Latest news
Hardman Lecture shines spotlight on ‘shadow’ tax advisers: Government efforts to regulate the tax profession will only work if action is taken to target those advisers who don’t interact with HMRC – and don’t want to, says Ray McCann.
Scottish Budget makes income tax changes: The Scottish government has set out its tax plans for 2025 to 2026, announcing changes to the income tax starter and basic rate bands and an increase in the rate of the additional dwelling supplement for land and building transaction tax (LBTT).
Residential land tax hike in Wales: In its Budget for 2025/26, the Welsh government has announced that the rates of land transaction tax (LTT) for some purchases of residential property will increase by 1 percentage point.
ICAEW calls for changes to tax rules for EOTs: ICAEW has urged MPs to consider widening the definition of “acquisition costs” in new legislation which seeks to address the tax implications where a company makes a distribution to an employee ownership trust (EOT).
Member help sheets and guidance
How agents can help with McCloud tax changes: ICAEW explains how agents can make use of HMRC’s online service to correct the tax position of a client affected by the public service pensions remedy (also known as McCloud).
New HMRC tool for calculating overlap relief: HMRC has published an online calculator that can be used to work out a sole trader or partner’s overlap relief figure for their 2023/24 income tax self assessment (ITSA) return.
Paying workers over the festive period: HMRC has published guidance on applying real time information (RTI) and auto-enrolment rules to working arrangements over the Christmas holidays.
How to fix VAT campaign
Why the UK must reform VAT: This vital revenue stream is burdened by complexity, undermined by exemptions, and dogged by a lack of digitalisation. Post-Brexit, there is both an opportunity and an imperative for core reform.
The former minister’s perspective on VAT – Chancellors must pick their battles: David Gauke, former government minister who held multiple ministerial posts in the Treasury, says that communication and timeliness around VAT reform are vital to its success.
The academic’s perspective on VAT – wholesale change is the only way forward: Professor Rita de la Feria, Chair in Tax Law, University of Leeds, explains how using developments in technology and broadening the VAT base could bring significant improvements to the UK system.
The policy adviser’s perspective on VAT – evolution not revolution: Mike Cunningham, former Deputy Director at HM Treasury, talks about the complexities of the UK VAT system and the ways it could be reformed to make it fairer for all.
The EU perspective on VAT – make the most of Brexit: Donato Raponi, former Head of the VAT Unit at the European Commission, says many VAT systems are too complicated and, having exited the EU, the UK is now in a good position to make significant changes.
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Budget 2024
Read ICAEW's analysis of the Chancellor's Budget announcements and watch a recording of the Tax Faculty's webinar reflecting on the announcements.
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