Latest News

Revenue tests new trigger to increase the accuracy of PAYE codes
3 June 2019 - posted by: Prowting & Partners Accountants in Bristol

HM Revenue & Customs (HMRC) is trialling a new trigger, which is intended to improve the accuracy of employees’ PAYE tax codes. According to HMRC, as many as half a million tax codes being used by employers across the UK … Read more »

New code launched to help protect victims of sophisticated banking fraud
3 June 2019 - posted by: Prowting & Partners Accountants in Bristol

A new code has been launched by 17 UK banks to protect customers who fall victim to a sophisticated form of fraud known as Authorised Push Payment (APP) scams. APP scams involve tricking people into making payments to fraudsters, who … Read more »

EIS and SEIS tax relief funding passes £2.1 billion
3 June 2019 - posted by: Prowting & Partners Accountants in Bristol

A rise over the course of the 2017-18 tax year saw funding for the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax reliefs pass the £2.1 billion mark. The EIS scheme saw the larger increase in approved … Read more »

Significant lack of awareness around gifting rules for IHT
3 June 2019 - posted by: Prowting & Partners Accountants in Bristol

A new report published by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS) has revealed a worrying lack of awareness about the Inheritance Tax (IHT) benefits of making a gift. Its study found that … Read more »

MTD for VAT – relaxation on posting supplier statements
3 June 2019 - posted by: Prowting & Partners Accountants in Bristol

HM Revenue & Customs (HMRC) has updated its VAT notice regarding Making Tax Digital (MTD) for VAT to relax several of the digital recordkeeping requirements. One of the changes, secured with the help of the Chartered Institute of Taxation (CIoT), … Read more »

Government confirms that HMRC will get a higher priority when firms go bust
3 June 2019 - posted by: Prowting & Partners Accountants in Bristol

From April next year, HM Revenue & Customs (HMRC) will rank third just after secured creditors, such as banks, and insolvency practitioners in order to recover additional outstanding tax from failing businesses. Currently, HMRC is ranked alongside unsecured creditors, such … Read more »

Registering for Making Tax Digital for VAT takes seven days, warns HM Revenue & Customs
8 May 2019 - posted by: Prowting & Partners Accountants in Bristol

HM Revenue & Customs (HMRC) has warned businesses across the UK that the registration process for Making Tax Digital (MTD) for VAT takes seven working days. This means that VAT-registered businesses turning over £85,000 or more need to register more … Read more »

IR35: off-payroll working rules set to change next year
8 May 2019 - posted by: Prowting & Partners Accountants in Bristol

HM Revenue & Customs (HMRC) has published new guidance on the expansion of the IR35 requirements to contractors working in the private sector. IR35 governs the tax status of people working through personal service companies (PSCs) and until now required … Read more »

Additional year to prepare for Making Tax Digital for taxes other than VAT
8 May 2019 - posted by: Prowting & Partners Accountants in Bristol

The Chancellor’s Spring Statement contained an important nugget of information for businesses that had been wondering when they will need to be ready for Making Tax Digital (MTD) for taxes other than VAT. Until recently, the Government’s official line was … Read more »

Employers must comply with new payslip rules
8 May 2019 - posted by: Prowting & Partners Accountants in Bristol

Under the Government’s Good Work Plan, more than 300,000 workers have received a payslip for the first time under new rules that came into force in April. However, experts fear that many employers may be unaware of the recent changes … Read more »