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Blogs

Student loan repayments, corporation tax instalments and SA900 trust and estates returns

Tax Faculty Team

HMRC has published its bi-monthly Agent Update 68. The issue of most immediate interest is an update to the SA950 guidance notes for completing SA900 trust and estates returns. There was a mismatch between the SA950 Trust and Estates Tax Return Guide...
- 29 Oct 2018
Carried forward corporation tax losses – compliance obligations

Tax Faculty Team

Finance (No 2) Act 2017 introduced changes to how losses can be carried-forward by companies. A number of practical concerns came to our attention at that time and, following a meeting between HMRC and ICAEW on 9 April 2018, we set these out together...
- 29 Oct 2018
Advance warning of HMRC online service unavailability

Tax Faculty Team

HMRC has asked us to highlight that many of its online services will be unavailable on Saturday and Sunday, 3 and 4 November 2018 while changes are made to the Government Gateway. If you have problems you should try again on 5 November 2018 when the ...
- 29 Oct 2018
Public Accounts Committee raises concerns about universal credit

Tax Faculty Team

On 26 October the Public Accounts Committee (PAC) published a report on the introduction of universal credit. It raises a lot of concerns, particularly about the risk of hardship for claimants, and is highly critical of the Department for Work and Pe...
- 29 Oct 2018
How is PAYE RTI going for you? Here are some tips if you are facing problems

Tax Faculty Team

How are PAYE RTI and payroll/benefits-in-kind year-end processes going for you? For example: Have you experienced duplicated employment records recently? Note. To help avoid these we recommend that you do not change payroll software mid-year Do HMRC...
- 26 Oct 2018
Tax Faculty weekly news update No. 934

Tax Faculty Team

Download a pdf copy of this week's news letter below: ion.icaew.com/.../934-Tax-Faculty-weekly-news-update-No-934.pdf
- 23 Oct 2018
Update Q&A TAXguides on the changes to the taxation of foreign domiciliaries

Tax Faculty Team

Following consultations and some stalled legislation the changes to the taxation of foreign domiciliaries were included in Finance (No 2) Act 2017 and took effect from 6 April 2017. To supplement the HMRC Guidance which is aimed primarily at ordinary...
- 23 Oct 2018
IFS Green Budget 2018

Tax Faculty Team

This is the first Green Budget since March 2017 and it was launched on Tuesday 16 October, prior to the Budget proper on Monday 29 October. You can read the ICAEW Tax Faculty speculation on what the Chancellor might announce in the Budget in our piec...
- 22 Oct 2018
National Insurance Fund and Accounts

Tax Faculty Team

The National Insurance Fund (NIF) accounts for the year to 31 March 2018 have been published. National Insurance Contributions (NIC) in the main go into the NIF and are then immediately paid out to today’s pensioners. The system is &ldquo...
- 22 Oct 2018
OECD Tax Talk

Tax Faculty Team

On Tuesday 16 October OECD held its second Tax Talk of 2018 with Pascal Saint-Amans, head of tax at OECD, and a number of his colleagues. They covered: Tax challenges of digitalisation; BEPS implementation; and Tax transparency.
- 22 Oct 2018
Off payroll working webinar - or IR35 in shorthand

Tax Faculty Team

As we look forward to topics the Chancellor, Philip Hammond, may refer to in his Budget on Monday 29 October, we will be looking back over the last 18 months since the new off payroll working rule changes in the public sector were introduced. In this...
- 22 Oct 2018
Employer Bulletin: ABAB investigates MTD awareness

Tax Faculty Team

HMRC’s October 2018 Employer Bulletin is now available, giving employers and agents the latest information on topics and issues that may affect them. Articles this month cover a wide range of topics of interest to employers, including the follo...
- 22 Oct 2018
ICAEW MTD hub updated for VAT pilot latest

Tax Faculty Team

Following last week’s announcements about the MTD for VAT pilot and timetable, see MTD for VAT pilot opened up to the majority of businesses, we are pleased to report that our MTD hub has been updated. There have been some slightly confused rep...
- 22 Oct 2018
MTD for VAT pilot opened up to the majority of businesses

Tax Faculty Team

The Making Tax Digital (MTD) for VAT pilot moved into its public beta phase on 16 October 2018. This significant milestone means any business that meets the eligibility criteria and has acquired MTD compliant software can now join the pilot. HMRC has...
- 16 Oct 2018
Tax Faculty weekly news update No. 933

Tax Faculty Team

Download a pdf copy of this weeks newsletter below: ion.icaew.com/.../2783.933-Tax-Faculty-weekly-news-update-No-933.pdf
- 16 Oct 2018
Engagement letters – updated ICAEW helpsheet

Tax Faculty Team

ICAEW has updated its Engagement letters helpsheet. The helpsheet provides guidance for practice firms on what to include in engagement letters for clients, together with sample wordings. The latest changes are particularly relevant to tax services.&...
- 16 Oct 2018
CIOT joins the Tax Faculty team to discuss MTD and practitioners’ concerns

Tax Faculty Team

In the October edition of TAXtalk, Anita Monteith was joined by Caroline Miskin of the Tax Faculty and Richard Wild, of the Chartered Institute of Taxation for a lively discussion on practitioner matters. With the two professional bodies working ever...
- 14 Oct 2018
OECD Mutual Agreement Procedure – 2017 statistics

Tax Faculty Team

Dispute resolution (Action 14) is one of the four minimum standards of the OECD BEPS (Base Erosion Profit Shifting) Action Plan which member countries of the Inclusive Framework need to abide by. The effectiveness in resolving disputes about the corr...
- 12 Oct 2018
OECD Tax Talk

Tax Faculty Team

The second Tax Talk of 2018 will take place on 16 October 2018 starting at 2pm UK time (3pm CEST (Central European Standard Time)). You can register to join the Tax Talk from the OECD Tax Talk website and you can also access the nine previous Tax Tal...
- 12 Oct 2018
UK Budget on 29 October 2018 – what can we expect?

Tax Faculty Team

You can read other ICAEW postings about the Budget by clicking here. This is the first Budget since 22 November 2017. In 2018 there has so far only been a Spring Statement on 13 March 2018. The government is honouring its pledge to have only one fisc...
- 12 Oct 2018
Timing of Autumn Budget announced

Tax Faculty Team

The Autumn Budget 2018 date confirmed as Monday 29 October 2018 is now expected to begin at around 15:30
- 11 Oct 2018
OTS business lifecycle review: call for evidence and survey

Tax Faculty Team

In July 2018, the Chancellor of the Exchequer asked the Office of Tax Simplification (OTS) to carry out a review of the business lifecycle so, start up, incorporation, finance, succession and disposal, to identify simplification opportunities. The OT...
- 10 Oct 2018
Tax Faculty weekly news update No. 932

Tax Faculty Team

Download a pdf copy of this week's news letter below:
- 9 Oct 2018
VAT: consultation on draft legislation relating to supplies of electronic, telecommunication and broadcasting services

Tax Faculty Team

The Tax Faculty has responded to the HMRC consultation on draft VAT legislation relating to supplies of electronic, telecommunication and broadcasting services from 1 January 2019, see ICAEW rep 118/18. Our main concerns were as follows: We are conc...
- 9 Oct 2018
Brexit Factsheet published on the Taxation (Cross-border Trade) Act 2018

Tax Faculty Team

Further to our news report that the Taxation (Cross-border) Trade Act 2018 received Royal Assent on 13 September 2018, ICAEW has teamed up with CIOT and ICAS to publish a short Factsheet summarising the main features of the new Act. The Act replaces ...
- 9 Oct 2018