Episodes
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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.
The complicated and costly world of VAT
Links
https://www.icaew.com/insights/tax-news/2024/oct-2024/the-complicated-and-costly-world-of-vat The ups and downs of the VAT registration threshold
https://www.icaew.com/insights/tax-news/2024/sep-2024/the-ups-and-downs-of-the-vat-registration-threshold Progressive VAT: is now the time?
https://www.icaew.com/insights/tax-news/2024/oct-2024/progressive-vat-is-now-the-time
Stephen Relf, Technical Manager, Tax, ICAEWEd Saltmarsh, Technical Manager, VAT and customs, ICAEWRuth Corkin, Principal, VAT and Indirect Tax Advisory, Hillier Hopkins
Panellists
ProducerEd Adams
Episode first published: 29 October 2024
Podcast recorded: 22 October 2024 -
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.
Why furnished holiday let owners are facing higher tax bills
Links
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/why-furnished-holiday-let-owners-are-facing-higher-tax-billsICAEW calls again for FHL brightline test
https://www.icaew.com/insights/tax-news/2024/sep-2024/icaew-calls-again-for-fhl-brightline-testHMRC rejects ‘brightline’ test for furnished holiday lets (FHLs)
https://www.icaew.com/insights/tax-news/2024/may-2024/hmrc-rejects-brightline-test-for-furnished-holiday-lets-fhls
Stephen Relf, Technical Manager, Tax, ICAEWLindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWKatherine Ford, Technical Manager, Tax, ICAEW
Panellists
ProducerEd Adams
Episode first published: 2 October 2024
Podcast recorded: 24 September 2024 -
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 Technical Manager, Tax Policy, ICAEW; Caroline Miskin, Senior Technical Manager, Digital Taxation, ICAEW; and Rebecca Benneyworth MBE FCA, sole practitioner and tax speaker.
Making Tax Digital
Links
www.icaew.com/mtd
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWCaroline Miskin, Senior Technical Manager, Digital Taxation, ICAEWRebecca Benneyworth MBE FCA, founder, Rebecca Benneyworth & Co, tax speaker, writer and consultant, and deputy chair of the Tax Faculty’s Technical and Oversight Committee
Panellists
ProducerEd Adams
Episode first published: 29 August 2024
Podcast recorded: 20 August 2024 -
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 place on 30 October.
This month’s experts are Lindsey Wicks, Senior Technical Manager for Tax Policy at ICAEW; Stephen Relf, Technical Manager, Tax; and Richard Jones, Senior Technical Manager, Tax Policy.Links
TAXguide 02/22: Basis Period Reform
https://www.icaew.com/-/media/corporate/files/technical/tax/tax-faculty/taxguides/2022/taxguide-0222-basis-period-reform.ashx Basis period reform begins to bite
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/basis-period-reform-begins-to-bite Tax gap closes as a percentage of tax liabilities
https://www.icaew.com/insights/tax-news/2024/jun-2024/tax-gap-closes-as-a-percentage-of-tax-liabilities What might we see in the next budget?
https://www.icaew.com/insights/tax-news/2024/jul-2024/what-might-we-see-in-the-next-budget Budget to be delivered on 30 October
https://www.icaew.com/insights/tax-news/2024/jul-2024/budget-to-be-delivered-on-30-october
https://www.icaew.com/technical/tax/tax-faculty/webinars-and-recordings/tax-webinars/2024/basis-period-reform-update
Webinar
HMRC on hold
Podcast
https://www.icaew.com/insights/podcast/the-tax-track/hmrc-on-hold
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWStephen Relf, Technical Manager, Tax, ICAEWRichard Jones, Senior Technical Manager, Tax Policy, ICAEW
Panellists
ProducerEd Adams
Episode first published: 31 July 2024
Podcast recorded: 24 July 2024 -
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 progress.
