Latest news

ICAEW makes its case for Budget tax measures: ICAEW has set out its recommendations for the business tax roadmap to be published at the Budget and has encouraged the government to carry-out a wider review of the tax system. ICAEW's Tax Faculty goes through the details.

Delay charging VAT on private school fees, urges ICAEW: ICAEW believes that implementing the legislation with effect from 1 January 2025 does not give private schools enough time to prepare.

High earners may need to submit 2021/22 tax returns: HMRC is writing to taxpayers whose income exceeded £200,000 in 2021/22 and asking them to check if they should have submitted a tax return for that year.

Chancellor promises to improve the tax system: Ahead of the Budget on 30 October 2024, the government has provided an update on how it intends to deliver on its commitment to reform, modernise and invest in HMRC.

Software company wins R&D tax relief case: Having struggled to convince HMRC that expenditure it incurred on a software project qualified for research and development tax relief, the company was successful in its appeal to the First-tier Tribunal.

Take care with changes to carried interest rules, says ICAEW: ICAEW has warned the government that changes to the tax treatment of carried interest could jeopardise the contribution that the private equity industry makes to the UK’s economy.

MPs briefed on HMRC’s R&D compliance approach: ICAEW’s Tax Faculty has warned MPs that HMRC’s handling of research and development (R&D) tax relief claims is causing significant disruption for companies undertaking genuine R&D activities.

CT600 loss figures may be incorrect: HMRC is writing to companies and their agents where the amounts for losses reported in the company’s tax return (form CT600) are different from those included in the accompanying tax computations.

A brief history of VAT in Europe and the UK: Hatched as a concept at the end of the First World War and brought into use in the wake of the Second, VAT was designed to be simple and politically neutral.

NAO highlights tax evasion in the retail sector: The National Audit Office (NAO) has found that HMRC does not have a specific strategy for tackling tax evasion, and that a cross-government approach as well as a better use of HMRC’s powers could increase tax revenues.

EIS and VCT scheme extended by 10 years: Shares issued before 6 April 2035 will qualify for relief under the enterprise investment scheme and the venture capital trust scheme if all other conditions are met.

Improved processes for trusts and estates: Updates to forms should make it easier to inform HMRC of a chargeable event for inheritance tax (IHT) and to speed up probate applications and dealing with an estate.

Member help sheets and guidance

Economy explainers: private schools and VAT: The Labour government has published draft legislation removing the VAT exemption for private schools from 1 January 2025. ICAEW’s experts outline the changes.

Economy explainers: what is the non-dom regime?: The Labour government has pledged to deliver on the previous administration’s commitment to abolish the tax rules for non-UK domiciled individuals. ICAEW experts explain what makes someone a non-dom and why it matters.

How HMRC uses debt collection agencies: HMRC has recently updated its guidance on debt collection agencies (DCAs). ICAEW’s Tax Faculty explains what DCAs can and can’t do.

Tax return fix for student loan deductions: Taxpayers who make student loan repayments and whose income includes payrolled benefits in kind should follow HMRC’s guidance when completing their self assessment tax return, warns ICAEW.

Consultations

ICAEW calls again for FHL brightline test: ICAEW’s Tax Faculty has responded to the government’s consultation on draft legislation that provides for the abolition of the furnished holiday lettings tax regime from April 2025.

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