Latest news
New tax return requirements for sole traders and directors: Taxpayers may need to provide more information in their 2025/26 self assessment tax returns as some voluntary requirements have been made mandatory and new mandatory requirements have also been introduced.
Changes to size thresholds for off payroll working: In response to a request from ICAEW, HMRC has confirmed that changes to the company size thresholds in the Companies Act 2006 from April 2025 will also apply for the purposes of the off payroll working rules.
Check for state pension gaps by 5 April 2025, says HMRC: HMRC is encouraging people to check if they could increase their state pension by making voluntary national insurance contributions by 5 April 2025.
Over one million taxpayers may face £100 penalty: HMRC estimates that 1.1 million taxpayers missed the 31 January 2025 deadline for filing their 2023/24 tax return. ICAEW explains the penalties, and why late filers should consider whether an easement applies, or if they have grounds to appeal.
HMRC meets its performance target on calls: HMRC’s performance statistics for the quarter ended 31 December 2024 show that it met its target of answering at least 85% of calls and that call waiting times reduced significantly.
Changes made to CIS processes for overseas businesses: HMRC has updated its procedures to address challenges identified by ICAEW’s members in registering overseas businesses for the construction industry scheme (CIS).
More taxpayers can test making tax digital: Taxpayers liable to the high income child benefit charge (HICBC) or with income from jointly held property can join making tax digital for income tax (MTD income tax) testing for 2025/26. IRIS has also joined the list of software available for 2024/25.
Business tax compliance costs £15bn a year: In its latest report, the National Audit Office explores the costs for businesses in meeting their tax obligations and for HMRC in administering the tax system. It reveals UK businesses incur costs of at least £15.4bn each year.
Don’t forget April tax changes for double cab pick-ups, says ICAEW: HMRC is changing its policy on double cab pick-ups (DCPUs). From April 2025, most DCPUs will be treated as cars, not vans, for direct tax purposes, potentially meaning increased tax bills for employers, employees and businesses.
HMRC has 39 corporate criminal offences investigations underway: HMRC’s latest biannual freedom of information release highlights the need to have procedures in place to identify and mitigate tax evasion facilitation risks, says ICAEW.
Tests for carried interest multiplier need more thought, says ICAEW: ICAEW has encouraged the government to ensure that any changes to the rules for taxing carried interest do not add complexity and do not affect the UK’s attractiveness as a place to live, work and invest in the private equity sector.
ICAEW has questions for HMRC on mandatory payrolling of benefits: ICAEW believes that clarification is needed regarding the government’s plans to mandate the reporting of income tax and class 1A national insurance contributions (NICs) for most benefits in kind (BiKs) through pay as you earn in real time.
Time to rethink offshore anti-avoidance rules, says ICAEW: ICAEW shares the government’s concerns about the current personal tax offshore anti-avoidance rules and would welcome a detailed review of the operation and interaction of all the provisions.
Member help sheets and guidance
What is Professional Conduct in Relation to Taxation?: Professional Conduct in Relation to Taxation sets out the fundamental principles and standards for tax planning that all members, affiliates and students who practise in tax must follow. We explain the basics in a new video.
HMRC will not accept some in-year trust and estate tax returns: Due to the change in the rate of capital gains tax (CGT) from 30 October 2024, trustees and personal representatives (PRs) may need to wait until after the end of the tax year to submit 2024/25 tax returns.
VAT compliance controls: new guidance from HMRC: HMRC’s guidelines for compliance are intended to lower the risk of errors and reduce the likelihood of checks.
Tax relief for pension contributions can be claimed online: Pay as you earn (PAYE) taxpayers who want to claim additional tax relief for contributions to a personal or workplace pension scheme can use a new HMRC online form.
Need to know: employee ownership trusts: The sale of a company to its employees is on the rise. Nick Wright looks at why and explores the pros and cons and potential structure of an employee ownership trust.
Employee ownership trusts: the tax benefits: While not the primary reason for their creation, employee ownership trusts offer significant tax benefits for existing shareholders and employees alike, as Nick Wright explains.
Consultations
Government seeks views on e-invoicing: The government has launched a consultation to gather views on standardising e-invoicing, and how to encourage UK businesses and government departments to adopt it.
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