Author Archives: Anna Cummings

Comments Off on Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

Delay to Controversial Loan Charge Review Leaves Thousands in Limbo

A report into the loan charge may not be published until after the deadline for settling claims with HMRC has passed. Up to 50,000 people whose employers had paid them through loans from offshore trusts dating back to 1999 were warned they could face huge tax bills. They were issued with a 5 April 2019 … Continued

Comments Off on Postpone off-Payroll Extension to the Private Sector Until 2021

Postpone off-Payroll Extension to the Private Sector Until 2021

Postpone off-Payroll Extension to the Private Sector Until 2021

Extending off-payroll rules to the private sector in April 2020 should be delayed by a year, a tax group has said. Chancellor Sajid Javid intended to deliver his first Budget speech on Wednesday 6 November, only for it to be scrapped after a second Brexit extension was granted. In light of that and the subsequent … Continued

Comments Off on Ministry of Justice Finally Abandons Plans to Increase Probate Fees

Ministry of Justice Finally Abandons Plans to Increase Probate Fees

Ministry of Justice Finally Abandons Plans to Increase Probate Fees

Plans to increase probate fees that were due to take effect earlier this year have been abandoned. Families currently pay a flat fee of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth more than £5,000. That system was due to be replaced on 1 April … Continued

Comments Off on Budget will not take place on 6 November 2019

Budget will not take place on 6 November 2019

Budget will not take place on 6 November 2019

On 25 October 2019 the Chancellor of the Exchequer Sajid Javid wrote to the Treasury Select Committee to confirm that the Budget will not take place on 6 November 2019 as originally planned. You can access the oficial letter here. We will ensure that we keep you informed of any further developments.

Comments Off on Small Employers Risk Losing the Employment Allowance in 2020

Small Employers Risk Losing the Employment Allowance in 2020

Small Employers Risk Losing the Employment Allowance in 2020

Plans to remove the employment allowance for large employers from April 2020 could impact on smaller firms. This allowance provides employers with a reduction to their national insurance contributions (NICs) bill of up to £3,000. Employers that claim the allowance can carry it forward from one tax year to the next, but that will stop … Continued

Comments Off on BWM Charity Autumn Update Seminar – 2 October 2019

BWM Charity Autumn Update Seminar – 2 October 2019

BWM Charity Autumn Update Seminar – 2 October 2019

BWM Chartered Accountants are hosting a Free Charity Autumn Update Seminar on Wednesday 2 October from 9am. Full details are provided here. Timings: 9am to 12noon Venue: The Quaker Meeting House, 22 School Lane, Liverpool City Centre, L1 3BT Complimentary breakfast pastries and drinks will be provided on arrival with a break for refreshments mid-morning. Booking … Continued

Comments Off on BWM are now Elite Members of QuickBooks Online

BWM are now Elite Members of QuickBooks Online

BWM are now Elite Members of QuickBooks Online

BWM are delighted to announce that we are now Elite Members of leading cloud accountancy provider QuickBooks Online. This is the new highest tier! As Elite Members of QuickBooks Online BWM accountants are kept up to date with the latest software developments so that they in turn can help their clients get the most out of … Continued

Comments Off on Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

The Treasury has announced it will review the tapered annual allowance for pensions, following calls to abolish it. The amount of pension contributions that can be made tax-free in 2019/20 stands at £40,000 in most cases, but this is restricted for higher earners by the tapered annual allowance. The taper applies to people with a … Continued

Comments Off on Treasury Urged to Rethink Buy-to-let Crackdown

Treasury Urged to Rethink Buy-to-let Crackdown

Treasury Urged to Rethink Buy-to-let Crackdown

The Government is being urged to stop its crackdown on the buy-to-let market, following evidence showing the negative effects of a string of tax changes. The Intermediary Mortgage Lenders’ Association (IMLA) said recent changes are forcing some landlords out of the private rented sector. It found that landlords with one buy-to-let property made up just … Continued

Comments Off on Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Fewer people should have to pay tax on gifts made to loved ones in the years before their death, according to the Office for Tax Simplification (OTS). Under the current rules, inheritance tax of up to 40% is paid when someone dies within seven years of making a gift. The OTS called on the Treasury … Continued