Latest News

New figures show that a quarter of estates paying Inheritance Tax (IHT) are investigated by HMRC
5 August 2019 - posted by: Prowting & Partners Accountants in Bristol

The response to a Freedom of Information (FoI) request has revealed that as many as one in four estates that are liable for IHT are investigated each year. In 2018-19, more than 5,500 investigations were launched by HMRC into the … Read more »

Principal Private Residence Relief and Lettings Relief changes due in April 2020
5 August 2019 - posted by: Prowting & Partners Accountants in Bristol

The start of the next tax year in April 2020 will see key changes come into effect in respect of Principal Private Residence Relief (PPR) and Lettings Relief, both of which can be used to soften the impact of Capital … Read more »

Employment Allowance to be restricted from next year
5 August 2019 - posted by: Prowting & Partners Accountants in Bristol

At the moment businesses and charities of all sizes can benefit from Employment Allowance. However, from the start of the new tax year in April 2020, the allowance will only be available to employers with a secondary National Insurance Contributions … Read more »

Summer childcare costs cooldown with Tax-Free Childcare
5 August 2019 - posted by: Prowting & Partners Accountants in Bristol

The Government wants to remind working parents that they could be entitled to up £2,000 per child per year to help with the costs of childcare, including regulated holiday clubs during the school holidays. The six weeks summer holiday can … Read more »

HMRC outlines changes to Capital Gains Tax treatment on second homes
5 August 2019 - posted by: Prowting & Partners Accountants in Bristol

From April 2020, the date at which Capital Gains Tax (CGT) must be paid on a second home property disposal is changing. After this date, taxpayers will only have 30 days to file their return and make an advance payment … Read more »

Construction businesses only have weeks left to prepare for the VAT reverse charge
5 August 2019 - posted by: Prowting & Partners Accountants in Bristol

Businesses in the construction industry now have only a matter of weeks left to prepare for the new VAT domestic reverse charge regime. These new rules will be enforced from 1 October 2019, significantly changing the VAT affairs and tax … Read more »

Government’s draft IR35 legislation contains important changes
5 August 2019 - posted by: Prowting & Partners Accountants in Bristol

After much anticipation, the Government has now published its draft legislation for the off-payroll working (IR35) rules, which will be enforced in the private sector from 6 April 2020. The latest policy document for the private sector shares a number … Read more »

Incorporation no longer automatically resets the two year requirement for sole traders
2 July 2019 - posted by: Prowting & Partners Accountants in Bristol

Entrepreneurs’ Relief (ER) entitles a business owner to significant relief from Capital Gains Tax (CGT) on the disposal of their business, often halving the consequent tax bill. However, ER is only available in respect of disposals on incorporated businesses, meaning … Read more »

Remember to pay the annual data protection charge
2 July 2019 - posted by: Prowting & Partners Accountants in Bristol

Businesses across the UK are being reminded that, if they process personal data, they are subject to a legal requirement to pay the Information Commissioner’s Office (ICO) an annual data protection charge, unless they have a relevant exemption. Any businesses … Read more »

More than 150 chief financial officers and senior finance executives personally fined by HMRC last year
2 July 2019 - posted by: Prowting & Partners Accountants in Bristol

Research by law firm, Pinsent Masons, has found that more than 150 chief financial officers and other senior finance executives have been fined personally by HM Revenue & Customs (HMRC) in relation to tax accounting issues during the last financial … Read more »