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Income tax - articles

Features and articles from ICAEW related to income tax in the UK personal tax regime.

Displaying 1-30 of 211 results
Exclusive TAX FACULTY What are the managed service company rules?
  • Nov 2024
  • ICAEW
  • Taxline
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.
Exclusive TAX FACULTY VAT on cryptoassets
  • Nov 2024
  • Dion Seymour (Andersen LLP), Royce Adcock (BDO LLP) and Ishvinder Bedi
  • Taxline
In the third in a series of articles on cryptoassets, members of ICAEW’s digital assets working party examine the landmark VAT case of Hedqvist and consider how NFTs could potentially be treated for VAT purposes.
PRACTICE DEPARTMENT Prepare for MTD ITSA: manging 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 updates on manifesto commitments
  • Oct 2024
  • ICAEW Insights
The government has provided updates on some of the key measures included in the Labour Party’s general election manifesto, including the taxation of “non-doms” and charging VAT on services provided by 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.
Exclusive TAX FACULTY The benefits of relocating to Cyprus
  • Oct 2024
  • Constantinos Kounnis
  • Taxline
Cyprus has become a fashionable relocation destination for high net worth individuals, experienced professionals and expatriates in recent years. Constantinos Kounnis explains why tax may have had a role to play.
Tax news in brief 23 October 2024
  • Oct 2024
Highlights from the broader tax news for the week ending 23 October 2024, including: a new GAAR advisory panel opinion; updated guidance on employment related securities; and developments with regard to the Celtic freeport tax sites.
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).
Exclusive TAX FACULTY Why furnished holiday let owners are facing higher tax bills
  • Oct 2024
  • ICAEW
  • Taxline
In the latest episode of The Tax Track podcast, ICAEW experts discuss how the government’s plans to abolish the furnished holiday let regime will change how income tax relief is given for interest, increasing the tax liabilities for many property owners.
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.
INSIGHTS VIEWPOINT Tax return fix for student loan deductions
  • Sep 2024
  • ICAEW Insights
Taxpayers who make student loan repayments and whose income includes payrolled benefits in kind (BIK) should follow HMRC’s guidance when completing their self assessment (SA) tax return, warns ICAEW.
INSIGHTS VIEWPOINT Claims for investors’ relief may not be valid
  • Aug 2024
  • ICAEW Insights
HMRC is writing to taxpayers who claimed for investors’ relief on their 2022/23 income tax self assessment (ITSA) return and do not appear to meet the conditions for the relief.
INSIGHTS VIEWPOINT MTD update: HMRC guidance, email and event
  • Aug 2024
  • ICAEW Insights
HMRC has confirmed how it works out property income for the making tax digital (MTD) income tax self assessment (ITSA) threshold test. It is also stepping-up efforts to encourage taxpayers to join private beta testing.
INSIGHTS VIEWPOINT Don’t forget the 31 July payment on account deadline, warns ICAEW
  • Jul 2024
  • ICAEW Insights
The second payment on account towards income tax self assessment (ITSA) liabilities and class 4 national insurance contributions (NIC) for 2023/24 is due by 31 July 2024.
INSIGHTS VIEWPOINT More taxpayers means more demand on HMRC, says ICAEW
  • Jul 2024
  • ICAEW Insights
HMRC estimates that 37.4m people will pay income tax in 2024/25, up by 1.2m on 2023/24 and 4.4m on 2021/22, when the tax-free personal allowance was frozen.
Exclusive TAX FACULTY How to prepare for mandatory payrolling of benefits in kind
  • Jun 2024
  • Michael Nicolaides and Kym Wise
  • Taxline
HMRC has announced that employers must payroll benefits in kind from April 2026. In this article, Michael Nicolaides and Kym Wise consider what we do and do not know about HMRC’s plans, and how employers can begin to prepare for the changes.
Tax news in brief 29 May 2024
  • May 2024
  • ICAEW
Highlights from the broader tax news for the week ending 29 May 2024, including: new advisory fuel rates; an issue affecting non-resident companies filing tax returns; and an update on refunds of voluntary Class 2 NIC.
INSIGHTS VIEWPOINT TECHNICAL ROUND UP Technical round-up: May 2024
  • May 2024
  • ICAEW Insights
This month’s top stories include a HMRC warning about VAT bank details fraud; an NAO report showing taxpayers have been let down by poor HMRC service; and HMRC rejecting the ‘brightline’ test for furnished holiday lets.
INSIGHTS VIEWPOINT HMRC asks wealthy taxpayers to submit late returns
  • May 2024
  • ICAEW Insights
HMRC is writing to wealthy taxpayers who are late in submitting income tax self assessment (ITSA) returns for 2020/21 and 2021/22 to do so by 12 July 2024.
INSIGHTS VIEWPOINT HMRC consults on a change to the reformed penalty system
  • May 2024
  • ICAEW Insights
Draft regulations allow HMRC to assess the second penalty for late payment before the tax has been paid in full.
INSIGHTS VIEWPOINT Taxpayers let down by poor HMRC service, says NAO
  • May 2024
  • ICAEW Insights
The National Audit Office (NAO) has found that HMRC’s increased digital offering has not delivered the expected savings or improved services for taxpayers. The government has promised more funding for HMRC.
INSIGHTS VIEWPOINT Seven software products now support MTD ITSA
  • May 2024
  • ICAEW Insights
HMRC has added APARI and Digita Personal Tax to the list of software products compatible with making tax digital (MTD) for income tax self assessment (ITSA).
INSIGHTS VIEWPOINT Agents can register to payroll client’s benefits-in-kind
  • May 2024
  • ICAEW Insights
It is now possible for agents to register with HMRC for benefits-in-kind (BIK) to be taxed through their client's payroll for 2025/26 onwards.
INSIGHTS VIEWPOINT How taxpayers can take “reasonable care”
  • May 2024
  • ICAEW Insights
ICAEW’s Tax Faculty explains how taxpayers can take reasonable care when submitting a tax return, including when a second opinion may be needed.
INSIGHTS VIEWPOINT TECHNICAL ROUND UP ICAEW technical round-up: April
  • Apr 2024
  • ICAEW Insights
This month’s top stories include community amateur sports clubs asked to check their status; MTD ITSA private beta testing relaunched; and tax administration and maintenance day summary.
INSIGHTS VIEWPOINT HMRC launches fully digital service for voluntary NI contributions
  • Apr 2024
  • ICAEW Insights
The government has launched a new service that allows individuals to identify gaps in their national insurance (NI) record and make voluntary contributions without phoning for a reference number.
Exclusive TAX FACULTY The lowdown on tax breaks for individuals moving to Italy
  • Apr 2024
  • Andrea Matera
  • Taxline
Favourable climate, good food, great tax incentives – it’s easy to see why moving to Italy might be tempting. However, recent changes have put the spotlight on Italy’s inpatriate tax regime. Andrea Matera explains.
Displaying 1-30 of 211 results
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