The Tax Track

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Aug 2026

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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.

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31 recent

August 12, 2026Episode 3129 min

Why tax complexity matters

In this episode, we consider the pain points for businesses in meeting their tax reporting obligations and we explore the causes and implications of tax complexity, including what the UK stands to gain from addressing it. Links ICAEW How to fix VAT | ICAEW - https://www.icaew.com/technical/tax/vat/how-to-fix-vat How to build a better tax system | ICAEW - https://www.icaew.com/technical/tax/tax-reform/how-to-build-a-better-tax-system Business tax compliance costs £15bn a year | ICAEW - https://www.icaew.com/insights/tax-news/2025/feb-2025/business-tax-compliance-costs-15bn-a-year External Office of Tax Simplification - GOV.UK - https://www.gov.uk/government/organisations/office-of-tax-simplification Competitiveness review: final report https://assets.publishing.service.gov.uk/media/5a7d8aafe5274a676d532aca/competitiveness_review_final_report.pdf Brunel University Research Archive: Tax complexity: impact on UK competitiveness and growth - https://bura.brunel.ac.uk/handle/2438/33569 Host Stephen Relf, Tax Technical Manager, ICAEW Guests Professor Peter Jelfs, Brunel University of London Andy Richens, formerly of the Office of Tax Simplification Producer Ed Adams Series lead Mark Rowland Episode recorded: 29 July 2026 Episode published : 12 August 2026 All views expressed on this podcast are those of the contributors and don’t necessarily reflect those of ICAEW or its members.

July 7, 2026Episode 3018 min

New tax requirements for companies and directors

Close companies and their directors are in HMRC’s sights as it attempts to close the small business tax gap. In this episode, we look at the challenges posed by new information requirements for directors completing their self assessment tax return for tax year 2025/26 and at the government’s proposals to impose additional reporting requirements on close companies. Links ICAEW: New tax return requirements for directors cause uncertainty - https://www.icaew.com/insights/tax-news/2026/may-2026/new-tax-return-requirements-for-directors-cause-uncertainty ICAEW: ICAEW warns against new requirements for close companies - https://www.icaew.com/insights/tax-news/2026/jun-2026/icaew-warns-against-new-requirements-for-close-companies ICAEW: Tax gap widens to 6.4% of total tax liabilities - https://www.icaew.com/insights/tax-news/2026/jun-2026/tax-gap-widens-to-6-point-4-percent-of-total-tax-liabilities#:~:text=Percentage%20tax%20gap,6.4%25%20for%202024%2F25. HMRC's company taxation manual - close companies - https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm60050 Host Stephen Relf, Tax Technical Manager, ICAEW Guests Angela Clegg, Tax Technical Manager – Business Taxes, ICAEW Katherine Ford, Tax Technical Manager – Personal Taxes, ICAEW Producer Ed Adams Episode recorded: 24 June 2026 Episode published: 8 July 2026

June 9, 2026Episode 2922 min

How to prepare for a VAT enquiry

HMRC is stepping up its compliance activities when it comes to VAT. In this episode, we explain what businesses can do to prepare for a VAT enquiry and we explore how HMRC and the government could better support businesses in meeting their VAT obligations. Links ICAEW: VAT compliance controls: new guidance from HMRC - https://www.icaew.com/insights/tax-news/2025/feb-2025/vat-compliance-controls-new-guidance-from-hmrc ICAEW: Making sure a tax return is correct and complete - https://www.icaew.com/insights/podcast/the-tax-track/making-sure-a-tax-return-is-correct-and-complete ICAEW: Budget: Changes made to VAT rules and processes (e-invoicing) - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-changes-made-to-vat-rules-and-processes#4 ICAEW: How to fix VAT - https://www.icaew.com/technical/tax/vat/how-to-fix-vat Host Stephen Relf, Tax Technical Manager, ICAEW Guests Rob Janering, VAT partner, Crowe UK LLP Simon Atkins, Partner, RSM UK Producer Ed Adams Episode recorded: 21 May 2026 Episode published: 10 June 2026

May 12, 2026Episode 2827 min

Modernising and mandating agent registration

Finance Act 2026 introduces a package of measures designed to drive up standards in the tax advice market, including mandatory agent registration with HMRC. In this episode, we explain how the process will work and discuss the consequences for advisers of having their registration suspended. Links ICAEW: HMRC’s agent registration guidance lacks key details - https://www.icaew.com/insights/tax-news/2026/feb-2026/hmrcs-agent-registration-guidance-lacks-key-details ICAEW: Government reassures agents on registration and sanctions - https://www.icaew.com/insights/tax-news/2026/feb-2026/government-reassures-agents-on-registration-and-sanctions ICAEW: TAXguide 05/25: Finance Act 2026 - https://www.icaew.com/technical/tax/tax-faculty/taxguides/2025/taxguide-05-25 The HMRC standard for agents - GOV.UK - https://www.gov.uk/government/publications/hmrc-the-standard-for-agents/the-hmrc-standard-for-agents Host Stephen Relf, Tax Technical Manager, ICAEW Guests Lindsey Wicks, Senior Tax Technical Manager, ICAEW Frank Haskew, Tax Director, ICAEW Producer Ed Adams Episode recorded: 23 April 2026 Episode published: 13 May 2026

