Displaying 1-30 of 108 results
INSIGHTS VIEWPOINT
Basis period reform: what you need to know
- Jun 2024
- ICAEW Insights
The move from basis periods to the tax year basis for unincorporated businesses means 2023/24 is an important tax year. We look at how to approach the tax return.
Exclusive
TAX FACULTY
Responding to a professional enquiry
- May 2024
- ICAEW
- Taxline
Should a practitioner automatically respond to a professional clearance request? If so, what is the best way to proceed? Karen Eckstein explains how to deal with what can be a tricky situation.
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
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.
Exclusive
TAX FACULTY
Basis period reform begins to bite
- Apr 2024
- ICAEW
- Taxline
Financial year 2023/24 is important in the move from basis periods to the tax year basis for unincorporated businesses. Richard Jones looks at how to approach the change.
INSIGHTS VIEWPOINT
Consider using the real-time CGT service to report gains
- Apr 2024
- ICAEW Insights
ICAEW’s Tax Faculty is reminding taxpayers that HMRC's real-time service can be used to report capital gains outside of self assessment, including gains on cryptoassets.
INSIGHTS VIEWPOINT
HMRC corrects advice given on tax relief for boiler repairs
- Mar 2024
- ICAEW Insights
In 2023, HMRC issued a letter stating that boiler upgrades did not constitute a repair. However, HMRC is now contacting affected taxpayers acknowledging that this advice was incorrect.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Legislative changes will allow HMRC to move to digital by default
- Feb 2024
- ICAEW
The government has announced improvements and legislative changes intended to increase the use of HMRC’s online income tax services.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
HMRC prompts disclosure of CGT liability on sale of shares
- Feb 2024
- ICAEW
HMRC has written to taxpayers who may have sold shares and failed to include the disposal on their tax return.
Exclusive
TAX FACULTY
Changes to the rules for low-income trusts and estates
- Feb 2024
- Mei Lim Cooper
- Taxline
Mei Lim Cooper looks at some of the useful changes made by Finance (No. 2) Act 2023 to simplify the rules for trusts and estates. Most of the measures take effect from 6 April 2024.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
1.1 million taxpayers miss self assessment filing deadline
- Feb 2024
- ICAEW
While a record 11.5 million self assessment tax returns were filed by 31 January, the number missing the deadline increased by 100,000.
INSIGHTS VIEWPOINT
TECHNICAL ROUND UP
ICAEW technical round-up: January 2024
- Jan 2024
- ICAEW Insights
This month’s top stories include mandated payrolling employer-provided benefits; information around the abolition of the pensions lifetime allowance; and an explainer on how to calculate NICs for directors.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Self assessment tax returns for cryptoasset holders
- Jan 2024
- ICAEW
Individuals who received, sold or exchanged cryptoassets may be subject to income tax or capital gains tax (CGT) that should be reported on a self assessment tax return, due by 31 January 2024.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Help for postmasters completing 2022/23 tax returns
- Jan 2024
- ICAEW
HMRC has advised that postmasters who do not receive a top-up payment in good time to meet the 31 January 2024 filing deadline will not be subject to interest and penalties. HMRC also has a specialised team to deal with queries from postmasters.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Self assessment criteria are changing
- Nov 2023
- ICAEW
A further change to the criteria for filing a self assessment tax return was announced in the Autumn Statement 2023. More changes are expected as new digital services are rolled out or improved.
Exclusive
SMALL PRACTITIONERS COMMUNITY
The Challenges of Solely Relying on Compliance Work
- Nov 2023
- Futrli by Sage
- Practicewire
Compliance is traditionally viewed as the cornerstone of accounting practice, dealing with reviewing historical accounts, reporting and preparing tax returns. However, when it comes to building a high-growth, successful firm, there are significant challenges to relying solely on compliance work:
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Tips for returns for deceased individuals and estates
- Nov 2023
- ICAEW
HMRC has issued a set of tips and reminders about self assessment returns for deceased persons and estates in administration.
