Category: Tax

Comments Off on Government Urged to Introduce Stamp Duty Tax Break For Downsizing

Government Urged to Introduce Stamp Duty Tax Break For Downsizing

Government Urged to Introduce Stamp Duty Tax Break For Downsizing

The Government is facing calls to announce a stamp duty holiday for homeowners who seek to downsize. Saga polled 2,000 people over the age of 50 and found that 73% would support a tax break to help them move into a smaller property. Almost three-quarters (70%) said their motivation for downsizing was because their current … Continued

Comments Off on Small Business Owners Hit Out at ‘Unfair’ UK Tax System

Small Business Owners Hit Out at ‘Unfair’ UK Tax System

Small Business Owners Hit Out at ‘Unfair’ UK Tax System

Most small business owners in the UK do not think the tax system treats their business fairly, according to the British Chambers of Commerce (BCC). In a survey of 1,000 firms, 58% of SME owners said they think the UK tax system is unfair, with different tax rules applying to different types of business. More … Continued

Comments Off on HMRC Announces Delay to Probate Fee Increase

HMRC Announces Delay to Probate Fee Increase

HMRC Announces Delay to Probate Fee Increase

Changes to probate fees – due to take effect last month – have been delayed as Parliament wrangles to resolve the Brexit stalemate. Bereaved 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 … Continued

Comments Off on Landlords Feeling the Pinch as Tax Measures Begin to Bite

Landlords Feeling the Pinch as Tax Measures Begin to Bite

Landlords Feeling the Pinch as Tax Measures Begin to Bite

Most buy-to-let landlords saw their tax bills increase in 2017/18, suggesting the effects of changes to mortgage interest relief were beginning to be felt one year after they were introduced. In a survey by Paragon, 58% of landlords said their tax bill for 2017/18 was higher than a year before, with an average annual increase … Continued

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