Latest Business News from Chichester Accountants Evans Weir

June 17, 2019

Looming IHT Tax Bill for the Nation

An increasing number of families across the country are facing the prospect of significant Inheritance Tax (IHT) bills. Chichester is at the forefront of this mounting problem as asset rich, cash poor (relatively) families fail to make use of strategies to mitigate the impact of IHT. Whilst many over 50s will be counting the benefit of decades of property price increases, the result is that it leaves the majority of the family assets tied up in bricks and mortar. For some, it may be the first... read more

Capital Gains Tax Rules on Property Change

Property owners need to be aware of significant changes to capital gains tax (CGT) rules regarding the disposal of property assets. A range of measures were announced in the Autumn Budget 2018 that will impact those selling their main home, second homes or buy-to-let properties. One significant change relates to the sale of main homes. Whilst most people won’t be subject to CGT on their primary residence, because they are entitled to private residence relief, there are a number of... read more

May 29, 2019

Recruitment Struggles for SMEs

We have recently noticed a trend in feedback when speaking to clients and other local businesses, with both groups suggesting that recruitment is becoming increasingly difficult. In particular, we are repeatedly hearing of a dearth of workers from across Europe, most notably Eastern Europe. But despite the ongoing Brexit saga, employers do not believe this to be the sole reason for fewer European workers. The reality is that in several countries around Europe, economies are on the rise and... read more

Making Tax Digital – Businesses Reluctant

Making Tax Digital, the initiative introduced by HMRC in April requiring businesses to keep digital records for the calculation and submission of VAT returns, has met with early reluctance to register. Whilst many businesses may have ignored the passing deadline, in the belief that they were already compliant as a result of using approved accounting software, they are being reminded of the fact that they still have to register for Making Tax Digital in order to make a return. Despite HMRC... read more

March 19, 2019

Spring Statement

You would be forgiven for having missed the fact that the Chancellor delivered his Spring Statement on Wednesday 13th March. Hidden deep beneath the Brexit debate and seemingly endless votes, the Chancellor stood up and delivered his regular update on the economy. Historically the budget was delivered in March and the statement was saved for the Autumn, but with so many legislative changes and allowances being changed in each budget, the decision was taken a couple of years ago to switch the... read more

March 14, 2019

Spring 2019 – Tax Briefing

Our Spring 2019 Tax Briefing is now available for you to download. In this edition we look at key tax topics as we approach the new tax year and crucial dates around the Brexit process and introduction of Making Tax Digital for VAT. Employee Benefits Vat: Brexit Realities MTD Facts and Fiction Pension Health Check Tax Rates and Deadlines for Property New Vat Rules for Building Firms Live-In Workers Structures and Buildings Allowances Loan Charges You can download... read more

November 7, 2018

IR35 in the Private Sector

From April 2020 the IR35 system will be extended to cover businesses using contractors and freelance staff in the private sector. A move which is expected to net the treasury an additional £1bn in tax in its first year. With IR35 a long running bone of contention anyway, there is a great deal of concern amongst business organisations and accounting experts that the move will put a ‘significant burden’ on large and medium-sized companies who will have to review all their contracts with... read more

No VAT Threshold Change until 2022

For around 12 months now there has been much discussion about a review of the point at which companies must register for VAT, the VAT Threshold. Currently set at £85,000 of taxable turnover, the Chancellor was reported as planning a reduction of this figure to around £20,000 as part of his budget statement in November 2017, before making an eleventh-hour U-turn amid representation from business organisations. Instead, the Treasury has conducted a consultation on the proposed revision of the... read more

HMRC to review 30,000 tax returns

Having identified that their calculations may have contained an error, HMRC has announced that it is set to review the tax returns of around 30,000 individuals, to address concerns that some may have been overcharged. The issue is believed to be isolated to tax bills issued in 2016/17 and specifically relating to the personal savings and dividend allowances. The Revenue will be carrying out the review during November and will contact any individuals that received an incorrect tax bill.... read more

October 30, 2018

Budget 2018

As he delivered the Budget 2018, Philip Hammond joked that he had avoided giving his speech on Halloween night itself because it would have been simply too tempting for the caption writers, and had avoided Christmas because he did not want to appear in cartoons disguised as Santa Claus. Even so, he was determined to honour the Prime Minister’s recent declaration that austerity was over. He repeated again and again that ‘the British people’s hard work has paid off’ and the fiscal rigour... read more