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.LinksTAXguide 09/18: simple assessment - https://www.icaew.com/technical/tax/tax-faculty/taxguides/2018/taxguide-0918-simple-assessment Simple Assessment guide for pensioners - https://www.gov.uk/government/publications/pensioners-and-tax-communications-materials/simple-assessment-guide-for-pensioners Agent Update: issue 131 - https://www.gov.uk/government/publications/agent-update-issue-131/issue-131-of-agent-update#simple Consider using the real-time CGT service to report gains - https://www.icaew.com/insights/tax-news/2024/apr-2024/consider-using-the-real-time-cgt-service-to-report-gains TAXguide 15/20: Capital gains tax UK property disposal reporting - https://www.icaew.com/technical/tax/tax-faculty/taxguides/2020/taxguide-1520-capital-gains-tax-uk-property-disposal-reporting PanellistsStephen Relf, Technical Manager, Tax, ICAEWCaroline Miskin, Senior Technical Manager, Digital Tax, ICAEW Katherine Ford, Technical Manager, Personal Taxes, ICAEWProducerEd AdamsEpisode first published: 2 July 2025Podcast recorded: 24 June 2025
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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.LinksEconomy explainers: what is the non-dom regime? (valid up to 5/4/25) https://www.icaew.com/insights/tax-news/2024/sep-2024/non-dom-regime-explainedResidence and FIG Regime Manual https://www.gov.uk/hmrc-internal-manuals/residence-and-fig-regime-manual PanellistsStephen Relf, Technical Manager, Tax, ICAEWKatherine Ford, Technical Manager, Tax, ICAEWAdelle Greenwood, Technical Manager, Tax, ICAEWProducer Ed AdamsEpisode first published: 30 May 2025Podcast recorded: 19 May 2025
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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.LinksHow to fix VAT https://www.icaew.com/technical/tax/vat/how-to-fix-vat Progressive VAT: is now the time? https://www.icaew.com/insights/tax-news/2024/oct-2024/progressive-vat-is-now-the-timeE-invoicing to be mandatory for EU VAT by 2030https://www.icaew.com/insights/tax-news/2024/nov-2024/e-invoicing-to-be-mandatory-for-eu-vat-by-2030How to fix VAT Conference ttps://www.icaew.com/learning-and-development/events/vat-conferencePanellistsStephen Relf, Technical Manager, Tax, ICAEWEd Saltmarsh, Technical Manager, VAT and Customs, ICAEWStephen Dale, Chair, ICAEW VAT and Duties CommitteeProducer Ed AdamsEpisode first published: 30 April 2025Podcast recorded: 22 April 2025
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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.LinksThe basics of taxing cryptoassets https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/the-basics-of-taxing-cryptoassets VAT on cryptoassets https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/vat-on-cryptoassetsCryptoassets: international tax issueshttps://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/cryptoassets-international-tax-issuesWhat’s CARF got to do with it?https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2025/whats-carf-got-to-do-with-it TAXguide 01/2024: Taxation of cryptoassets for individualshttps://www.icaew.com/technical/tax/tax-faculty/taxguides/2024/taxguide-01-24  TAXguide 01/2024: Taxation of cryptoassets for businesseshttps://www.icaew.com/technical/tax/tax-faculty/taxguides/2024/taxguide-02-24 PanellistsStephen Relf, Technical Manager, Tax, ICAEWRichard Jones, Senior Technical Manager, Business Taxation, ICAEWDion Seymour, Crypto and Digital Asset Technical Director, Andersen Producer Ed AdamsEpisode first published: 1 April 2025Podcast recorded: 24 March 2025
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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), prepared jointly by seven professional bodies and associations (including ICAEW) and endorsed by HMRC, sets out the fundamental principles and standards for tax planning that all members, affiliates and students who practise in tax must follow.LinksWhat is Professional Conduct in Relation to Taxation? https://www.icaew.com/insights/tax-news/2025/feb-2025/what-is-professional-conduct-in-relation-to-taxationProfessional Conduct in Relation to Taxation: a tax perspective on ethics https://www.icaew.com/regulation/regulatory-news/regulatory-news-nov-2024/professional-conduct-in-relation-to-taxationICAEW Regulatory and Conduct Annual Report https://www.icaew.com/regulation/icaew-regulatory-and-conduct-annual-reportPanelistsLindsey Wicks, Senior Technical Manager, Tax Policy, ICAEWSophie Wales, Director of Regulatory Policy, ICAEWKatherine Ford, Technical Manager, Business Taxation, ICAEWProducerEd AdamsEpisode first published: 11 February 2025Podcast recorded: 25 February 2025
In this podcast series from the Institute of Chartered Accountants in England and Wales, experts from the Tax Faculty discuss the biggest tax stories of the month, with advice for professionals in the sector to keep their knowledge and skills sharp.
UK