2018

More about interest on late paid and overpaid tax

Tax Faculty Team

In our news item Interest on late paid tax rises to 3.25% we noted that the rate of interest had risen following the rise in the bank base rate. Since then we have noticed some online discussion about why the rate on late paid tax has increased but t...

29 Aug 2018

Requirement to correct, Customs Declaration Service and broadband vouchers in Agent Update 67

Tax Faculty Team

HMRC has published Agent Update 67 – the August 2018 edition of its bi-monthly round-up for tax agents. The update includes reminders of several deadlines: Disguised remuneration (contractor loans): The deadline for using the settl...

29 Aug 2018