April 7, 2026Episode 2727 min

Making sure a tax return is correct and complete

In recent months, the government has published guidance and announced policy changes that could significantly affect how tax returns are prepared and how HMRC enquiries are conducted. In this episode, we’ll explore the implications for taxpayers and agents, focusing on new HMRC guidelines for ensuring that a tax return is correct and complete and changes to the requirement to notify HMRC of an uncertain tax treatment. Links ICAEW: Taxpayers encouraged to ensure returns are correct and complete - https://www.icaew.com/insights/tax-news/2025/sep-2025/taxpayers-encouraged-to-ensure-returns-are-correct-and-complete Individuals and trusts face new obligation under uncertain tax treatment proposals - https://www.icaew.com/insights/tax-news/2026/mar-2026/individuals-and-trusts-face-new-obligation-under-uncertain-tax-treatment-proposals Inaccuracy and failure to notify penalties must be simplified - https://www.icaew.com/insights/tax-news/2025/jun-2025/inaccuracy-and-failure-to-notify-penalties-must-be-simplified Suspension of penalties for a one-off tax error - https://www.icaew.com/insights/tax-news/2026/feb-2026/suspension-of-penalties-for-a-one-off-tax-error Tax gap falls slightly as a percentage of tax liabilities - https://www.icaew.com/insights/tax-news/2025/jun-2025/tax-gap-falls-slightly-as-a-percentage-of-tax-liabilities External: GOV.UK: Help ensuring documents filed with HMRC are correct and complete — GfC13 - https://www.gov.uk/government/publications/help-ensuring-documents-filed-with-hmrc-are-correct-and-complete-gfc13 GOV.UK: Opportunities to Extend Uncertain Tax Treatment - https://www.gov.uk/government/consultations/consultation-extend-notification-of-uncertain-tax-treatment-utt-regime/opportunities-to-extend-uncertain-tax-treatment Host: Stephen Relf, Technical Manager, Tax, ICAEW Guests: Richard Jones, Senior Technical Manager, Business Tax, ICAEW Annis Lampard, Partner, Deloitte Producer: Ed Adams Episode recorded: 25 March 2026 Episode published: 7 April 2026

March 3, 2026Episode 2627 min

MTD Live: are you (and HMRC) ready for MTD?

In a special episode of The Tax Track, recorded at ICAEW’s MTD Live event on 23 February 2026, we speak to HMRC and practitioners on how they are preparing for Making Tax Digital (MTD) for income tax, which is due to start from April 2026. Links ICAEW: Making Tax Digital - https://www.icaew.com/technical/tax/making-tax-digital ICAEW: TAXguide 01/25: MTD income tax - https://www.icaew.com/technical/tax/tax-faculty/taxguides/2025/taxguide-01-25 ICAEW: HMRC to send final batches of MTD mandation letters - https://www.icaew.com/insights/tax-news/2026/feb-2026/hmrc-to-send-final-batches-of-mtd-mandation-letters ICAEW: MTD: How to prepare your clients - https://www.icaew.com/insights/tax-news/2026/jan-2026/mtd-how-to-prepare-your-clients ICAEW: MTD: how to deal with digital refusers - https://www.icaew.com/insights/tax-news/2025/dec-2025/mtd-how-to-deal-with-digital-refusers ICAEW: MTDtalk 2026 webinar series - https://www.icaew.com/technical/tax/tax-faculty/webinars-and-recordings/tax-webinars/2026/mtdtalk-2026 MTD for Income Tax: your 30-day readiness plan with Sage - https://events.icaew.com/pd/32831 MTD for Income Tax: compliance simplified with Zoho Books - https://events.icaew.com/pd/32838/mtd-for-income-tax-compliance-simplified-with MTD for Income Tax: from onboarding to filing with Xero - https://events.icaew.com/pd/32819/mtd-for-income-tax-from-onboarding-to-filing Get MTD done with FreeAgent - https://events.icaew.com/pd/32837/get-mtd-done-with-freeagent Host Stephen Relf, Technical Manager, Tax, ICAEW Guests Craig Ogilvie, Director – MTD, HMRC Hannah Miller, Director, Chipperfield Accounting Nikhil Sangani, Chartered Accountant, Sage & Co Rebecca Benneyworth, sole practitioner and a board member of ICAEW’s Tax Faculty Reporter Mark Rowland Producer Ed Adams Episode recorded 23 February 2026 Episode published 3 March 2026

