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