Latest News

Tax rates rise twice as fast in the UK than the international average
2 January 2019 - posted by: Prowting & Partners Accountants in Bristol

According to the Organisation for Economic Co-operation and Development (OECD), UK tax revenue as a percentage of GDP rose to 33.3 per cent in 2017.

Taxpayers offered online tool to assess their self-assessment requirement
2 January 2019 - posted by: Prowting & Partners Accountants in Bristol

It should seem obvious whether an individual must submit a self-assessment tax return annually. Yet, each year, thousands of people find themselves brought into the regime unwittingly. To help taxpayers prepare their affairs accordingly, HM Revenue & Customs (HMRC) is … Read more »

Taxpayers treated unfairly by HMRC, says House of Lords report
2 January 2019 - posted by: Prowting & Partners Accountants in Bristol

The House of Lords Economic Affairs Committee has criticised some of the powers granted to HM Revenue & Customs (HMRC), describing them as disproportionate and lacking effective taxpayer safeguards.

Unwrapping Christmas tax gifts
5 December 2018 - posted by: Prowting & Partners Accountants in Bristol

Christmas is a time for giving, but many businesses may not be aware that their gifts can be made in a tax-efficient manner, which could make raising festive spirits that little bit cheaper. While Christmas parties may not be for … Read more »

UK takes second spot for tax compliance in G20
5 December 2018 - posted by: Prowting & Partners Accountants in Bristol

New research from the World Bank has revealed that the UK has the second most effective tax system amongst the G20 nations for tax compliance and ease of paying corporate taxes. According to the survey, companies take an average of … Read more »

House of Lords calls for a delay to Making Tax Digital
5 December 2018 - posted by: Prowting & Partners Accountants in Bristol

The House of Lords Economic Affairs Committee has criticised HM Revenue & Customs (HMRC) for its handling of Making Tax Digital (MTD) and called for a delay to some of the regime’s mandatory requirements. The majority of VAT-registered businesses with … Read more »

Italian e-invoicing requirements make Making Tax Digital look like a walk in the park
5 December 2018 - posted by: Prowting & Partners Accountants in Bristol

While a series of false starts and changes of direction have made Making Tax Digital (MTD) seem more complicated than it might need to be, new e-invoicing requirements that come into effect in Italy from 1 January 2019 make it … Read more »

180,500 first-time buyers benefit from relief on Stamp Duty Land Tax (SDLT)
5 December 2018 - posted by: Prowting & Partners Accountants in Bristol

Figures released by HM Revenue & Customs (HMRC) have revealed that 180,500 first-time buyers have benefited from the Government’s changes to Stamp Duty Land Tax (SDLT). HMRC estimates that first-time buyers have saved a total of more than £426 million … Read more »

Big increase in P2P lending
5 December 2018 - posted by: Prowting & Partners Accountants in Bristol

The fifth annual UK Alternative Finance Industry Report has revealed a 65 per cent year-on-year increase in peer-to-peer (P2P) lending. The P2P lending market is now worth £2 billion and small and medium-sized enterprises (SMEs) appear to be the dominant … Read more »

Smaller estates should not have to file Inheritance Tax paperwork, says Office for Tax Simplification
5 December 2018 - posted by: Prowting & Partners Accountants in Bristol

The Office for Tax Simplification (OTS) has said that smaller and less complex estates should not be subject to the requirement to file Inheritance Tax (IHT) paperwork. The call was part of a review into IHT, which Chancellor Philip Hammond … Read more »