The Tax Track

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The Tax Track

ICAEW

23 episodes

1 week ago

From April 2026, an estimated 864,000 sole traders and landlords will need to comply with Making Tax Digital (MTD) for income tax. In this episode, we look at recent developments, including HMRC’s plans to contact taxpayers, and we draw on the experience of special guest Rebecca Benneyworth to explain what you can do to prepare for the challenges ahead. Making Tax Digital - https://www.icaew.com/technical/tax/making-tax-digitalTAXguide 01/25: MTD income tax - https://www.icaew.com/technical/t...

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From April 2026, an estimated 864,000 sole traders and landlords will need to comply with Making Tax Digital (MTD) for income tax. In this episode, we look at recent developments, including HMRC’s plans to contact taxpayers, and we draw on the experience of special guest Rebecca Benneyworth to explain what you can do to prepare for the challenges ahead. Making Tax Digital - https://www.icaew.com/technical/tax/making-tax-digitalTAXguide 01/25: MTD income tax - https://www.icaew.com/technical/t...

Show more...

Episodes (20/23)

The Tax Track

The latest on MTD income tax

From April 2026, an estimated 864,000 sole traders and landlords will need to comply with Making Tax Digital (MTD) for income tax. In this episode, we look at recent developments, including HMRC’s plans to contact taxpayers, and we draw on the experience of special guest Rebecca Benneyworth to explain what you can do to prepare for the challenges ahead. Making Tax Digital - https://www.icaew.com/technical/tax/making-tax-digitalTAXguide 01/25: MTD income tax - https://www.icaew.com/technical/t...

1 week ago

30 minutes

The Tax Track

Tax returns and Finance Bill concerns

In this episode of The Tax Track, we look ahead to the 2024/25 tax return season, highlighting areas to watch out for, and explain our concerns with draft legislation for Finance Bill 2025/26 that promises to make significant changes to the tax system, particularly for agents. Links ICAEW has major concerns about draft Finance Bill legislation - https://www.icaew.com/insights/tax-news/2025/sep-2025/icaew-has-major-concerns-about-draft-finance-bill-legislationGovernment’s plans fo...

1 month ago

29 minutes

The Tax Track

The inside track from HMRC

Whether it’s performance or policy, there’s rarely an episode of The Tax Track that doesn’t mention HMRC. In this special episode we talk to one of the senior leaders at HMRC, Jonathan Athow, Director General for Customer Strategy and Tax Design. The government’s stated priorities for HMRC are to modernise and reform the tax system, improve customer service and close the tax gap; Athow explains how HMRC intends to deliver on those priorities, and crucially, what this means for ICAEW members. ...

2 months ago

38 minutes

The Tax Track

Challenging times for HMRC and agents

July was a busy month for HMRC as it published its annual accounts and report for 2024/25, along with its transformation roadmap and draft legislation for Finance Bill 2025/26. In this episode of The Tax Track we look at the challenges HMRC faces, from improving its services to taxpayers and agents to closing the tax gap; its plans for new and improved digital services; and the possible implications of the proposed changes for agents in particular as MTD and agent registration begin to...

3 months ago

28 minutes

The Tax Track

Paying tax outside self assessment

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/t...

4 months ago

20 minutes

The Tax Track

Goodbye non-doms, hello FIG

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 5/4/2...

5 months ago

21 minutes

The Tax Track

VAT gets its day in court – again

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...

6 months ago

24 minutes

The Tax Track

Taxing times: cryptoassets in the spotlight

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/...

7 months ago

21 minutes

The Tax Track

Why professional conduct matters

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...

8 months ago

19 minutes

The Tax Track

R&D tax relief: where are we now?

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 ...

9 months ago

25 minutes

The Tax Track

Time to prepare for MTD and BIK

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 ...

10 months ago

25 minutes

The Tax Track

A year of two halves

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-2024Tax regulation: change must be in the public interest https://ww...

11 months ago

27 minutes

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. Links The complicated and costly world of VAT https://www.icaew.com/insights/tax-news/2024/oct-2024/the-complicat...

1 year ago

33 minutes

The Tax Track

Checkout time for furnished holiday lets

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 holida...

1 year ago

27 minutes

The Tax Track

MTD: what you should do now

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 ...

1 year ago

22 minutes

The Tax Track

Time to act on basis period reform

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 tak...

1 year ago

26 minutes

The Tax Track

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...

1 year ago

25 minutes

The Tax Track

Pros and cons of payrolling benefits

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. L...

1 year ago

22 minutes

The Tax Track

Associated companies: a family affair

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 impac...

1 year ago

21 minutes

The Tax Track

New tax year, new developments in R&D

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...

1 year ago

27 minutes