Displaying 1-30 of 180 results
Tax news in brief 19 February 2025
- Feb 2025
- ICAEW Insights
Highlights from the broader tax news for the week ending 19 February 2025, including: an update from HMRC on the progress of some R&D tax relief enquiries; and updated HMRC guidance on employment status.
Exclusive
Prepare for MTD income tax: Testing the system
- Feb 2025
- Rebecca Benneyworth
Making tax digital (MTD) for income tax has been described as the biggest change affecting self-employed and landlord taxpayers and their agents since self assessment was introduced. In this article, Rebecca Benneyworth looks at the issues to consider in deciding whether to join the testing phase.
INSIGHTS VIEWPOINT
More taxpayers can test making tax digital
- Feb 2025
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
Business tax compliance costs £15bn a year
- Feb 2025
- ICAEW Insights
In its latest report, the National Audit Office (NAO) 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.
INSIGHTS VIEWPOINT
HMRC contacts companies owning residential property
- Jan 2025
- ICAEW Insights
HMRC is writing to companies that may need to disclose liabilities to the annual tax on enveloped dwellings (ATED), possibly because they have relied on a relief that is not due.
INSIGHTS VIEWPOINT
INSIGHTS SPECIAL
Testing MTD for income tax: an accountant’s perspective
- Jan 2025
- ICAEW Insights
While submitting quarterly updates is “smooth and straightforward”, HMRC must resolve the disconnect between that process and the annual return, says Aaron Patrick of Boffix.
INSIGHTS VIEWPOINT
TECHNICAL ROUND UP
Technical round-up: January 2025
- Jan 2025
- ICAEW Insights
This month’s top stories feature Parliament accusing HMRC of damaging trust in the tax system; a warning to not respond to a fraudulent agent services text message; and more from the How to fix VAT campaign.
INSIGHTS VIEWPOINT
ICAEW’s view on plans to charge IHT on pensions
- Jan 2025
- ICAEW Insights
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).
INSIGHTS VIEWPOINT
Reconsider changes to taxing overseas interest, says ICAEW
- Jan 2025
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
Update on making tax digital and jointly owned property
- Jan 2025
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
New requirements for EU-GB imports from 31 January
- Jan 2025
- ICAEW Insights
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.
Tax news in brief 15 January 2025
- Jan 2025
Highlights from the broader tax news for the week ending 15 January 2025, including: new HMRC campaigns focusing on private equity businesses and estate agents; updated guidance from HMRC for those testing MTD IT; and a reminder from HMRC of changes for importers from 31 January 2025.
INSIGHTS VIEWPOINT
Learn more about making tax digital
- Jan 2025
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
HMRC launches services for digital platform reporting
- Jan 2025
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
MEMBER INSIGHTS
2025: a pivotal year for growth, skills and trust
- Jan 2025
- ICAEW Insights
The world leaves 2024 in a very different political and economical state than it started in. Accountants have a critical role to play in navigating this landscape, but they must embrace change, says ICAEW CEO Alan Vallance.
INSIGHTS VIEWPOINT
How to fix VAT: digitalising the system
- Dec 2024
- ICAEW Insights
Digitalisation of VAT promised great rewards, but initial attempts have faltered as HMRC navigates unexpected complexities in the system and the range of taxpayers it deals with. Despite some success, more work is needed to push the changes through.
INSIGHTS VIEWPOINT
Mixed scorecard for HMRC on making tax digital
- Dec 2024
- ICAEW Insights
In its annual report for 2024, the administrative burdens advisory board (ABAB) has praised HMRC for the quality of its engagement on making tax digital for income tax (MTD IT) and has set out areas where concerns remain.
PRACTICE DEPARTMENT
MTD for income tax: Your quick start guide
- Nov 2024
- ICAEW
As we navigate through the self-assessment season, many accountants are also planning their MTD income tax service offerings. But where do you start?
