Displaying 1-30 of 222 results
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
Over one million taxpayers may face £100 penalty
- Feb 2025
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
Tests for carried interest multiplier need more thought, says ICAEW
- Feb 2025
- ICAEW Insights
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 (PE) sector.
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
Public finance woe as Chancellor battles to stay on track
- Jan 2025
- ICAEW Insights
The latest public sector finance figures from the Office of National Statistics are slightly worse than expected as the economy remains fragile.
INSIGHTS VIEWPOINT
Taxing cryptoassets: what you need to know
- Jan 2025
- ICAEW Insights
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.
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.
Tax news in brief 22 January 2025
- Jan 2025
- ICAEW Insights
Highlights from the broader tax news for the week ending 22 January 2025, including: R&D guidance packages from HMRC; a change in how HMRC processes repayments in some circumstances; and forthcoming HMRC webinars for employers.
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
Disclosing errors in claims for research and development tax relief
- Jan 2025
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
TECHNICAL ROUND UP
Technical round-up: December 2024
- Dec 2024
- ICAEW Insights
This month’s top stories feature issues with HMRC’s customer service performance raised by ICAEW; the Scottish and Welsh Budgets; and a range of articles on why the UK must reform VAT.
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.
INSIGHTS VIEWPOINT
Guidance on making claims for foreign tax credit relief
- Dec 2024
- ICAEW Insights
HMRC is writing to taxpayers who claimed relief for foreign tax paid on employment or other income in their self assessment return for 2022/23 and may be considering making a similar claim for 2023/24.
INSIGHTS VIEWPOINT
Residential land tax hike in Wales
- Dec 2024
- ICAEW Insights
In its Budget for 2025-26, the Welsh government has announced that the rates of land transaction tax (LTT) for some purchases of residential property will increase by 1 percentage point.
TAX FACULTY
Tax news in brief 11 December 2024
- Dec 2024
- ICAEW Insights
Highlights from the broader tax news for the week ending 11 December 2024, including: an evaluation of rent-a-room relief; a new HMRC tool relating to umbrella companies; and an update on freeports.
INSIGHTS VIEWPOINT
New HMRC tool for calculating overlap relief
- Dec 2024
- ICAEW Insights
HMRC has published an online calculator that can be used to work out a sole trader or partner’s overlap relief figure for their 2023/24 income tax self assessment (ITSA) return.
INSIGHTS VIEWPOINT
Scottish Budget makes income tax changes
- Dec 2024
- ICAEW Insights
The Scottish government has set out its tax plans for 2025 to 2026, announcing changes to the income tax starter and basic rate bands and an increase in the rate of the additional dwelling supplement for land and building transaction tax (LBTT).
Exclusive
TAX FACULTY
An introduction to employee ownership trusts
- Dec 2024
- Nick Wright
- Taxline
The sale of a company to an employee ownership trust (EOT) is becoming more popular. In the first of two articles on EOTs, Nick Wright explains why this may be the case and how an EOT could be used.
Exclusive
TAX FACULTY
The tax benefits of employee ownership trusts
- Dec 2024
- Nick Wright
- Taxline
In the second of two articles on employee ownership trusts (EOTs), Nick Wright explores the capital gains tax exemption for the shareholders of the trading company and the income tax exemption for employees receiving bonuses.
TAX FACULTY
Tax news in brief 4 December 2024
- Dec 2024
- ICAEW Insights
Highlights from the broader tax news for the week ending 4 December 2024, including: a reminder to pay simple assessment tax bills; a warning to look out for self assessment tax scams; and further information on the changes to agricultural property relief.
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
Request overlap information from HMRC by 31 December
- Nov 2024
- ICAEW Insights
Taxpayers and agents needing to use HMRC’s online service to obtain overlap relief details for 2023/24 income tax self assessment tax returns are asked to do so by 31 December 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).
Displaying 1-30 of 222 results
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