Latest news
HMRC accused of damaging trust in the tax system: Parliament’s Public Accounts Committee (PAC) says HMRC’s customer services have “deteriorated even further” from last year’s “all-time low” as HMRC answered just 66.4% of calls against a target of 85%.
Don’t respond to agent services text message, warns ICAEW: HMRC has confirmed that a text message from “TaxGateway” asking the recipient to click on a link and confirm details of their agent services is fraudulent.
31 January deadline for public sector pension scheme members: ICAEW explains why 31 January 2025 is a key deadline for members of public sector pension schemes disclosing McCloud tax charges, and highlights HMRC guidance on completing the 2023/24 tax return where a pension statement is received late.
HMRC launches services for digital platform reporting: Platform operators can now register to manage their digital platform reporting online ahead of the deadline for submitting the first returns on 31 January 2025.
Government amends rules for employee ownership trusts: Following representations made by ICAEW, the government has proposed changes to the draft tax legislation applying where a company makes a distribution to an employee ownership trust (EOT) to fund the cost of acquiring the company.
Claims for job expenses can be made online: The option for an employee to make a pay as you earn (PAYE) claim online for tax relief for employment expenses has been restored.
HMRC contacts self-employed delivery drivers: Individuals who worked as delivery drivers in 2023/24 and were not paid through pay as you earn should consider registering for self assessment if they have not already done so.
New requirements for EU-GB imports from 31 January: ICAEW is reminding businesses that, from 31 January 2025, all goods imported from the European Union (EU) to Great Britain (GB) must be covered by a safety and security declaration.
Buyers of residential property to pay more in land tax, warns ICAEW: ICAEW explains why buyers of residential property could face increased liabilities to stamp duty land tax (SDLT), and similar taxes in Scotland and Wales, and highlights an area where mistakes could be made.
Update on making tax digital and jointly owned property: HMRC has made changes to the making tax digital income tax (MTD IT) notices, mainly relating to income from property. The current self assessment reporting relaxation for joint property will not be available to those in MTD IT.
Member help sheets and guidance
What is Making Tax Digital for income tax?: The government is working to digitalise the tax system, and Making Tax Digital for income tax is a key part of this strategy. We explain the basics in a new video.
ICAEW’s view on plans to charge IHT on pensions: ICAEW is concerned that the proposed processes for bringing more pensions within the scope of inheritance tax (IHT) will cause delays in payouts to beneficiaries and place a significant administrative burden on pension scheme administrators (PSAs).
Government commissions new loan charge review: Ray McCann will review the barriers preventing individuals subject to the loan charge from reaching resolution with HMRC and recommend ways in which they can be encouraged to do so.
Taxing cryptoassets: what you need to know: While there is currently no such thing as a ‘crypto tax’, this does not mean that tax does not apply to these intangible (and mysterious) assets. We look at how the tax rules apply to cryptoassets.
Disclosing errors in claims for research and development tax relief: Companies and agents can use a new online service to disclose errors made in claims for research and development (R&D) tax relief to HMRC.
New VAT guidance on cladding remediation work: HMRC has published guidance clarifying its policy on the VAT treatment of remedial works to buildings, including the replacement of cladding.
Learn more about making tax digital: Agents can prepare for making tax digital for income tax (MTD IT) by attending HMRC’s regional events and listening to the latest episode of ICAEW’s The Tax Track podcast.
How to fix VAT campaign
The SME view: ‘VAT needs to be an asset to the UK economy’: The founder of a tech company and ICAEW member explains how VAT reform could make a difference for growing businesses in this country.
The SME view: ‘VAT is complicated, even for accountants’: The co-founder of a fast-growing business – and ICAEW member – outlines why VAT could be made much easier for the nation’s entrepreneurs.
VAT quiz: standard-rated, zero-rated or exempt?: Test your knowledge of obscure VAT rules with this quiz from ICAEW. We’ll present you with a few everyday items, and you tell us if they are standard-rated, zero-rated or exempt.
Consultations
New HMRC powers are not the answer, says ICAEW: ICAEW has responded to the government’s consultation on new ways to tackle non-compliance by calling on HMRC to make better use of its existing powers and to do more to simplify the tax system.
Reconsider changes to taxing overseas interest, says ICAEW: ICAEW has suggested an optional election for taxpayers to be taxed on a calendar year basis in respect of all their overseas investment income, in response to the government’s consultation on simplifying the taxation of foreign interest.
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