Unpicking this thorny issue are Lindsey Wicks, Senior Technical Manager for Tax Policy at ICAEW; Stephen Relf, Technical Manager, Tax; and Caroline Miskin, Senior Technical Manager, Digital Taxation.Links
The Tax Track podcast: A taxing year ahead
https://www.icaew.com/insights/podcast/the-tax-track/a-taxing-year-ahead HMRC halts decision to restrict helplines
https://www.icaew.com/insights/tax-news/2024/mar-2024/hmrc-halts-decision-to-restrict-helplinesIssue 114, agent update
https://www.gov.uk/government/publications/agent-update-issue-114/issue-114-of-agent-update#tipspostICAEW gives five reasons to use the HMRC app
https://www.icaew.com/insights/tax-news/2024/mar-2024/icaew-gives-five-reasons-to-use-the-hmrc-app NAO report – HMRC Customer service
https://www.nao.org.uk/reports/hmrc-customer-service/Panellists
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWStephen Relf, Technical Manager, Tax, ICAEWCaroline Miskin, Senior Technical Manager, Digital Taxation, ICAEWProducer
Ed Adams
Episode first published: 2 July 2024
Podcast recorded: 25 June 2024 -
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.
Lindsey Wicks, Senior Technical Manager for Tax Policy at ICAEW, discusses the issues with Stephen Relf, Technical Manager, Tax, and Peter Bickley, Technical Manager, Tax.
Links
Is it time for employers to start payrolling benefits and expenses? https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2023/is-it-time-for-employers-to-start-payrolling-benefits-and-expenses Payrolling Benefits and Expenses webinar, 16 October 2024 https://events.icaew.com/pd/29313/payrolling-benefits-and-expensesWorking out the date of disposal isn’t always child’s play
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/working-out-the-date-of-disposal-isnt-always-childs-playPanel
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWStephen Relf, Technical Manager, Tax, ICAEWPeter Bickley, Technical Manager, Tax, ICAEWProducer
Ed AdamsEpisode first published: 30 May 2024
Recording date: 20 May 2024 -
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 for other areas of business tax, including national insurance contributions, annual investment allowance and VAT disaggregation.
Lindsey Wicks, Senior Technical Manager for Tax Policy at ICAEW, discusses the issues with Stephen Relf, Technical Manager, Tax, and Angela Clegg, Technical Manager, Business Tax.
Don’t forget associated companies, warns ICAEW Tax Faculty
Links
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/dont-forget-associated-companies-warns-icaew-tax-facultyTAXguide 02/23: Associated companies
https://www.icaew.com/technical/tax/tax-faculty/taxguides/2023/taxguide-02-23 Corporation Tax: small profits relief
https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm03785Panel
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWStephen Relf, Technical Manager, Tax, ICAEWAngela Clegg, Technical Manager, Business Tax, ICAEWProducer
Ed Adams
Episode first published: 29 April 2024
Recording date: 22 April 2024 -
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 Manager, Tax, and Richard Jones, Senior Technical Manager, Tax Policy.Links
Tax changes taking effect from April 2024
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/tax-changes-taking-effect-from-april-2024 Budget 2024: Does it change anything?
https://www.icaew.com/insights/podcast/in-focus/budget-2024-does-it-change-anything R&D tax relief: what you need to know
https://www.icaew.com/technical/economy/resilience-and-renewal/r-and-d-tax-relief-what-you-need-to-know R&D: what changes apply and from when?
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/r-and-d-what-changes-apply-and-from-whenPanel
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWStephen Relf, Technical Manager, Tax, ICAEWRichard Jones, Senior Technical Manager, Tax Policy, ICAEWProducer
Ed Adams
Episode first published: 4 April 2024
Recording date: 25 March 2024 -
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 forward the most spurious of arguments to have a product zero rated. We take a look at recent case involving Walkers Sensations Poppadoms and whether or not they were more like a crisp than their namesake.
This month’s experts are Lindsey Wicks, Senior Technical Manager for Tax Policy at ICAEW; Stephen Relf, Technical Manager, Tax; and Ed Saltmarsh, Technical Manager, VAT and Customs.