INSIGHTS VIEWPOINT
TECHNICAL ROUND UP
Technical round-up: November 2024
- Nov 2024
- ICAEW Insights
This month’s top stories feature Budget measures you may have missed; a deadline extension for providing agent codes; and data that suggests improvement on HMRC call handling.
INSIGHTS VIEWPOINT
ECONOMIC UPDATE
Economy explainers: what is MTD?
- Nov 2024
- ICAEW Tax Faculty
ICAEW's Tax Faculty sets out the key things taxpayers and agents need to know about Making Tax Digital (MTD), including the timeline for the phased introduction of MTD for income tax (MTD IT, formerly MTD ITSA).
INSIGHTS VIEWPOINT
Free CPD: the latest developments in tax
- Nov 2024
- ICAEW Insights
Keeping up to date with tax policy and practice is a key part of many accountants’ professional development. Whether you’re analysing the implications of the Budget or planning for MTD ITSA, ICAEW has content that can support your CPD.
TAX FACULTY
Tax news in brief 20 November 2024
- Nov 2024
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
Government and developers commit to MTD ITSA from 2026
- Nov 2024
- ICAEW Insights
Recent announcements by the government and software developers remove any doubt about the introduction of making tax digital income tax self assessment (MTD ITSA).
PRACTICE DEPARTMENT
Prepare for MTD ITSA: managing workflows
- Oct 2024
- Rebecca Benneyworth
- Practicewire
Submitting updates for clients within MTD ITSA in the same month, four times a year, presents a huge challenge for firms. In the second of a series of articles, Rebecca Benneyworth considers how to manage information and workloads.
INSIGHTS VIEWPOINT
TECHNICAL ROUND UP
Technical round-up: October 2024
- Oct 2024
- ICAEW Insights
This month’s top stories feature eight Budget updates covered by ICAEW’s Tax Faculty, a list of software products that are now ready for MTD ITSA, and new VAT guidance for private schools.
INSIGHTS VIEWPOINT
Budget makes changes to how the tax system is administered
- Oct 2024
- ICAEW Insights
The Budget included several announcements on how HMRC will tackle non-compliance in the tax system, as well as an important update on making tax digital for income tax self assessment (MTD ITSA).
Tax news in brief 30 October 2024
- Oct 2024
- ICAEW Insights
Highlights from the broader tax news for the week ending 30 October 2024, including: a MTD ITSA event organised by HMRC; an online tool for taxpayers from HMRC; and an update from HMRC on tax avoidance schemes.
INSIGHTS VIEWPOINT
New HMRC MTD ITSA tool
- Oct 2024
- ICAEW Insights
HMRC has published a guidance tool which allows a taxpayer to check if they are required to comply with making tax digital (MTD) income tax self assessment (ITSA).
INSIGHTS VIEWPOINT
Nine software products support MTD ITSA
- Oct 2024
- ICAEW Insights
FreeAgent and Hammock for landlords have joined the list of software products that are now ready for making tax digital income tax self assessment (MTD ITSA).
INSIGHTS VIEWPOINT
Record number respond to ABAB tax survey
- Oct 2024
- ICAEW Insights
ABAB’s annual survey suggests that most agents and businesses see no benefits to making tax digital for income self assessment (MTD ITSA), and that frustration with HMRC’s service levels is growing.
Displaying 1-30 of 180 results
Free webinar on MTD ITSA
Making Tax Digital income tax self assessment (MTD ITSA) is scheduled to start from April 2026. The outcome of the policy review for small businesses was announced in November 2023 and amended regulations were laid before parliament in February 2024. HMRC is launching a private beta pilot for 2024/25, starting in April. Join the tax team for the latest information, including the pros and cons of joining the pilot.
- Register to attend
- Free
- 24/04/2024 @ 12:00 - 13:00
TAXconnect
Search for a consultant to help you with a specific technical tax problem. TAXconnect works on a telephone ‘hotline’ system, whereby consultants offer advice to fellow Tax Faculty members on tax problems for a nominal fee.
