Latest News

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 »

Beware the Employer Compliance Check Questionnaire
8 May 2019 - posted by: Prowting & Partners Accountants in Bristol

HM Revenue & Customs (HMRC) is understood to be sending out “Employer Compliance Check Questionnaires” without notifying agents, which could land businesses in trouble if the wrong information is provided. The questionnaires are understood to be a replacement or substitute … Read more »

Pass on up to £950,000 tax-free in 2019-20
8 May 2019 - posted by: Prowting & Partners Accountants in Bristol

As of 6 April, direct descendants can inherit up to £950,000 completely free of inheritance tax from their parents or grandparents thanks to increases in the residence nil-rate band. This tax-free allowance on inherited property has risen from £125,000 to … Read more »

Businesses get to grips with new employment costs
2 April 2019 - posted by: Prowting & Partners Accountants in Bristol

Employers across the UK are starting April with a sudden increase in employment costs following a rise in workplace pension contributions and minimum wage costs. The sharp increase in expenditure on staff couldn’t come at a worse time for business … Read more »

Invoice fraud cost UK firms £93 million last year
2 April 2019 - posted by: Prowting & Partners Accountants in Bristol

A recent survey conducted by UK Finance revealed that more than four in 10 UK businesses are unaware of the potential risks associated with invoice fraud. Last year these scams cost UK firms almost £93 million, with 3,280 invoice and … Read more »

Tax-free HMRC scheme assists families with childcare costs
2 April 2019 - posted by: Prowting & Partners Accountants in Bristol

A Government scheme set up by HM Revenue & Customs (HMRC) is advising parents to apply for the Tax-Free Childcare scheme, which provides contributions on savings used to cover childcare costs. Research has revealed that more than a million families … Read more »