Local professional support - July 2019

Reverse charge changes due to hit construction industry
Changes in the reverse charge have been in the pipeline, but HMRC has just provided guidance on how it will work in practice; but the guidance also highlights further changes.

New inheritance tax toolkit not equipped for the job
HMRC recently published a new toolkit to help taxpayers and their agents complete IHT forms. While some of the new guidance is useful, the toolkit fails to address how the forms should be interpreted in certain situations.

R&D tax relief reforms risk stifling innovation in small firms
HMRC recently published a consultation document regarding proposals for preventing abuse of the research and development (R&D) tax relief for small and medium sized businesses (SMEs), but will these new proposals risk disincentivising small businesses from undertaking genuine R&D activity.

Grand designs on your tax bill
HMRC has now closed their consultation on the proposed reforms to the tax reliefs available when selling your main residence, in particular Principal Private Residence (PPR) relief. Whilst self-build projects are an important part of the government’s housing strategy, ‘Grand Designers’ may be amongst those worst hit by the proposed new PPR rules.

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