Latest News

Public pilot of Making Tax Digital for VAT opens
12 November 2018 - posted by: Prowting & Partners Accountants in Bristol

HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT. The pilot is open to sole traders and companies that are up-to-date with VAT, who have not received a default surcharge in the … Read more »

Payee names to be required for bank transfers in effort to combat fraud and errors
12 November 2018 - posted by: Prowting & Partners Accountants in Bristol

From next year, payee names will be checked when making bank transfers in order to ensure that funds are being sent to the correct recipient. Currently, only the sort code and account number are checked when making a transfer, something … Read more »

HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error
12 November 2018 - posted by: Prowting & Partners Accountants in Bristol

The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to concerns that its tax calculator … Read more »

R&D Tax Credit system to be reviewed in light of fraudulent claims
12 November 2018 - posted by: Prowting & Partners Accountants in Bristol

According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around £300 million of fraudulent R&D tax credit claims since the relief was introduced. In a bid to prevent further abuse of this tax relief, … Read more »

Research reveals Inheritance Tax hotspots across the UK
12 November 2018 - posted by: Prowting & Partners Accountants in Bristol

New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT). The study showed that 658 estates were subject to the tax the town in 2015/16, paying on average … Read more »

Entrepreneurs’ Relief rules to be tightened
12 November 2018 - posted by: Prowting & Partners Accountants in Bristol

Despite rumours that the Chancellor might scrap Entrepreneurs’ Relief (ER) all together in the Autumn Budget, Philip Hammond decided to retain the tax relief but has made fundamental changes to who qualifies for it. Mr Hammond said that “encouraging entrepreneurs … Read more »

National Living Wage to rise in April 2019
12 November 2018 - posted by: Prowting & Partners Accountants in Bristol

In his latest Budget speech to the Commons, Chancellor Philip Hammond announced that the National Living Wage and National Minimum Wage would increase from April next year. However, despite many employees across the UK welcoming this sudden pay rise, small … Read more »

CIOT reports increase in R40 refund errors
5 October 2018 - posted by: Prowting & Partners Accountants in Bristol

According to a new report by the Chartered Institute of Taxation (CIOT), there have been a growing number of R40 computation errors on refunds processed by HM Revenue & Customs (HMRC). Individuals can use R40 forms to claim tax refunds … Read more »

Workers miss out on £15.6 million in pay through minimum wage breaches
5 October 2018 - posted by: Prowting & Partners Accountants in Bristol

Minimum wage breaches, including breaches of the National Living Wage, have cost workers from across the UK a combined total of £15.6 million in lost wages. Figures released by the Government show that around 200,000 workers were affected in 2017/18, … Read more »

HMRC finally launches MTD communications plan and simplified guidance
5 October 2018 - posted by: Prowting & Partners Accountants in Bristol

With only six months left until the launch of Making Tax Digital for VAT, HM Revenue & Customs (HMRC) has finally begun sharing information with businesses about the new regime. While accountants and professional advisers across the UK have been … Read more »