Practical points: business tax 2024
Every month, the Tax Faculty publishes short, practical pieces of guidance to help agents and practitioners in their day-to-day work.
Off-payroll working and IR35
Off-payroll working, commonly referred to as "IR35", is the name given to the anti-avoidance legislation that ensures individuals providing services through an intermediary company are taxed correctly. Here you will find practical guidance, webinars and other resources related to IR35 and the taxation of intermediaries.
Corporation tax
HMRC provides further guidance on FHL abolition
- Article
- 12 Nov 2024
HMRC has published guidance to clarify issues raised during the consultation on the draft legislation to abolish tax rules for furnished holiday lets (FHLs).
Exclusive
More Budget news
- Article
- 08 Nov 2024
Behind the main Budget announcements, a few other matters of rural interest can be found.
Exclusive
Furnished holiday let reform – the last gasp from the March 2024 Budget!
- Article
- 07 Nov 2024
The recently published details of forthcoming reforms to the tax treatment of Furnished Holiday Lettings (FHL) income, which were initially announced in the 2024 Budget but omitted from the Finance Bill, signal significant changes effective from the end of the 2024/5 tax year. These reforms, which were announced on 30 July, were confirmed as part of the 2024 Budget package.
Exclusive
Taxation of business acquisitions, disposals etc
- No content type
- 06 Nov 2024
Contact details for those in TAXconnect who can offer advice on tax questions related to taxation of business acquisitions, disposals etc.
Employment taxes
Practical guidance, commentary and support on employment taxation, including: benefits and expenses, company car tax, national insurance, PAYE and real-time information, and the taxation of intermediaries.
Latest articles
Tax news in brief 27 November 2024
- Article
- 26 Nov 2024
Highlights from the broader tax news for the week ending 27 November 2024, including: updated HMRC advisory fuel rates; new HMRC guidance on Pillar 2; and developments with regard to land transaction tax.
Public finances fall short as Chancellor defends tax rises
- Article
- 21 Nov 2024
The first monthly public sector finance release following the Autumn Budget confirms how much reliance the Chancellor is placing on tax rises to stabilise the public finances.
940,000 employers to pay more NIC in 2025/26
- Article
- 19 Nov 2024
Legislation introduced to Parliament provides for the changes to employers’ national insurance contributions (NIC) announced at the Autumn Budget 2024.
National Insurance
Public finances fall short as Chancellor defends tax rises
- Article
- 21 Nov 2024
The first monthly public sector finance release following the Autumn Budget confirms how much reliance the Chancellor is placing on tax rises to stabilise the public finances.
940,000 employers to pay more NIC in 2025/26
- Article
- 19 Nov 2024
Legislation introduced to Parliament provides for the changes to employers’ national insurance contributions (NIC) announced at the Autumn Budget 2024.
Exclusive
What are the managed service company rules?
- Article
- 01 Nov 2024
In the first of two articles exploring the managed service company rules, David Kirk looks at the definition of an MSC and explains the consequences of falling within the scope of the rules.
VAT
Lessons on VAT from New Zealand and Australia
- Article
- 27 Nov 2024
For UK tax policy stakeholders, fascinating case studies of how other countries are approaching VAT can be found on the other side of the world.
How to fix VAT
- Hub page
- 18 Nov 2024
ICAEW explores the challenges and opportunities offered in reimagining VAT and it's application. Read about the history of VAT, the lessons that can be learned from outside the UK and the potential of digitalisation.
E-invoicing to be mandatory for EU VAT by 2030
- Article
- 07 Nov 2024
Agreement has been reached on a package of digital measures for VAT in the European Union (EU), including the introduction of a real-time digital reporting system through electronic invoicing (e-invoicing).
Business rates
How to ensure colleagues understand financial information
- Article
- 27 Nov 2024
With local government budgets under pressure and more councils adopting commercialisation strategies, key stakeholders must have a strong grasp of financial information to aid sound decision-making.
