Category: Tax

Comments Off on Ministers Give Thumbs-Up for Probate Revamp

Ministers Give Thumbs-Up for Probate Revamp

Ministers Give Thumbs-Up for Probate Revamp

Affluent families in England and Wales face paying probate charges of up to £6,000 from this month after ministers confirmed it as a fee rather than a tax. Families have been used to paying flat fees of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth … Continued

Comments Off on Government Consults On New Stamp Duty Surcharge

Government Consults On New Stamp Duty Surcharge

Government Consults On New Stamp Duty Surcharge

The Government is considering introducing a new stamp duty surcharge, which is designed to clamp down on overseas wealth being used to buy homes in England. Ministers have expressed concerns that affluent foreign investors, particularly those buying properties in London, have been driving up house prices for domestic buyers. Figures from the Land Registry showed … Continued

Comments Off on Advisory Fuel Rate for Company Cars from 1 March 2019

Advisory Fuel Rate for Company Cars from 1 March 2019

Advisory Fuel Rate for Company Cars from 1 March 2019

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p   7p (8p) 1600cc or less 10p 1401cc to 2000cc 14p 8p (10p) 1601 to … Continued

Comments Off on HMRC Error Hits Early-Paying Self-Assessment Taxpayers

HMRC Error Hits Early-Paying Self-Assessment Taxpayers

HMRC Error Hits Early-Paying Self-Assessment Taxpayers

HMRC admitted an error which saw hundreds of early-paying taxpayers wrongly issued with late-payment notices before the deadline for self-assessment tax returns. The deadline for 2017/18 self-assessment submissions and any tax owed came and went at midnight on 31 January 2019, with £100 penalties in place for not filing on time. However, 653 people who … Continued

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