Tax changes taking effect from April 2024:
Links
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/tax-changes-taking-effect-from-april-2024Align tax year end with calendar to improve tax administration, say practitioners:
https://www.icaew.com/insights/tax-news/2021/jul-2021/align-tax-year-end-with-calendar-to-improve-tax-administration-say-practitionersLessons from Ireland on changing the tax year:
https://www.icaew.com/insights/tax-news/2021/april-2021/lessons-from-ireland-on-changing-the-tax-yearOTS provides valuable insights on changing the tax year:
https://www.icaew.com/insights/tax-news/2021/sep-2021/ots-provides-valuable-insights-on-changing-the-tax-year A lightning bolt for the VAT Tour Operators Margin Scheme:
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/a-lightning-bolt-for-the-vat-tour-operators-margin-schemeVAT: the Christmas chocolate conundrum:
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2023/vat-the-christmas-chocolate-conundrumIs it time to make VAT simple?:
https://www.icaew.com/technical/tax/tax-faculty/taxline/archive/taxline-2022/april-2022/is-it-time-to-make-vat-simpleICAEW launches manifesto: New government must act on economy:
https://www.icaew.com/insights/viewpoints-on-the-news/2024/feb-2024/next-government-must-act-to-renew-uk-economy-says-icaewPanellists
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWStephen Relf, Technical Manager, Tax, ICAEWEd Saltmarsh, Technical Manager, VAT and Customs, ICAEWProducer
Ed Adams
Episode first published: 29 February 2024
Podcast recorded: 21 February 2024 -
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 basis this April and the potential implications for businesses of all sizes.
This month’s panellists are ICAEW’s Lindsey Wicks, Senior Technical Manager, Tax Policy; Stephen Relf, Technical Manager, Tax; and Richard Jones, Senior Technical Manager, Tax Policy.Links
Camping pods and capital allowances:
https://www.icaew.com/technical/tax/tax-faculty/taxline/2024/articles/camping-pods-and-capital-allowancesChanges to the cash basis for traders:
https://www.icaew.com/technical/tax/tax-faculty/taxline/2024/articles/changes-to-the-cash-basis-for-tradersCapital allowances webinar:
https://www.icaew.com/technical/tax/tax-faculty/webinars-and-recordings/tax-webinars/2023/capital-allowancesChancellor confirms full expensing will be permanent:
https://www.icaew.com/insights/tax-news/2023/nov-2023/chancellor-confirms-full-expensing-will-be-permanent Expansion of cash basis for unincorporated businesses:
https://www.icaew.com/insights/tax-news/2023/nov-2023/expansion-of-cash-basis-for-unincorporated-businessesPanellists
Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWStephen Relf, Technical Manager, Tax, ICAEWRichard Jones, Senior Technical Manager, Tax Policy, ICAEWProducer
Ed Adams
Episode first published: 1 February 2024
Podcast recorded: 24 January 2024 -
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 year.
Caroline Miskin, Senior Technical Manager for Digital Taxation, talks about the thorny issue of HMRC service standards – what are the pressures on HMRC’s services and how can they be alleviated?
Finally, Frank Haskew, Head of Taxation Strategy, looks at the issue of tax agents and why the government considers there is a need for greater regulation and oversight to help prevent bad practices.
What’s in store for 2024?
Links
https://www.icaew.com/technical/tax/tax-faculty/taxline/2024/articles/whats-in-store-for-2024ICAEW briefs MPs on key clauses ahead of Finance Bill debates:
https://www.icaew.com/insights/tax-news/2024/jan-2024/icaew-briefs-mps-on-key-clauses-ahead-of-finance-bill-debatesHMRC doubles down on redirecting callers to online services:
https://www.icaew.com/insights/tax-news/2023/dec-2023/hmrc-doubles-down-on-redirecting-callers-to-online-servicesHMRC service performance remains poor:
https://www.icaew.com/insights/tax-news/2023/nov-2023/hmrc-service-performance-remains-poorRegulation of the tax profession – is it the way forward?
https://www.icaew.com/technical/tax/tax-faculty/taxline/archive/taxline/taxline-2022/september-2022/regulation-of-the-tax-profession-is-it-the-way-forwardHMRC acts on tax repayment agents:
https://www.icaew.com/insights/tax-news/2023/dec-2023/hmrc-acts-on-tax-repayment-agentsTAXline – the latest content from ICAEW’s Tax Faculty:
https://www.icaew.com/technical/tax/tax-faculty/taxlinePanellists
Lindsey Wicks, Senior Technical Manager for Tax Policy, ICAEWCaroline Miskin, Senior Technical Manager for Digital Taxation, ICAEWFrank Haskew, Head of Taxation Strategy, ICAEWProducer
Ed AdamsEpisode first published: 11 January 2024
Podcast recorded: 5 January 2024
