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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 241 results
INSIGHTS VIEWPOINT ECONOMIC UPDATE Chancellor walks tightrope over uncertain landscape
  • Mar 2025
  • ICAEW Insights
Despite welcome improvements to the OBR forecast and positive noises on defence spending and capital investment in the Spring Statement, the economy remains on shaky ground.
INSIGHTS VIEWPOINT International tax treatment of pension lump sums clarified
  • Mar 2025
  • ICAEW Insights
HMRC has updated its international manual to include long-awaited guidance on the tax treatment of lump sum pension payments under the UK’s double tax agreements (DTAs).
INSIGHTS VIEWPOINT TECHNICAL ROUND UP Technical round-up: March 2025
  • Mar 2025
  • ICAEW Insights
This month’s top stories feature 300,000 people who no longer need to submit a tax return, 10 tax changes taking effect from this April, and HMRC launching a new agent query resolution service.
INSIGHTS VIEWPOINT CYBER ROUND-UP Cyber round-up: New frontiers for security
  • Mar 2025
  • ICAEW Insights
This month’s cyber bulletin explores the latest in cyber security, looking at how the landscape is changing, with shifting geopolitical alliances and technology advancements, and many organisations still needing to get the basics right.
INSIGHTS VIEWPOINT MTD income tax will be extended in 2028
  • Mar 2025
  • ICAEW Insights
Alongside the Spring Statement 2025, it was announced that Making Tax Digital (MTD) for income tax will be extended to those with turnover of more than £20,000 from April 2028. Taxpayers in MTD income tax will need to use commercial software for their final tax return.
Exclusive TAX FACULTY Follow the numbers: 10 years of MTD
  • Mar 2025
  • ICAEW
  • Taxline
It has been 10 years since the then Chancellor of the Exchequer, George Osborne, fired the starting gun on what was to become Making Tax Digital. HMRC has declared MTD for VAT a success but challenges lie ahead in the phased introduction of MTD for income tax from April 2026.
INSIGHTS VIEWPOINT CGT adjustment may be needed to 2024/25 tax returns
  • Mar 2025
  • ICAEW Insights
HMRC has published a calculator to work out the adjustment that may be needed to the 2024/25 self assessment tax return as a result of the in-year change to the main rates of capital gains tax (CGT).
INSIGHTS VIEWPOINT Public sector finances disappoint ahead of Spring Statement
  • Mar 2025
  • ICAEW Insights
The shortfall between receipts and public spending reached £132bn in the 11 months to February – and is potentially on track to hit £150bn by the end of the financial year.
Tax news in brief 19 March 2025
  • Mar 2025
  • ICAEW Insights
Highlights from the broader tax news for the week ending 19 March 2025, including: HMRC guidance on the implications of the abolition of furnished holiday lettings treatment; and help from HMRC with preparing for Making Tax Digital for income tax.
INSIGHTS VIEWPOINT ICAEW marks making tax digital’s 10th birthday
  • Mar 2025
  • ICAEW Insights
Ten years ago today, George Osborne laid the foundations for making tax digital (MTD), promising to “abolish the tax return altogether”. ICAEW’s Tax Faculty looks back at the key events and considers the future of MTD.
PRACTICE DEPARTMENT Prepare for MTD income tax: Tackling client conversations
  • Mar 2025
  • Rebecca Benneyworth
  • Practicewire
As HMRC plans to increase awareness of making tax digital (MTD) for income tax, Rebecca Benneyworth shares her thoughts on conversations that practitioners should be having with affected clients.
INSIGHTS VIEWPOINT 300,000 people will no longer need to submit a tax return
  • Mar 2025
  • ICAEW Insights
James Murray MP, Exchequer Secretary to HM Treasury (XST), has used his speech at a joint ICAEW and Chartered Institute of Taxation (CIOT) event to announce a number of changes intended to simplify the tax system and secure tax revenue.
Tax news in brief 12 March 2025
  • Mar 2025
  • ICAEW Insights
Highlights from the broader tax news for the week ending 12 March 2025, including: the closure of CATO; an update on MTD for income tax; and an increase in the official rate of interest.
Tax news in brief 5 march 2025
  • Mar 2025
  • ICAEW Insights
Highlights from the broader tax news for the week ending 5 March 2025, including: Finance Bill 2024-25 developments; new figures from HMRC on the impacts of the off-payroll working reforms; and an update on Making Tax Digital (MTD) software.
TAX FACULTY MTD quiz: what do you know?
  • Feb 2025
  • ICAEW
  • Taxline
Making Tax Digital for income tax is on its way, but how much do you really know? Test your knowledge with our quiz.
TAX FACULTY Ten tax changes taking effect from April 2025
  • Feb 2025
  • ICAEW
  • Taxline
ICAEW’s Tax Faculty picks out 10 important changes applying from 1 April 2025 for companies and 6 April 2025 for individuals and unincorporated businesses.
INSIGHTS VIEWPOINT Online marketplace sellers may have tax to pay
  • Feb 2025
  • ICAEW Insights
HMRC is writing to individuals who may have tax to pay on online marketplace sales made in 2022/23 and earlier tax years. Separately, HMRC has launched a new campaign to help people understand the tax implications of their ‘side hustles’.
INSIGHTS VIEWPOINT Dark clouds over public finances as January falls short
  • Feb 2025
  • ICAEW Insights
A smaller-than-anticipated boost from self assessment tax receipts added to pressures on the public finances ahead of the Spring Forecast next month.
INSIGHTS VIEWPOINT ICAEW has questions for HMRC on mandatory payrolling of benefits
  • Feb 2025
  • ICAEW Insights
ICAEW believes that clarification is needed regarding the government’s plans to mandate the reporting of income tax and class 1A national insurance contributions (NICs) for most benefits in kind (BiKs) through pay as you earn in real time.
INSIGHTS VIEWPOINT Don’t forget April tax changes for double cab pick-ups, says ICAEW
  • Feb 2025
  • ICAEW Insights
HMRC is changing its policy on double cab pick-ups (DCPUs). From April 2025, most DCPUs will be treated as cars, not vans, for direct tax purposes, potentially meaning increased tax bills for employers, employees and businesses.
INSIGHTS VIEWPOINT Employee ownership trusts: the tax benefits
  • Feb 2025
  • ICAEW Insights
While not the primary reason for their creation, employee ownership trusts offer significant tax benefits for existing shareholders and employees alike, as Nick Wright explains.
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 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 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 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.
Displaying 1-30 of 241 results
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