On 8 April 2024, the Welsh Government launched a consultation on changes to the land transaction tax (LTT) regime. The LTT regime is for purchases of land and property interests located in Wales. The proposed changes include: 1. The abolition of LTT multiple dwellings relief (MDR) from 1 June 2024 – or as soon as possible thereafter The UK Government announced in the 2024 Spring Budget plans to abolish stamp duty land tax (SDLT) MDR in England. The plan will come into force from 1 June 2024. This will result in a reduction to the Welsh block grant. 2. If MDR is abolished, the abolition of the ..read more

In June 2023, HMRC released a consultation documentation for ‘Tackling non-compliance in the umbrella company market’. According to HMRC, the purpose of the consultation was to address the following: to deliver improved outcomes for workers to support a level playing field in the umbrella company market; and to to protect taxpayers from the significant revenue losses that currently arise from non-compliance This all followed a call for evidence in 2021, which informed the government’s understanding of the role that umbrella companies play in the temporary labour market and the behaviours in ..read more

This article was first published in South West Business Insider magazine. Having spent most of my career advising owner-managers, I firmly believe they are one of the backbones of our society, providing employment and boosting the local economy, especially in out of town areas. Running such a business successfully requires keeping on top of multiple challenges at once. The principal aim may be wealth preservation for the extended family, but this only happens if all the foundations beneath it are in place. This is borne out by the fact that fewer than 10% of family businesses survive to the t ..read more

I was delighted to be invited to attend a roundtable discussion event recently at the Cornwall council offices, hosted by the new chair of the board of the British Business Bank (BBB), Stephen Welton CBE. Amongst the attendees were other professionals, representatives from local lending organisations and businesses and grant fund distributors. The British Business Bank – tasked with driving economic growth Now celebrating its tenth year in operation, the BBB has been tasked with driving growth in the UK. They do this by working with delivery partners such as banks, leasing and lending compani ..read more

Determining whether a worker engaged off-payroll (either directly on a self-employed basis, or through a limited company) should be treated as an employee for tax purposes, is a complicated process. HMRC have regularly challenged such arrangements, on the basis they believe such workers have not been correctly treated as employees. Following a string of high-profile defeats at tribunal, it was announced this week that HMRC had successfully defended an IR35 (tax legislation introduced to ensure that contractors who work in the same way as employees and pay the correct amount of tax) appeal at t ..read more

Cybercrime is expected to hit revenues of $10.5 trillion by 2025, making it the third largest economy in the world after the US and China. If you think taking serious steps towards a good cybersecurity posture is not required or can be left until later… think again. Why does cybersecurity not get the attention it deserves in all organisations? There’s a range of reasons: over-exposure and therefore a fatigue to the topic, a lack of budget, ‘it’ll never happen to us’ mentality, lack of sufficient knowledge and skills in-house and more. The common thread running through all of those topics is i ..read more

PKF Francis Clark’s head of tax has been thanked for his work as a longstanding member of the Chartered Institute of Taxation (CIOT) Council. John Endacott received a certificate of thanks from CIOT president Gary Ashford at a recent admissions ceremony in London. He served on the CIOT Council – the institute’s strategic governing body – from 2016 to 2023. John Endacott, left, receiving his certificate of thanks from Gary Ashford, president of the Chartered Institute of Taxation (Photo: CIOT) During this time John was vice-chair of the CIOT’s membership and branches committee, as well as bein ..read more

As small and medium enterprises (SMEs) continue their journey to tackle climate change, there is added pressure of the Government’s target to achieve net zero emissions before 2050. While many businesses understand the importance of their role in this journey, many remain aware of the business support available to them. In this blog, we outline the potential grants that are available to businesses in the West of England to help reduce your greenhouse gas emissions as well as cut your utility costs. (Businesses in the West of England: trading address in the Bath and North East Somerset, Bristo ..read more

An eminent tax expert has joined PKF Francis Clark as a partner in our growing corporate tax team. Jonathan Riley is a former head of tax at Grant Thornton UK, where he was a partner for 27 years. He is a trustee of the Chartered Institute of Taxation, a member of HM Treasury’s Forum of Tax Professionals and a former chair of the Low Incomes Tax Reform Group. Jonathan Riley, right, with PKF Francis Clark’s head of tax, John Endacott (Photo: Steven Haywood) He said: “PKF Francis Clark is a firm that’s been on an impressive journey and the opportunity to be part of that is very attractive. I wa ..read more

The 1st April 2024 was the first anniversary of the UK adopting a standardised approach to transfer pricing documentation. The rules apply for accounting periods beginning on or after 1 April 2023, so companies with a 31 March 2024 year end will need to ensure they comply with the documentation requirements. We have set out the key requirements required to meet your obligations. What is transfer pricing? Transfer pricing is the pricing of a transaction between connected parties. In the UK, transfer pricing requirements are based on the ‘arms-length principle’, which aims to determine what the ..read more