ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
Business rates are a major tax on business, but might be overlooked by accountants. They are excluded from the tax expense shown in accounts and might not be considered as part of tax planning. Find out more about the current UK business rates regime, including how rates are calculated and why is it hard to know exactly what a business owes.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.
Expert commentary and practical guidance from ICAEW related to capital gains tax in the UK personal tax regime.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
Questions around the tax treatment of someone’s principal private residence (PPR) arise with frequency and all too often the answer is not as straightforward as might first appear. This guide considers the core rules, the traps and the key items to be aware of to help clients through this area of tax law.
A new requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential property within 30 days was introduced in April 2020. Non-residents have had an obligation since 2015. ICAEW’s Tax Faculty provides guidance on to the digital service for reporting disposals to HMRC.
An update to guidance from ICAEW, STEP, CIOT and The Law Society on areas of uncertainty in the statutory provisions for Inheritance Tax on Overseas Property Representing UK Residential Property introduced by Finance Act (No 2) Act 2017.
Features and articles
The Office for Tax Simplification has published further details of a review into how the taxation of income from property could be simplified. ICAEW’s Tax Faculty will be meeting the OTS and would welcome the views of members.
There are better ways to deliver affordable housing than local rates of land transaction tax rates, says ICAEW in response to the Welsh Government’s consultation on local variation to LTT for second homes, short-term holiday lets and other additional residential properties.
The Office of Tax Simplification has published scoping documents for two new pieces of work on priorities for tax simplification and opportunities to simplify the tax treatment of income from residential property.
Angela Clegg outlines changes scheduled for April 2022 involving uncertain tax treatments, plastic packaging tax, residential property developer tax, MTD for VAT, trading licences, QAHCs, reliefs for the creative sector, tonnage tax, and national insurance.
This month’s top technical stories include what’s changing for employers in April, how the interest rates increase could affect late self assessment payments, and a new public interest business protection tax.
ICAEW has responded to proposals aligning business rates more closely to current values and granting greater autonomy to local authorities to set rates and provide reliefs,
HMRC’s consultation on reforming the stamp duty land tax rules for mixed-property transactions and claims for multiple dwellings relief highlights the complexity of the current rules.
Last-minute announcements, manual claims, and multiple changes to NIC. ICAEW’s Tax Faculty highlights some of the employment tax changes that will feature in its upcoming webinar.
Webinars and recordings
This session with Rebecca Benneyworth will focus on furnished holiday let (FHL) tax, tax admin framework, capital gains tax 30 day rule and environmental taxes.
Aimed at UK GAAP reporters, this webcast outlines accounting considerations for a range of support schemes being made available to businesses during the pandemic.
PwC's Gillian Banks, Vicky Smallwood from PKF Francis Clark and Frank Haskew, Head of ICAEW Tax Faculty, explain the new rules on capital gains tax (CGT) on residential property.
This free TAXbite explains the rules for rent a room relief and how to apply if you or your client qualifies.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Expert guide to the rules of inheritance tax relief for business, farm, woodland and heritage property.
Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.
'One stop shop' guidance on the tax aspects of buying, running or selling a residential buy-to-let property business.
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
Annual guide providing a practical overview of the major inheritance tax (IHT) provisions in the UK.
Essential guide for accountants advising clients on inheritance tax planning, addressing IHT and estate planning issues.
A comprehensive guide to property tax, highlighting available tax planning opportunities as well as potential pitfalls.
Annual title providing clear advice on all elements of the taxation provisions relating to land transactions.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact firstname.lastname@example.org.
An overview of taxation of property as it pertains to small businesses in the UK, determined by the Income Tax (Trading and Other Income) Act 2005. This chapter has sections on the basis of assessment, relief for capital expenditure, losses, and furnished holiday lettings (FHLs).
An outline of allowances for small businesses provided under the Capital Allowances Act 2001. This chapter covers business premises renovation allowance, qualifying expenditure, qualifying building, and other relevant matters.
Guide to completing a Self-Assessment tax return for 2017/18, with advice and worked examples covering key aspects of personal taxation in the UK
This chapter shows how a UK taxpayer's property income is calculated, with reference to the Income Tax (Trading and Other Income) Act 2005. It explains how property income is defined, allowable expenditure, capital expenditure, losses, less premiums, and furnished holiday lettings. The calculations are illustrated with examples.
A short note explaining how to calculate lease premiums under property tax.
A short overview of stamp duty land tax (SDLT) payable on UK land transactions, with a brief note on stamp duty reserve tax (SDRT).
Brief chapter introducing the taxation of property income, with subsections on lease premiums, the kinds of expenditures which are tax deductible, relief for certain capital expenditures, loss relief, and furnished holiday lettings.
Guide to the UK tax system for tax practitioners and students.
A response dated 21 March 2022 to a consultation published by the Welsh Government on 20 December 2021.
A response dated 22 February 2022 to the technical consultation on the business rates review published by the government on 30 November 2021.
A response dated 18 February 2022 to a consultation published by HM Revenue & Customs on 30 November 2021.
Comments made by ICAEW on 26 January 2022 in relation to the Welsh Tax Acts Etc. (Power to Modify) Bill 2022.
A response dated 11 November 2021 to a consultation published by the Treasury Select Committee on 2 November 2021. The inquiry is ongoing.
A response dated 13 October 2021 to a consultation published by HMT on 20 September 2021.
A response dated 13 April 2021 to a consultation published by TSC on 1 March 2021.
A response dated 14 January 2021 to the Treasury in advance of Spring Budget 2021.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Information for businesses buying land or buildings in a Freeport tax site on how to qualify for SDLT relief, how much they can claim, how to claim, and examples.
Measure introduced in Budget 2021 offering full relief from SDLT on the purchase of land or property within Freeport tax sites in England, once they have been designated.
<p>Government hub collecting together essential information from Business Wales on financial support and grants, business rates, support for the self-employed, sector-specific advice, and support for employees.</p>
HMRC hub with links to guidance on filing SDLT returns, tax on specific transactions, stamp duty before December 2003, and exemptions.
HMRC internal manual providing guidance on SDLT, including information on reliefs and exemptions.
Annually updated helpsheet explaining the relief available on the disposal of a private residence. Sections cover who qualifies, CGT for non-residents, Letting Relief, calculating partial relief, residence for a dependent relative, and disposal of a settled property by trustees.
HMRC internal manual providing guidance on private residence relief, including definitions, computation, and division of residence on separation or divorce.
Guidance on the reliefs available on business rates for small businesses, businesses in rural areas, charities and community amateur sports clubs, businesses starting up or relocating to an enterprise zone, and businesses suffering financial hardship.
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