Exclusive
TAX FACULTY
Tax technology: developments in AI and real time administration
- Nov 2023
- Paul Aplin
- Taxline
Paul Aplin reports from a two-day conference in Helsinki, hosted by CFE Tax Advisers Europe.
Exclusive
FARMING AND RURAL BUSINESS COMMUNITY
Rising interest rates and falling numbers of tax returns don’t always match
- Oct 2023
- David Missen
- Farming and Rural Business Community News
The impact of rising interest rates on those with variable rate mortgages has been well publicised. However, not everyone is affected and those on fixed rate mortgages may have seen no difference at all in their monthly mortgage payments, and, for the time being at least, may wonder why there is a problem. For those with money in the bank and, despite the fact that lenders are generally much quicker to raise their mortgage rate than to raise the amount they pay out to their depositors, things have been looking much rosier. Interest receipts are already visibly higher in the 2022/23 tax return ...
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Self assessment paper filing deadline approaches
- Oct 2023
- ICAEW
The deadline for submitting a tax return in respect of the tax year 6 April 2022 to 5 April 2023 is 31 October if submitting by post. Taxpayers submitting online have until 31 January 2024.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Public service pensions remedy guidance published
- Oct 2023
- ICAEW
HMRC has released a suite of guidance for dealing with public service pensions that are affected by the McCloud remedy, including a tool for calculating the adjustment and making a claim.
Tax news in brief 27 September 2023
- Sep 2023
Highlights from the broader tax news for the week ending 27 September 2023, including: student loan deductions and payrolled benefits; enhancements to HMRC’s use of open banking; and changes to probate phone lines.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Self assessment registration deadline approaches
- Sep 2023
- ICAEW
Taxpayers who need to submit a tax return for the tax year to 5 April 2023 should register for self assessment (SA) by 5 October 2023. Individuals who no longer need to file a tax return should also contact HMRC to have their notice to file withdrawn.
Exclusive
TAX FACULTY
HMRC’s appetite for clearance
- Sep 2023
- Nick Wright
- Taxline
In the second part of our series, Nick Wright explains HMRC’s current attitude to providing statutory clearance for transactions.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
Taxpayers should prepare to provide more information to HMRC
- Jul 2023
- ICAEW
Draft legislation released on 18 July indicates that business and individual taxpayers will be required to provide more information, from creative sector relief regimes to PAYE reporting, to HMRC in the coming years.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
ICAEW supports greater pre-population of tax returns
- Jul 2023
- ICAEW
Pre-population has the potential to increase accuracy and reduce taxpayer compliance obligations. However, it must be balanced with mechanisms for taxpayers to check and amend pre-populated data.
TAX FACULTY
VAT at 50: what does the future hold?
- Jun 2023
- ICAEW
- Taxline
Filmed at the recent Tax Faculty conference, our video looks at the issues of simplicity, sustainability and technology from the key speeches and the views of the future from those in the know.
Exclusive
TAX FACULTY
Policymaking for a digitally advanced tax administration
- Jun 2023
- Steve Wade
- Taxline
Steve Wade reviews what progress has been made towards adapting policymaking for a digital world.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
ICAEW responds on simplifying income tax administration
- Jun 2023
- ICAEW
HMRC’s discussion document on simplifying income tax administration covers several disparate topics. ICAEW’s response agrees that improvements are possible if HMRC has the resources to develop its digital services and the needs of agents are considered.
FACULTIES ONLINE
TAX FACULTY
TAX NEWS
HMRC closes SA helpline as ADL reopens
- Jun 2023
- ICAEW
Highlighting the seriousness of HMRC’s resourcing problems, it has been announced that the self assessment helpline will be closed until September. The restrictions on the agent dedicated line were removed from 5 June. Agents will be able to have self assessment queries answered on that line.
Displaying 1-30 of 108 results
Latest news
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