HMRC collects record amounts of IHT

The government has announced that HMRC collected a record sum of £5.4 billion in inheritance tax (IHT) during the 2018/19 tax year. The increase comes on the back of a 15% rise in the number of estates liable for IHT. Between 2015/16 and 2016/17, the number of estates paying IHT rose by 3,600 to 28,100.… Continue reading HMRC collects record amounts of IHT

Hot Topic: Working off-payroll

From 6 April 2020, a change to the off-payroll (IR35) rules is expected. Draft legislation has already been published and further HMRC guidance is expected. The new rules will affect you if you work via your own personal service company (PSC), and off-payroll workers should be aware that their clients are likely to investigate the… Continue reading Hot Topic: Working off-payroll

The Audit Process

A lot of companies dread the audit process, so here at Torr Waterfield we aim to make the process as pain free as it can be. The way we do this is: Keep the audit team as consistent as possible year on year to gain an in depth knowledge of how the business operates Keep… Continue reading The Audit Process

Changes to Capital Gains Tax Private Residence and Letting Reliefs

Who is likely to be affected? Individuals who own one or more residential properties that they have lived in as their main residence at any time. What are the main changes? This measure makes a number of changes to Capital Gains Tax, Principal Private Residence Relief (PPRR) where individuals have more than one residence.  Change… Continue reading Changes to Capital Gains Tax Private Residence and Letting Reliefs

VAT Changes in Construction – POSTPONED!

Just 11 days ago I blogged about the new rules for VAT and construction services….. Well, HMRC have actually listened to businesses and construction industry representatives who have been saying that the changes have come in too soon and businesses just aren’t ready - on top of Making Tax Digital and impending (or not?!) Brexit,… Continue reading VAT Changes in Construction – POSTPONED!

VAT – The New Reverse Charge on Building and Construction

If you are a VAT registered CIS (Construction Industry Scheme) contractor or subcontractor, the way you deal with VAT is changing from 1 October 2019.  Under the new rules, you will not charge VAT to your customers, therefore will not receive payment of the VAT, and will not pay the VAT to HMRC.  It will… Continue reading VAT – The New Reverse Charge on Building and Construction

VAT Domestic Reverse Charge for Building and Construction Services

From 1 October 2019 a new VAT reverse charge comes into effect for building and construction services, where payments are required to be reported under the Construction Industry Scheme.  Broadly it means that when a business receives a supply of building and construction services for onward sale, the recipient of the services (the contractor) accounts… Continue reading VAT Domestic Reverse Charge for Building and Construction Services