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Vigilance urged as fraudsters fake security measures to access bank accounts
4 June 2018 - posted by: Prowting & Partners Accountants in Bristol

Businesses and individuals are being encouraged to redouble their vigilance as fraudsters fake security measures in order to gain the information needed to access and drain bank accounts of funds. In one instance, an academic received a call that was … Read more »

Ministers make an about-turn on tax haven transparency measures
4 June 2018 - posted by: Prowting & Partners Accountants in Bristol

In a reverse of its previous position, the Government has backed measures to increase the transparency of offshore tax havens. The measures will compel British overseas territories to make public their records of the true owners of the companies that … Read more »

Replace Inheritance Tax with ‘lifetime receipts tax’, argues thinktank
4 June 2018 - posted by: Prowting & Partners Accountants in Bristol

With the issue of intergenerational fairness continuing to be high on the agenda, a thinktank has suggested that the Treasury returns to the drawing board when it comes to taxing bequests and inheritances. Instead of Inheritance Tax (IHT), the Resolution … Read more »

Government Brexit redeployments to delay Making Tax Digital for Individuals
4 June 2018 - posted by: Prowting & Partners Accountants in Bristol

A number of key projects at HM Revenue & Customs (HMRC) have been placed on hold to make staff available for Brexit issues, including Making Tax Digital for Individuals. The simple assessment rollout and real-time tax code changes, both part … Read more »

Employers attempting to avoid auto-enrolment penalties could have assets seized
4 June 2018 - posted by: Prowting & Partners Accountants in Bristol

The Pensions Regulator (TPR) has announced that employers could have their businesses’ assets seized to pay their debts if they fail to pay workplace pension fines. TPR has powers to fine employers who do not comply with workplace pension rules. … Read more »

Gifts out of income and their benefits to beneficiaries
4 June 2018 - posted by: Prowting & Partners Accountants in Bristol

Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts … Read more »

270,000 late penalty notices cancelled by the Revenue
4 May 2018 - posted by: Prowting & Partners Accountants in Bristol

A response to a freedom of information request has revealed that HM Revenue & Customs (HMRC) cancelled 270,000 late penalty notices in 2016. However, this figure was dwarfed by the 610,000 cancellations in 2015 and the 400,000 cancellations in 2014. … Read more »

OTS calls for overhaul of ‘complex’ tax charges and reliefs
4 May 2018 - posted by: Prowting & Partners Accountants in Bristol

An overhaul of “the complex patchwork” of tax charges and reliefs affecting businesses throughout various stages of the business lifecycle is urgently required in order to stimulate growth among small and medium-sized enterprises (SMEs), the Office of Tax Simplification (OTS) … Read more »

1.3 million SMEs hoping to branch out internationally to boost growth
4 May 2018 - posted by: Prowting & Partners Accountants in Bristol

An annual survey suggests that some 1.3 million UK-based small and medium-sized enterprises (SMEs) intend to branch out overseas this year in a bid to expand their horizons and fuel their growth plans. According to CitySprint’s latest annual survey of … Read more »

Workplace pension contributions more than double
4 May 2018 - posted by: Prowting & Partners Accountants in Bristol

The percentage of salary employers and employees must contribute to a workplace pension has increased from 6 April 2018. Employees will now contribute three per cent (up from one per cent) of their annual salary into a personal workplace pension, … Read more »

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