February 3, 2026Episode 2529 min

Finance Bill changes for individuals and businesses

The Finance Bill 2025-26 is set to be the longest Finance Act in almost ten years, impacting on almost all areas of tax and posing significant challenges for taxpayers and agents. In this episode, we look at the implications for individuals and businesses, from the reform of inheritance tax to changes to capital allowances. Links ICAEW: https://www.icaew.com/technical/tax/tax-faculty/taxguides/2025/taxguide-05-25 ICAEW: https://www.icaew.com/insights/tax-news/2025/dec-2025/government-makes-further-concessions-on-iht-reforms ICAEW: https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-further-changes-made-to-cgt-iht-and-residence-rules ICAEW: https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-taxes-on-property-savings-and-dividends-increased ICAEW: https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2026/budget-changes-to-capital-allowances ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/tax-changes-require-new-approach-to-corporate-reconstructions ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/have-your-say-on-business-rates-reform ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/scottish-budget-makes-changes-to-income-tax-thresholds ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/welsh-businesses-to-get-more-support-for-non-domestic-rates ICAEW: https://www.icaew.com/insights/podcast/the-tax-track/budget-25-do-the-tax-changes-meet-the-tenets Postscript ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/additional-business-rates-support-announced-for-pubs ICAEW: https://www.icaew.com/insights/tax-news/2026/jan-2026/extend-inheritance-tax-payment-deadline-to-12-months-says-lords Host Stephen Relf, Technical Manager, Tax, ICAEW Guests Richard Jones, Senior Technical Manager, Business Tax, ICAEW Katherine Ford, Technical Manager, Personal Tax, ICAEW Producer Ed Adams Episode recorded 26 January 2026 Episode published 3 February 2026

December 1, 2025Episode 2427 min

Budget 25: Do the tax changes meet the tenets?

In this episode, we rate the Budget against ICAEW’s ten tenets for a better tax system , focusing on the government’s decision to freeze the personal allowance and tax thresholds for an additional three years, the new tax on electric vehicles and changes to the NIC treatment of salary sacrificed pension contributions. Budget: Freeze on personal allowance extended - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-freeze-on-personal-allowance-extended Budget: New levies include charge on electric vehicles - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-new-levies-include-charge-on-electric-vehicles Budget: NIC saving on salary sacrifice pension contributions capped - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-nic-saving-on-salary-sacrifice-pension-contributions-capped Budget: Taxes on property, savings and dividends increased - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-taxes-on-property-savings-and-dividends-increased Budget: Changes made to VAT rules and processes - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-changes-made-to-vat-rules-and-processes Budget: Government will not regulate tax advisers - https://www.icaew.com/insights/tax-news/2025/nov-2025/budget-government-will-not-regulate-tax-advisers Tax Faculty Budget update 2025 - https://www.icaew.com/technical/tax/tax-faculty/webinars-and-recordings/tax-webinars/2025/28-11-2025-budget-update How to fix VAT - https://www.icaew.com/technical/tax/vat/how-to-fix-vat Host Stephen Relf, Technical Manager, Tax, ICAEW Guests Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW Ed Saltmarsh, Technical Manager, Tax, ICAEW Producer Ed Adams Episode published 1 December 2025 Episode recorded 28 November 2025

October 30, 2025Episode 2330 min

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-digital TAXguide 01/25: MTD income tax - https://www.icaew.com/technical/tax/tax-faculty/taxguides/2025/taxguide-01-25 Digitally excluded can now apply for MTD exemption - https://www.icaew.com/insights/tax-news/2025/sep-2025/digitally-excluded-can-now-apply-for-mtd-exemption How to avoid errors when signing up clients to MTD income tax - https://www.icaew.com/insights/tax-news/2025/oct-2025/how-to-avoid-errors-when-signing-up-clients-to-mtd-income-tax HMRC offers agents support with MTD for income tax - https://www.icaew.com/insights/tax-news/2025/aug-2025/hmrc-offers-agents-support-with-mtd-for-income-tax Up to 3 million individuals may need to comply with MTD - https://www.icaew.com/insights/tax-news/2025/aug-2025/up-to-3-million-individuals-may-need-to-comply-with-mtd How to keep HMRC agent account details safe - https://www.icaew.com/insights/tax-news/2025/sep-2025/how-to-keep-hmrc-agent-account-details-safe How to complete your tax return - https://www.icaew.com/technical/tax/personal-tax/how-to-complete-your-tax-return Host Stephen Relf, Technical Manager, Tax, ICAEW Guests Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW Rebecca Benneyworth, sole practitioner and a board member of ICAEW’s Tax Faculty Producer Ed Adams Episode published 31 October 2025 Episode recorded 24 October 2025

October 1, 2025Episode 2229 min

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-legislation Government’s plans for agents may harm the tax system - https://www.icaew.com/insights/tax-news/2025/sep-2025/governments-plans-for-agents-may-harm-the-tax-system Taxpayers encouraged to ensure returns are correct and complete - https://www.icaew.com/insights/tax-news/2025/sep-2025/taxpayers-encouraged-to-ensure-returns-are-correct-and-complete In-year CGT rate changes cause tax return errors - https://www.icaew.com/insights/tax-news/2025/aug-2025/in-year-cgt-rate-changes-cause-tax-return-errors HMRC targets personal expenditure - https://www.icaew.com/insights/tax-news/2025/aug-2025/hmrc-targets-personal-expenditure Get ahead with 2024/25 tax returns - https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2025/get-ahead-with-2024-25-tax-returns Host Stephen Relf, Technical Manager, Tax, ICAEW Guests Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW Katherine Ford, Tax Manager, ICAEW Producer Ed Adams Episode recorded: 23 September 2025 Episode published: 1 October 2025