BR Blog

We're all about communication at Barnes Roffe, especially when it comes to our clients and contacts: existing or potential. For this reason we have set up our 'Blog Spot'. To help you to get to know our team, recognise our motivations and more importantly feel confident in the strategies we promote.We post here regularly, to help give you the insight and understanding you need to take every market change in your stride.

December 14, 2018

VAT change coming for construction industry

A new VAT reverse charge will apply to construction or building related services from October 2019. Under the new rules, a VAT-registered company purchasing certain construction services will be responsible for accounting the VAT to HMRC, rather than the supplier. The reverse charge includes goods where the goods are supplied with the specific services.
December 13, 2018

SMEs boost on apprenticeship levy

The government has halved the apprenticeship levy for small businesses, from 10% to 5%, with a view to increasing uptake of the scheme. This means that the government will pay 95% of training and assessment costs for any apprentices taken on by SMEs.
December 12, 2018

Time extended on entrepreneur’s relief

New restrictions added to entrepreneur’s relief (ER) during the 2018 Budget have reduced access to this valuable tax relief. ER provides a reduced rate of capital gains tax on disposal of shares – at 10% instead of 20% – for individuals, provided they meet certain conditions.
December 11, 2018

Rise in HMRC mediation cases

There has been a dramatic increase in the amount of disputed tax collected by HMRC through mediation, according to research by law firm RPC. According to RPC, £40.8 million was collected through mediation for the year ending 31 March 2018, compared to £25.2 million for in 2016/17 – a 62% increase.
December 10, 2018

New probate fees to affect many estates

The government has revived plans to raise probate fees in England and Wales. A new, banded structure for probate fees in England and Wales is to be introduced, according to a written statement issued after the 2018 Budget. The announcement comes despite the 2018 Budget barely mentioning inheritance tax (IHT).
December 10, 2018

Are you taking your cyber-security responsibilities seriously?

Historically, IT grew as a responsibility of the finance function, largely because most of the early programmes were focused on providing and processing financial information.
November 26, 2018

Child Benefit – To Opt or Not To Opt Out?

Most of us are now familiar with the ‘high income’ child benefit charge, whereby a parent is in receipt of child benefit and the parent or someone else (not necessarily the parent’s partner) living in the same household earns in excess of £50,000, then the highest earner may need to repay some of the child. . .
November 19, 2018

Travel and Subsistence: Food for Thought

Travel and Subsistence is an important expense for many people in their everyday working lives and it is often not clear on what and when you can claim for your travel journeys. Here we delve into the world of travel and subsistence and explore HMRC’s guidelines when it comes to claiming this expenditure.
November 16, 2018

Making Tax Digital deadline deferred for certain businesses

The Making Tax Digital (MTD) for VAT deadline has been extended until October 2019 for certain businesses. Around 3.5% of mandated customers are affected, including VAT divisions and groups, trusts, unincorporated not-for-profit organisations and traders based overseas. The later deadline was announced in response to concerns raised by businesses participating in the VAT pilot scheme.
November 15, 2018

Can the Chancellor save the high street?

Business rates will be cut by one third for small retailers as part of the government’s drive to revitalise the UK’s high streets, as announced in the 2018 Budget. Most retail business with a rateable value of less than £51,000 will see their business rates cut by 33% for two years from April 2019.
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ICAEWThe Chartered Institute of TaxationACCAIPG