Blogs - Tax News - ICAEW Communities

Trust registration service – update for pension trusts

HMRC has updated its guidance for pension schemes that are set up as express trusts. In future, if they are registered with HMRC pension schemes online they will not also have to register on the Trust Registration Service (TRS). The TRS is the ...

3 May 2018

Tax Faculty weekly news update No. 909

Tax Faculty Team

Download a copy of this week's newsletter below: ion.icaew.com/.../909-Tax-Faculty-weekly-news-update-No-909.pdf

1 May 2018

HMRC’s work programme to implement Brexit and Making Tax Digital, slowed but continuing

Tax Faculty Team

On 30 April 2018, Jon Thompson appeared at a Public Accounts Committee hearing, a significant part of which was to explain the outcome of the review of HMRC’s work programme which needed reprioritisation following the Brexit vote. Details of th...

1 May 2018

Modern working practices – national debate needed to agree long term employment rights and tax/NIC solutions

Tax Faculty Team

A national debate is needed to determine sustainable long term solutions for employment rights and tax/NIC in the modern world of work. ICAEW Tax Faculty responded on 25 April 2018 (ICAEW REP 45/18) to the employment status rules for employment right...

1 May 2018

Tax Faculty writes to Minister about modern working practices and off payroll working in public and private sectors

Tax Faculty Team

On 5 April 2018, ICAEW Tax Faculty wrote to the Financial Secretary to the Treasury (FST) (ICAEW REP 40/18). Although we have welcomed the government’s response on 7 February 2018 to the ‘Good Work’ report from Matthew Taylor and th...

1 May 2018

HMRC’s campaigns and making a disclosure

Tax Faculty Team

HMRC has recently updated its guidance on current disclosure opportunities. The main change is to insert a section about how to make a disclosure for someone who has died. For some years HMRC has run a series of campaigns: opportunities for tax...

1 May 2018

VAT Practitioners Group Conference 2018

Tax Faculty Team

The VPG will be holding its annual conference on Friday 15 June 2018, at Hanbury Manor, Ware, Hertfordshire. The topics and speakers for the plenary sessions are: International VAT/BREXIT - Ian Broadhurst HMRC and Neville Trout HM Treasury MTD - Rut...

1 May 2018

OECD publishes transfer pricing country profiles

Tax Faculty Team

OECD has now published 54 transfer pricing country profiles, setting out current transfer pricing practices in each of those countries. The profiles are created using information provided by the countries themselves in responses to questionnaires, fo...

1 May 2018

Office of Tax Simplification review of inheritance tax – call for evidence published

Tax Faculty Team

As previously reported the Office of Tax Simplification (OTS) has been asked to carry out a review of inheritance tax looking at the complexities and whether the regime can be simplified in terms of administration and technicalities. To kick start it...

30 Apr 2018

Diversity in the workplace – ICAEW launches a new community

Tax Faculty Team

Each year the ICAEW president outlines their vision for the organisation, its members and the profession as a whole. As current president, Nick Parker, has put diversity and inclusivity at the top of the agenda and with this ICAEW is launching a bran...

25 Apr 2018

HMRC Trusts and Estates newsletter – special edition looks at IHT400

Tax Faculty Team

Hot on the heels of the regular Trusts and Estates newsletter published in March – see our news item Trusts and Estates Newsletter March 2018 includes TRS update – HMRC has published a special edition. This extra edition sets out se...

25 Apr 2018

Tax Faculty weekly update No. 908

Tax Faculty Team

Download a pdf copy of this week's newswire below:

24 Apr 2018

OECD reports on taxation of savings and the role of net wealth taxes

Tax Faculty Team

OECD has published two reports examining the role of wealth taxes and taxes on savings. Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration (CTPA) at OECD said: “While countries do not necessarily need to tax savings mo...

24 Apr 2018

OECD Multilateral Instrument

Tax Faculty Team

The OECD Multilateral Instrument (MLI) is designed to short circuit the need for all countries to renegotiate all their bilateral double tax treaties to give effect to the changes they agreed to make to treaties as a result of the BEPS (Base Erosion ...

24 Apr 2018

Offshore compliance, risks and opportunities – join our webinar on 3 May

Tax Faculty Team

Do your clients have any overseas income or assets? Higher penalties, tough new powers and quantities of new data mean that HMRC has some impressive tools to tackle the UK tax consequences of offshore non-compliance. All practitioners should m...

23 Apr 2018

Agent Update 65 – latest news for tax agents from HMRC

Tax Faculty Team

In Agent Update 65 – the latest bi-monthly round-up of developments in tax – HMRC highlights the top articles as: Two rulings by the Advertising Standards Authority against misleading advertising by Fiducia Wealth and Tax (an SDLT ...

23 Apr 2018

Simplifying tax in owner-managed businesses – OTS publishes lifecycle report

Tax Faculty Team

The Office of Tax Simplification (OTS) has published a business lifecycle report which considers the tax charges and reliefs available throughout a business’s lifecycle. The focus of the report is on owner-managed businesses and on the f...

23 Apr 2018

GDPR – ICAEW publishes guidance on engagement letters

Tax Faculty Team

ICAEW has published helpsheets to assist members with client engagement letters under the new data protection rules which come into force on 25 May 2018. At present the data protection legislation in the UK is the Data Protection Act 1998 (DPA...

23 Apr 2018

TAXtalk on Making Tax Digital for your practice

Tax Faculty Team

The April 2018 edition of TAXtalk it is available to watch again now. In this month’s TAXtalk, Raj Shah from Shah & Co joined Anita Monteith and Caroline Miskin, Technical managers with ICAEW’s Tax Faculty, to explain how his three pa...

23 Apr 2018

Termination payments – HMRC publishes guidance

Tax Faculty Team

On 6 April 2018, HMRC published updates to its Employment Income Manual EIM13874 onwards and National Insurance Manual NIM02555 onwards to take account of the new termination payments regime that started on that day. This follows our request for guid...

23 Apr 2018

Employer Bulletin April 2018 with tips on year end reporting

Tax Faculty Team

HMRC has published the April 2018 edition of Employer Bulletin. This edition, the first in the 2018/19 tax year, contains useful information about expenses and benefits-in-kind (BiK) end-of-year reporting and starting the new year. There are also art...

23 Apr 2018

Tax Faculty weekly news update No. 907

Tax Faculty Team

Download a copy of this week's news below: ion.icaew.com/.../907-Tax-Faculty-weekly-news-update-No-907.pdf

17 Apr 2018

Tax abuse and insolvency – a new consultation

Tax Faculty Team

HMRC has published a discussion paper on the subject of Tax abuse and insolvency. In the Autumn Budget 2017 and Spring Statement 2018, the government announced that it would explore ways to tackle those who deliberately abuse the insolvency reg...

17 Apr 2018

Soft drinks industry levy now in force

Tax Faculty Team

The so-called ‘sugar tax’ came into effect on 6 April 2018. The soft drinks industry levy is designed to encourage manufacturers to reduce the sugar content of soft drinks, as part of the government’s plans to tackle child obe...

17 Apr 2018

IR35 – tax changes create accounting headache

Tax Faculty Team

ICAEW Tax Faculty has written a letter to HMRC in relation to the off-payroll working rules in the public sector, to urge the department to provide clarification of the accounting treatment of fees received in the personal service company (PSC). The ...

17 Apr 2018