ICAEW welcomes proposed reforms to employee ownership trusts
[ad_1] A tax regime was introduced in 2014 to allow company owners to sell their companies to trusts that are run for the benefit of the employees. Overall, the regime has worked well but several changes were proposed by HMRC in a consultation document to ensure the regime better meets its objectives. The first main […]
ICAEW responds to proposed revisions to Ethical Code
[ad_1] The Tax Faculty’s response provides a detailed analysis of the proposed revisions to the Ethical Code published by the International Ethics Standards Board (IESBA) compared to the UK’s Professional Conduct in Relation to Taxation (PCRT). In ICAEW REP 41/23, ICAEW’s Tax Faculty expresses support for IESBA’s initiative to strengthen the existing ethical code as […]
ICAEW responds to proposed merger of R&D schemes
[ad_1] The government has suggested merging the two research and development (R&D) tax relief schemes to reduce complexity and mitigate fraud, while seeking to improve efficiencies in generating investment. HM Treasury’s consultation on R&D relief seeks views on the consolidation of the SME research and development (R&D) scheme and the research and development expenditure credit […]
Proposed revisions to ethical standards for tax planning
[ad_1] The International Ethics Standards Board (IESBA) has published an exposure draft for consultation, setting out proposed revisions to the IESBA ethical code in relation to tax planning and related services. IESBA published its exposure draft for comment on 17 February 2022. Why does this matter? The ethical code, published by IESBA, is adopted by […]
ICAEW on proposed changes to creative industry tax reliefs
[ad_1] The government has suggested merging five audio-visual tax reliefs and altering the mechanism by which businesses claim relief to an ‘above the line’ taxable credit. The five audio visual (AV) reliefs under discussion in HM Treasury’s consultation are: Film tax relief (FTR) Animation tax relief (ATR) High-end TV tax relief (HETV tax relief) Children’s […]
Plastic packaging tax proposed invoicing requirements scrapped
[ad_1] The requirement for a business to include a statement within an invoice to show that plastic packaging tax has been paid will no longer be introduced. It has long been HMRC’s intention to introduce a mandatory statement with an invoice to show that plastic packaging tax (PPT) has been paid. Originally this requirement was […]