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SMEs unaware of £1 million annual investment allowance
2 July 2019 - posted by: Prowting & Partners Accountants in Bristol

A new study has found that more than half (58 per cent) of SMEs are not aware of a temporary two-year increase in the annual investment allowance (AIA), which could help them secure £1 million in funding. Last year, the … Read more »

Taxpayers’ bills delayed by payment on account errors
2 July 2019 - posted by: Prowting & Partners Accountants in Bristol

The Association of Taxation Technicians (ATT) has revealed that problems with HMRC’s IT systems earlier this year, relating to calculations for payment on account, mean that some taxpayers will not receive tax demands this month. The glitches in the tax … Read more »

Wealthiest UK families save nearly £700 million a year in Inheritance Tax
2 July 2019 - posted by: Prowting & Partners Accountants in Bristol

A new report has found that a significant proportion of the UK’s Business Relief goes to those with more than £1 million in assets. Tax Justice UK, a campaigning organisation, has revealed that 234 wealthy families shared £458 million in … Read more »

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 »

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