Simple assessment and real-time reporting for capital gains tax (CGT) are two ways for HMRC and taxpayers to sidestep self assessment for income and gains. HMRC sent out a record number of simple assessments for 2023/24. We explain what they are and explore some of the problem areas. We also explain how the often overlooked real-time reporting for CGT works and look at current issues with CGT reporting more generally. Links TAXguide 09/18: simple assessment - https://www.icaew.com/technical/tax/...
Jul 02, 2025•21 min•Season 1Ep. 19
On 6 April 2025, the longstanding rules for UK-resident, non-UK domiciled individuals – non-doms – were abolished and replaced with a new regime for foreign income and gains (FIG) that is based on residence. The abolition of domicile as a concept is one of the biggest changes in taxation for many years. In this episode of The Tax Track, we’ll get behind the headlines and consider the pros and cons of the new rules. Links Economy explainers: what is the non-dom regime? (valid up to 5/4/25) https:...
May 30, 2025•22 min
What do marshmallows and hair transplants have in common? Yes, they’ve both been subject to recent court cases regarding VAT treatment. And yes, this episode of The Tax Track is all about VAT. As well as examining issues with VAT borderlines, we talk about the prospects for reform, look forward to the Institute’s forthcoming VAT conference and discuss the pros and cons of e-invoicing. Links How to fix VAT https://www.icaew.com/technical/tax/vat/how-to-fix-vat Progressive VAT: is now the time? ht...
Apr 30, 2025•25 min•Season 1Ep. 17
Ownership of cryptoassets may be on the rise, but many myths persist when it comes to how they taxed. This episode looks at how accountants can help clients to meet their tax obligations. We look at the tax treatment of cryptoassets and discuss what HMRC is doing to improve compliance and raise awareness, from adding a new box in the tax return to implementing the cryptoasset reporting framework. Links The basics of taxing cryptoassets https://www.icaew.com/technical/tax/tax-faculty/taxline/arti...
Apr 01, 2025•21 min•Season 1Ep. 16
Maintaining high professional standards is essential, both for individual accountants and for the profession as a whole. This episode of The Tax Track looks at the importance of protecting your professional reputation and, importantly, what members can do to ensure they get things right in the first place. Tax is complicated – and constantly changing – so CPD is important, as well as being an integral part of your ICAEW membership. Meanwhile, Professional Conduct in Relation to Taxation (PCRT), ...
Feb 25, 2025•20 min•Season 1Ep. 15
In recent years we’ve seen changes to the rules, to processes and to HMRC’s approach to policing claims for research and development (R&D) tax relief. In this episode we map out the current landscape to help you navigate your way through it. In an attempt to clamp down on fraud, more R&D claims are being checked, but is this deterring genuine claims? We also look at a new HMRC facility to disclose errors made in claims – who can disclose, how to disclose and the points to consider in det...
Feb 05, 2025•25 min•Season 1Ep. 14
Two significant changes will take place from April 2026: Making Tax Digital for Income Tax (MTD IT) and mandatory payrolling of benefits in kind. While April 2026 is over a year away, these changes will require a lot of planning including how workflows and information flows will need to change. MTD IT will require many individuals to keep digital records and send quarterly updates to HMRC, while mandatory payrolling of benefits in kind will see the end of the form P11D process for many employers...
Jan 07, 2025•25 min•Season 1Ep. 13
Bookended by a Conservative Budget in the spring and a Labour Budget in the autumn, 2024 was a busy year in politics and in tax. In this episode of The Tax Track, we reflect on key measures from the recent Budget and consider areas that kept us busy during 2024 and will do again in 2025, including regulation of tax agents and HMRC service levels. Links Autumn Budget 2024 https://www.icaew.com/technical/economy/autumn-budget-2024 Tax regulation: change must be in the public interest https://www.i...
Dec 02, 2024•28 min•Season 1Ep. 12
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. Links The complicated and costly world of VAT https://www.icaew.com/insights/tax-news/2024/oct-2024/the-complicated-an...
Oct 29, 2024•34 min•Season 1Ep. 11
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. Links Why furnished holiday le...
Oct 02, 2024•28 min•Season 1Ep. 10
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 Tech...
Aug 29, 2024•23 min•Season 1Ep. 9
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 pla...
Jul 31, 2024•26 min•Season 1Ep. 8
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 pro...
Jul 02, 2024•26 min•Season 1Ep. 7
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. Lind...
May 30, 2024•23 min•Season 1Ep. 6
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 impacts ...
Apr 29, 2024•22 min•Season 1Ep. 5
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, Technical Manag...
Apr 03, 2024•28 min•Season 1Ep. 4
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 companies will put forwar...
Feb 29, 2024•29 min•Season 1Ep. 3
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 introduced to the cash...
Feb 01, 2024•26 min•Season 1Ep. 2
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 throughout the ye...
Jan 10, 2024•27 min•Season 1Ep. 1
