The Tax Track

In this episode we’ll be talking about the problems with VAT and why ICAEW is launching a new campaign, How to Fix VAT.Introduced in the UK some 50 years ago, VAT is now the UK’s third largest source of tax revenue, behind income tax and national insurance contributions. But, it can be costly and complicated to comply with, and that’s despite previous efforts at simplification.LinksThe complicated and costly world of VAThttps://www.icaew.com/insights/tax-news/2024/oct-2024/the-complicated-and...

The abolition of the furnished holiday lettings (FHL) rules from April 2025 was announced in the Spring Budget. Following the general election, the Labour government confirmed that it would proceed with the measure, and provided more details in the form of draft legislation, an explanatory note and a policy paper. While some of the detail may change as the legislation is finalised, there will be tax implications for those affected – we discuss the potential issues.LinksWhy furnished holiday l...

Making Tax Digital income tax self assessment (MTD ITSA) will start in April 2026 for the self-employed and those with income from property with gross income of more than £50,000. It has been described as the biggest change to affect tax agents and their clients since 1996/97 when self assessment was introduced. This episode of The Tax Track looks at what agents need to do now to ensure that their practice and their clients are ready.Discussing the issues involved are Lindsey Wicks, Senior Te...

Basis period reform is an important issue at the moment, with 2023/24 a transitional year. We look at the impact of this for businesses filling in their tax returns.Where an individual’s accounting date deviates from the tax year, there are additional boxes to complete on the tax return for 2023/24, and quite likely additional tax to pay too.The team also gazes into the Tax Faculty crystal ball to predict what might be in the first Budget of the new Labour government, now scheduled to take pl...

A damning report from the National Audit Office in May this year concluded what many have long suspected, that customer service from HMRC is falling ‘far below’ expected levels. In this episode of The Tax Track, we look at the problem, its impact and potential solutions.The figures are damning, with call waiting times soaring by over 350% over the past five years and just 67% of calls being answered. While HMRC is striving to resolve issues, circumstances beyond its control are holding back p...

In this episode of The Tax Track, we discuss HMRC’s plans to mandate the payrolling of benefits in kind, and look at the implications of a recent tax case.With the payrolling of all benefits in kind set to be mandatory from 2025/26, we examine whether this really is the simplification it’s meant to be, and what employers and agents can do now to smooth the way. Plus, a recent tax tribunal case highlighted the importance of documentation and how it can severely impact the amount of tax due.Lin...

What is an associated company and how can this affect business taxation? This episode of The Tax Track looks at how to spot an associated company and apply the rules, particularly in relation to corporation tax.‘Associated’ has a broad definition in tax terms, which can give rise to surprising results when it comes to family relationships and other businesses. As well as talking about how this affects the rate of corporation tax, and when corporation tax is payable, we also look at the impact...

The Tax Track is the podcast series from ICAEW that explores the latest developments in the world of tax, and what they mean for members and tax professionals alike. In this episode, we look at the implications behind the new tax measures introduced in the Spring Budget and delve into the new research and development tax reliefs that are coming into effect this month.This month Lindsey Wicks, Senior Technical Manager for Tax Policy at ICAEW, is joined by colleagues Stephen Relf, Te...

Why would a food producer argue that its product is not ready for human consumption? And why does the tax year start on 6 April? Find out the answers in the latest episode of The Tax Track podcast from ICAEW. As the start of the new tax year approaches, we look at what’s changing – and what’s not – in personal and business taxation in the coming year. We also journey back in time to find out why the tax year starts when it does. When it comes to VAT rates, it seems some compan...

The Tax Track is the new podcast series from ICAEW where we explore the latest from the tax world, and what it means for tax professionals, accountants, taxpayers and businesses. In this episode, we take a look at the wider implications of an unusual capital allowance case regarding camping pods that went to tribunal. You often hear the phrase, “it’s what’s on the inside that counts”. That certainly proved to be true in this case. We also discuss the changes that are being introduc...

The Tax Track is the new podcast series from ICAEW where we explore the latest from the tax world and what it means for tax professionals, accountants, taxpayers and businesses. In this first episode, we look ahead to what’s coming down the line in 2024. Lindsey Wicks, ICAEW’s Senior Technical Manager for Tax Policy, talks about the forthcoming UK general election – a case of when, not if – and its potential impacts in terms of policies, timings, and the number of fiscal events throughou...