Displaying 1-30 of 92 results
INSIGHTS VIEWPOINT
HMRC will not accept some in-year trust and estate tax returns
- Feb 2025
- ICAEW Insights
Due to the change in the rate of capital gains tax (CGT) from 30 October 2024, trustees and personal representatives (PRs) may need to wait until after the end of the tax year to submit 2024/25 tax returns.
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
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
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
Buyers of residential property to pay more in land tax, warns ICAEW
- Jan 2025
- ICAEW Insights
ICAEW explains why buyers of residential property could face increased liabilities to stamp duty land tax (SDLT), and similar taxes in Scotland and Wales, and highlights an area where mistakes could be made.
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.
Exclusive
TAX FACULTY
Double the SDLT trouble
- Dec 2024
- Sean Randall
- Taxline
Referring to a recent case in which two lots of stamp duty land tax were paid on a single amount of consideration, Sean Randall cautions advisers to take care when it comes to SDLT.
INSIGHTS VIEWPOINT
ICAEW comments on Finance Bill 2024-25
- Dec 2024
- ICAEW Insights
ICAEW’s Tax Faculty monitors the progress of Finance Bill 2024-25 and sets out its concerns regarding some aspects of the legislation, including the impact of the mid-year changes to rates of capital gains tax (CGT) on tax returns.
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
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).
INSIGHTS VIEWPOINT
Inside local government budgets: spending
- Dec 2024
- ICAEW Insights
In the second of two articles exploring the work of local authority finance teams, ICAEW takes a look at how councils are spending their funds.
INSIGHTS VIEWPOINT
HMRC nudges taxpayers to declare property income and gains
- Nov 2024
- ICAEW Insights
In its latest one-to-many campaign, HMRC is writing to taxpayers it suspects of failing to declare taxable income from property lettings and/or a taxable profit on the sale of a property.
TAX FACULTY
Tax news in brief 27 November 2024
- Nov 2024
- ICAEW Insights
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.
INSIGHTS VIEWPOINT
HMRC provides further guidance on FHL abolition
- Nov 2024
- ICAEW Insights
HMRC has published guidance to clarify issues raised during the consultation on the draft legislation to abolish tax rules for furnished holiday lets (FHLs).
INSIGHTS VIEWPOINT
Government publishes its plans for corporation tax
- Oct 2024
- ICAEW Insights
The government has set out its intentions for corporation tax for the next five years, delivering on its commitment to publish a business tax roadmap at the Autumn Budget.
INSIGHTS VIEWPOINT
CGT and SDLT rates increased in Budget
- Oct 2024
- ICAEW Insights
From 30 October 2024, the main rates of capital gains tax (CGT) will be increased to 18% and 24%. The 10% rate of CGT for disposals attracting business asset disposal relief (BADR) will increase to 14% (from April 2025) and to 18% (from April 2026).
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
ICAEW calls again for FHL brightline test
- Sep 2024
- ICAEW Insights
ICAEW’s Tax Faculty has responded to the government’s consultation on draft legislation which provides for the abolition of the furnished holiday lettings (FHL) tax regime from April 2025.
Tax news in brief 21 August 2024
- Aug 2024
- ICAEW Insights
Highlights from the broader tax news for the two weeks ending 21 August 2024, including updates on: requesting overlap relief information from HMRC; the abolition of land transaction tax multiple dwellings relief; and further changes to the legislation providing for the abolition of the pensions lifetime allowance.
INSIGHTS VIEWPOINT
Need to know: CGT on residential properties
- Jul 2024
- ICAEW Insights
Reductions in the tax-free amount mean more taxpayers will find themselves caught in the capital gains tax net. We look at the issues to be aware of, including 60-day reporting and recent developments relating to principal private residence relief.
Tax news in brief 17 July 2024
- Jul 2024
- ICAEW Insights
Highlights from the broader tax news for the week ending 17 July 2024, including: details of the Treasury’s new ministerial team; a change to the rules for land transaction tax; and a new VAT tool from HMRC.
Exclusive
TAX FACULTY
CGT on residential properties – an update
- Jul 2024
- Gillian Banks
- Taxline
More taxpayers will find themselves caught in the capital gains tax net due to reductions in the tax-free amount. Gillian Banks looks at the demands of 60-day reporting and provides an update on recent developments relating to principal private residence relief.
Tax news in brief 5 June 2024
- Jun 2024
- ICAEW
Highlights from the broader tax news for the week ending 5 June 2024, including: HMRC publishes guidance on the abolition of multiple dwellings relief; an update on the VAT refund scheme for museums and galleries; and the Scottish visitor levy has been passed.
INSIGHTS VIEWPOINT
Finance (No. 2) Act 2024 receives Royal Assent
- May 2024
- ICAEW Insights
Some of the changes announced at the Spring Budget 2024 have now become law, including an increase in the thresholds for the high income child benefit charge for 2024/25.
INSIGHTS VIEWPOINT
HMRC rejects ‘brightline’ test for furnished holiday lets (FHLs)
- May 2024
- ICAEW Insights
In response to ICAEW’s letter on the abolition of the FHL regime, HMRC has confirmed that the boundary between property letting and trading will be judged on the facts and by reference to case law.
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
Public finances end financial year in weak position
- Apr 2024
- ICAEW Insights
Net debt represents a growing fiscal mortgage of £92,000 per UK household as a difficult financial year comes to a close.
INSIGHTS VIEWPOINT
Welsh government consults on LTT multiple dwellings relief
- Apr 2024
- ICAEW Insights
The Welsh government is consulting on several changes to land transaction tax, including the abolition of multiple dwellings relief.
Displaying 1-30 of 92 results
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