Inside local government budgets: finance teams and funding
- Article
- 22 Nov 2024
Councils deliver a host of critical services to local communities, while under increasing scrutiny of their finances. ICAEW examines the work of local authority finance teams and explains how income is raised.
Tax news in brief 20 November 2024
- Article
- 19 Nov 2024
Highlights from the broader tax news for the week ending 20 November 2024, including: an update on MTD ITSA; suggestions for HMRC on how to reduce the tax gap; and legislation to enact the changes to business rates announced at the Autumn Budget 2024.
Capital allowances
HMRC provides further guidance on FHL abolition
- Article
- 12 Nov 2024
HMRC has published guidance to clarify issues raised during the consultation on the draft legislation to abolish tax rules for furnished holiday lets (FHLs).
Exclusive
More Budget news
- Article
- 08 Nov 2024
Behind the main Budget announcements, a few other matters of rural interest can be found.
Exclusive
Furnished holiday let reform – the last gasp from the March 2024 Budget!
- Article
- 07 Nov 2024
The recently published details of forthcoming reforms to the tax treatment of Furnished Holiday Lettings (FHL) income, which were initially announced in the 2024 Budget but omitted from the Finance Bill, signal significant changes effective from the end of the 2024/5 tax year. These reforms, which were announced on 30 July, were confirmed as part of the 2024 Budget package.
Environmental taxes
Understanding EU CBAM: What UK traders need to know
- Webinar
- 13 Nov 2024
Learn about the EU Carbon Border Adjustment Mechanism (CBAM) and its impact on UK traders at this free webinar from the British Chambers of Commerce.
Changes to indirect taxes made in Autumn Budget 2024
- Article
- 05 Nov 2024
ICAEW’s Tax Faculty provides a round-up of indirect tax measures announced in the Budget on 30 October 2024, including VAT, duties and the carbon border adjustment mechanism (CBAM).
Budget 2024 verdict: big and bold, but borne by business
- Article
- 31 Oct 2024
Chancellor Rachel Reeves focused on delivering economic stability with her wide-ranging first Budget – but short-term tax raising measures worth £40bn fall primarily on the shoulders of business.
Partnership taxation
Exclusive
Partnerships and Capital Gains Tax
- eBook chapter
- 31 Aug 2024
An overview of the treatment of capital gains by partnerships covering distribution of assets in kind amongst partners, changes in profit sharing ratios, adjustment through the accounts, payments outside the accounts, transfers between persons not at arm's length, disposals -annuity payments, shares acquired in stages and roll-over relief.
Exclusive
Change in partnership profit sharing ratios
- eBook chapter
- 31 Aug 2024
When the profit ratios of a partnership change it may result in a chargeable gain for CGT purposes, due to the acquisitions and disposals of the incoming and/or outgoing partners. A worked example demonstrates how to calculate the chargeable assets arising from this, and from the revaluation of a partnership asset.
Exclusive
Partnerships
- eBook chapter
- 31 Aug 2024
A full chapter on the taxation of partnerships, including limited partnerships and LLPs. It focuses mainly on Income Tax, but includes a detailed subsection on Capital Gains Tax.
Self-employed and tax
Exclusive
Taxation of the self-employed
- No content type
- 06 Nov 2024
Contact details for those in TAXconnect who can offer advice on tax questions related to taxation of the self-employed.
ICAEW makes its case for Budget tax measures
- Article
- 19 Sep 2024
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.
Cash basis changes bring many farms into scope
- Article
- 12 Sep 2024
The switch to a cash basis in 2024/5 will have a massive impact on taxable profits for many in the farming sector.
Devolved taxes
Devolved taxes
- Hub page
- 27 Apr 2018
Support and guidance on taxation under the devolved governments of the UK; Northern Ireland, Scotland and Wales.
Bloomsbury Accounting and Tax Service - eBooks on devolved taxes
- Listing
- 21 Apr 2021
Browse Bloomsbury Accounting and Tax Service eBooks on devolved taxes.
