Changes to capital gains tax (CGT) and entrepreneurs’ relief claims have been introduced in the Finance Bill 2016. CGT rates for 2016/17 have been reduced from 18% to 10% for basic rate taxpayers, while for higher rate taxpayers the rate on gains over the unused part of their basic rate tax band will be charged … Continued
Employers with apprentices under the age of 25 will no longer need to pay national insurance contributions (NICs) for them. Businesses employing apprentices that earn up to £16,000 could save £1,000 under the measures. The measure was first announced at Autumn Statement 2014 and came into effect on 6 April 2016. Skills minister Nick Boles, … Continued
Many charities are unaware of their reporting obligations with 1 in 5 having submitted the wrong documents, according to research by the Charity Commission. 1 in 6 did not send any form of report and others only sent their annual reports and accounts after reminders and explanations from the commission. Nigel Davies, head of accountancy … Continued
In July 2015, a new inheritance tax allowance was introduced which applies to family homes. The Residence Nil Rate Band means that in future you may be able to pass on £1 million to your children or grandchildren tax free. This allowance will be phased in from 2017/18 and will be in addition to the … Continued
In July 2015 a further reduction was announced in the lifetime allowance. This is the total amount you can hold in pensions savings without incurring an additional tax charge. The allowance was reduced from £1.25 million to £1 million on 6 April 2016, although it will increase with inflation (CPI) from 6 April 2018 onwards. … Continued
The new pension freedoms provide increased flexibility and more scope to structure your income to suit your actual needs and tax position. Considering your various pensions, investments and annual tax allowances together allows your retirement income to be as tax efficient as possible. Some useful ideas are detailed below: Personal Allowance Everyone has a personal … Continued
ISAs and pensions are the most popular options for people saving for their futures. However, if you are an experienced investor with a significant portfolio of assets, there are other tax-advantaged products which may be appropriate. Known as ‘tax-led investments’, these include Venture Capital Trusts (VCTs) and the Enterprise Investment Scheme (EIS). Tax-led investments offer … Continued
A pension scheme is the most popular employee benefit, according to a study. Around 54% of workers chose this as one of their three most favoured perks in research for the annual Willis PMI Group Employee Benefits Index. The second most popular is health insurance, preferred by two workers in five, which had risen by … Continued
You may be aware that applications for the latest round of pension protections are not expected to be available until sometime in July after the Finance Act 2016 receives Royal Assent. This leaves issues for those who are looking to protect their pension benefits but also wish to take those benefits before they can apply … Continued
Chancellor George Osborne delivered his Budget 2016 on 16 March 2016 and outlined several changes national insurance, corporation tax and stamp duty. Some of the headline measures relating to businesses announced in the Budget include: Corporation tax – the rate of corporation tax will reduce to 17% by 2020 Business rate relief – the doubling … Continued
🎅🏻BWM Christmas opening hours🎅🏻
🎄The BWM office will be closed over the Christmas period from close of business on Friday 22 December 2023 at 12pm until 9am on Tuesday 2 January 2024. 🎄
The Easter Bunny has come early!🐣Chocolate inspired pay day treat for all our lovely staff 🍫 🐇
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Phone: 0151 236 1494
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