News
Construction businesses only have weeks left to prepare for the VAT reverse charge
16 August 2019
Businesses in the construction industry now have only a matter of weeks left to prepare for the new VAT domestic reverse charge regime. These new rules will be enforced from 1 October 2019, significantly changing the VAT affairs and tax liabilities of companies in the construction industry.
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HMRC outlines changes to Capital Gains Tax treatment on second homes
16 August 2019
From April 2020, the date at which Capital Gains Tax (CGT) must be paid on a second home property disposal is changing. After this date, taxpayers will only have 30 days to file their return and make an advance payment towards their tax bill.
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Summer childcare costs cooldown with Tax-Free Childcare
16 August 2019
The Government wants to remind working parents that they could be entitled to up £2,000 per child per year to help with the costs of childcare, including regulated holiday clubs during the school holidays.
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Employment Allowance to be restricted from next year
16 August 2019
At the moment businesses and charities of all sizes can benefit from Employment Allowance. However, from the start of the new tax year in April 2020, the allowance will only be available to employers with a secondary National Insurance Contributions bill in the current tax year of less than £100,000.
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Principal Private Residence Relief and Lettings Relief changes due in April 2020
16 August 2019
The start of the next tax year in April 2020 will see key changes come into effect in respect of Principal Private Residence Relief (PPR) and Lettings Relief, both of which can be used to soften the impact of Capital Gains Tax (CGT) on property disposals.
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New figures show that a quarter of estates paying Inheritance Tax (IHT) are investigated by HMRC
16 August 2019
The response to a Freedom of Information (FoI) request has revealed that as many as one in four estates that are liable for IHT are investigated each year. In 2018-19, more than 5,500 investigations were launched by HMRC into the approximately 22,000 estates that had to pay the tax.
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Wealthiest UK families save nearly £700 million a year in Inheritance Tax
10 July 2019
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 tax relief in the 2015-16 year thanks to Inheritance Tax breaks via Business Relief.
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Taxpayers’ bills delayed by payment on account errors
10 July 2019
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 authority’s systems during the self-assessment tax return...
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SMEs unaware of £1 million annual investment allowance
10 July 2019
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 Government increased the AIA from £200,000 to £1 million from 1 January 2019 to 31 December 2020...
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Businesses encouraged to increase readiness for no-deal Brexit
10 July 2019
Businesses across the UK are being encouraged to increase their readiness for a no-deal Brexit. The Institute of Directors (IoD) said that, while all firms should be preparing for a no-deal Brexit, it had found that fewer than half of businesses had plans in place. The IoD has also called on the Government...
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