Power up your tax knowledge with AAT

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Autumn is the season for tax. With the budget and it’s inevitable changes, as well as the ‘bigger picture’ reforms that promise to change work, business and everyday life. There’s a lot going on.

As part of our #AATPowerUp content series, we will be focusing on tax as a whole. Over the coming weeks, we’ll be providing content to give you an insight into what changes lies ahead for you as an accountant.

Tax over the next decade

Tax is going to be used to change our behaviour in many ways, starting very soon. Even if your job doesn’t directly involve taxation, you are likely to be affected.

  • MTD and digitisation – MTD has already got everyone talking about digitisation, but the next phase is going to be even bigger. We look at when it is likely to happen and the practical challenges that need to be addressed.
  • Green taxes – The government has made the environment a priority, and there will be a deluge of new green taxes to change the behaviour of consumers and businesses. If it’s going to work, it’s got to be fundamental. We look at the options.
  • More tax trends:

Key technical updates

  • IR35 in the private sector – HMRC’s IR35 scheme was intended to stop employees being disguised as contractors to get tax breaks. It was highly contentious when it was introduced in the public sector. Soon it will be extended to the private sector. Employers need to be alert to the dangers of higher costs and skills shortages – and the risk of fines for non-compliance.
  • Reverse-charge VAT – The CIS reverse charge for VAT will shake up payments and liabilities throughout the supply chain of the construction industry. We’ll explain the changes and what they mean.

Where will the Government get its money?

Threats and opportunities lie on the horizon as the population changes and the UK exits the EU.

  • Filling the tax gap – An ageing population is set to cost is more in future. At the same time, tradition duties from fuel and cigarettes could fall. We’ll explore the options to fill the gap.
  • Simplifying the tax system – complex taxes just create headaches for everyone. Overhauling annual returns and the Personal Tax Account offers significant gains.
  • How tax will shape up after Brexit – should Britain seize the chance to make Britain more attractive to investors?

Study support

Tax is always one of the more testing areas for AAT students. So we will have study support content looking at some of the areas that pose most content difficulties.

We hope you find this content useful. Feedback is always welcome via social media or our email address: [email protected]

Check back to this page for updates or follow us on Twitter.

David Nunn is Content Manager at AAT.

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