Category: Tax

Comments Off on Tax Cards 19/20

Tax Cards 19/20

Tax Cards 19/20

To download our tax cards for 2019/20 please follow this link –  BWM Tax cards 19/20

Comments Off on Partners Hit By Avoidable ISA Tax Charge

Partners Hit By Avoidable ISA Tax Charge

Partners Hit By Avoidable ISA Tax Charge

An unnecessary tax charge on inherited ISAs could be resulting in thousands of bereaved partners missing out on a tax break, according to research. Introduced in 2015, the additional permitted subscription is available to the spouse or civil partner of an ISA holder who has died. The subscription provides an extra ISA allowance to the … Continued

Comments Off on Genuine HMRC contact and recognising phishing emails and texts

Genuine HMRC contact and recognising phishing emails and texts

Genuine HMRC contact and recognising phishing emails and texts

HMRC have warned about a sophisticated new scam where fraudsters, posing as the taxman, demand you pay back tax or face punitive fines. They are using the busy Christmas period when many people are also mindful of the coming 31 January self-assessment deadline coming to scam unsuspecting people into handing over thousands of pounds. HMRC … Continued

Comments Off on R&D Investment Grows to £23.7bn in 2016/17

R&D Investment Grows to £23.7bn in 2016/17

R&D Investment Grows to £23.7bn in 2016/17

Businesses in the UK spent £23.7 billion on research and development (R&D) in 2017, according to the latest data from the Office for National Statistics (ONS). The ONS found that year-on-year expenditure on R&D increased by £1.1bn – or 4.9% – compared to statistics for 2016. Firms in the pharmaceutical sector continued to have the … Continued

Comments Off on OTS Calls For Inheritance Tax System to be Digitised

OTS Calls For Inheritance Tax System to be Digitised

OTS Calls For Inheritance Tax System to be Digitised

The Office for Tax Simplification (OTS) has urged the Government to implement a digital system for inheritance tax, following complaints the current form-filling system is too complex. On average, there are around 570,000 deaths in the UK every year, although inheritance tax is due on less than 5% of estates. Although the majority of estates … Continued

Comments Off on Advisory Fuel Rate For Company Cars

Advisory Fuel Rate For Company Cars

Advisory Fuel Rate For Company Cars

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2018. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p     8p (7p) 1600cc or less   10p   1401cc to 2000cc 15p   … Continued

Comments Off on Christmas is The Time for Giving

Christmas is The Time for Giving

Christmas is The Time for Giving

Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications. The IHT annual exemption – use it or lose it! Although not particularly generous at £3,000 per donor per annum if … Continued

Comments Off on Budget 2018: Business reaction to the ‘something for everyone’ Budget

Budget 2018: Business reaction to the ‘something for everyone’ Budget

Budget 2018: Business reaction to the ‘something for everyone’ Budget

Liverpool city region professionals say there are a number of positives in Philip Hammond’s Budget including a renewed commitment to the Northern Powerhouse. Tony McDonough of Liverpool Business News reports Peter Taaffe, managing partner of BWM   Business leaders, both in the Liverpool city region and across the UK have offered a cautious welcome to Philip … Continued

Comments Off on Capital Gains Tax Payment Window on Residential Property

Capital Gains Tax Payment Window on Residential Property

Capital Gains Tax Payment Window on Residential Property

There is a forthcoming legislation change which affects the taxation of capital gains on property; notably a change to the reporting and payment on account obligations for UK resident individuals with residential property gains. The changes will take effect for disposals on or after 6 April 2020, in line with announcements made at Budget 2017. … Continued

Comments Off on Annual Investment Allowance to Rise to £1m

Annual Investment Allowance to Rise to £1m

Annual Investment Allowance to Rise to £1m

The annual investment allowance is set to temporarily increase from £200,000 to £1 million, allowing businesses to gain more tax relief on their investments. This will take effect from 1 January 2019 and remain in place until 31 December 2020, after which it is due to revert back to £200,000. Using the annual investment allowance, … Continued