Customs duties
Tax news in brief 18 September 2024
- Article
- 18 Sep 2024
Highlights from the broader tax news for the week ending 18 September 2024, including: HMRC pillar two guidance; an update to the system for providing information in support of a claim for R&D tax relief; and new VAT legislation relating to caravans.
Tax news in brief 11 September 2024
- Article
- 11 Sep 2024
Highlights from the broader tax news for the week ending 11 September 2024, including: new tax exemptions for compensation payments and benefits; new guidance from HMRC on applying for an SDLT refund; and a one-to-many campaign from HMRC focusing on businesses that hold a duty-free spirit approval.
Tax news in brief 26 June 2024
- Article
- 26 Jun 2024
Highlights from the broader tax news for the week ending 26 June 2024, including: HMRC guidance on temporary issues with the customs declaration service; and a summary of international tax developments.
Charities
Budget 2024 – what’s in it for charities?
- Article
- 08 Mar 2024
Facing continued economic challenges, an election on the near horizon and conflict in the Middle East and Ukraine, this was always going to be a challenging budget for the Chancellor. That did not stop the Chancellor from trying to pull some vote-winning rabbits out of the hat – although there was unfortunately little to benefit charities.
Charity tax reforms should not overly burden charities, cautions ICAEW
- Article
- 25 Jul 2023
While ICAEW’s Tax Faculty supports HMRC’s efforts to counter the abuse of charity tax rules, any reforms should be proportionate to the issue. Otherwise, the reforms risk deterring volunteer involvement and vital donations to charities.
HMRC publishes new Charities newsletter
- Article
- 12 Jun 2023
HMRC’s Charities newsletter will be published periodically to update charities and their advisers on upcoming changes relating to tax that may affect them.
"For the few, not the many…" - HMRC's proposals to tackle abuse of charity tax reliefs
- Article
- 05 Jun 2023
At the end of April, HMRC published a Consultation Document proposing changes to charity tax rules to tackle non-compliance. This article gives an overview of the proposals and possible implications for the sector to consider.
Construction industry scheme
Exclusive
Self-employment
- eBook chapter
- 01 Oct 2024
A chapter on the UK tax treatment of self-employment, containing worked examples throughout.
Exclusive
Construction Industry Partnerships
- eBook chapter
- 01 Sep 2024
Concise chapter providing guidance on partnership taxation for businesses in the construction industry, which are subject to the Construction Industry Scheme ('CIS').
Exclusive
Special classes of taxpayers
- eBook chapter
- 31 Aug 2024
This chapter covers the schemes, reliefs and special rules pertaining to classes of taxpayers not covered elsewhere in this work. This includes the Construction Industry Scheme and rules for small businesses, charities, clubs and societies and various types of occupations.
Exclusive
Construction Industry Scheme
- eBook chapter
- 31 Aug 2024
A section summarising the provisions of the Construction Industry Scheme (CIS). Covers exceptions and registration for gross payment.
International taxes
Expert commentary and practical guidance from ICAEW related to international taxation regimes. You may also be interested in searching our tax guides by country.
Residence and domicile
- Hub page
- 30 Jan 2018
Expert commentary and practical guidance from ICAEW related to residence and domicile in the UK personal tax regime, including offshore investments.
Sector specific and situation specific taxes
Certain industries have their own tax arrangements, while major events, such as the coronavirus pandemic, can also give rise to their own solutions.
Charities and taxation
Expert commentary and practical guidance from ICAEW related to the taxation of charitable organisations within the UK.
View allConstruction Industry Scheme
Expert commentary and practical guidance from ICAEW on the construction industry scheme (CIS) and how it applies for businesses within the UK tax regime.
View allCoronavirus and tax
Governments around the world announced tax measures to support businesses and individuals in response to the COVID-19 pandemic. The consequences of these actions continue to play out.
View all