A think tank is calling for inheritance tax to be abolished, as part of a set of proposals for major reform to the UK tax system. The Institute for Public Policy Research (IPPR) published its 10-part plan for economic reform, which includes replacing the system of inheritance tax with a new ‘lifetime gifts tax’. Under … Continued
The Requirement to Correct (‘RTC’) is a statutory obligation for taxpayers with overseas assets to correct any issues with their historic UK tax position. HMRC have written to all taxpayers who have or who had any offshore financial connections (including those who consider themselves to be non-UK domiciled and/or non-UK resident) to instruct that they … Continued
Philip Hammond’s decision to abolish stamp duty land tax (SDLT) for most first-time buyers on all properties worth up to £300,000 saved homeowners £284 million in the first half of 2018. The chancellor scrapped SDLT in Autumn Budget 2017 for most people taking their first steps on the property ladder in England, Northern Ireland and … Continued
The Treasury fetched a record high of £5.2 billion in inheritance tax receipts last year, according to statistics published by HMRC. Inheritance tax receipts increased 8% year-on-year in 2017/18 to continue a long-term trend, which began when the nil-rate band was frozen at £325,000 with effect from 6 April 2009. Since then, inheritance tax receipts … Continued
The government is considering introducing tax incentives for landlords who offer longer tenancies, as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is intended to support the increasing number of private tenants seeking long-term security, as more families and … Continued
A contractor group has criticised HMRC for omitting mutuality of obligation in an online tool designed to assess an individual’s employment status. Mutuality of obligation requires employers to provide ongoing work for an employee, who then has an obligation to perform that work. In a self-employed relationship, there is no continuing obligation on either side to … Continued
Over-40s in England should pay a new tax to help cover the costs of providing care for the elderly, MPs have said. Two influential House of Commons’ committees called for the introduction of a social care premium, which would also see retirees made to pay if they have lucrative pensions or investments. The money generated … Continued
Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The measure is designed to combat VAT fraud in the construction sector labour supply chain which HMRC argue presents a significant … Continued
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2018. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p 7p 1600cc or less 10p (9p) 1401cc to 2000cc 14p 9p (8p) 1601 to … Continued
As mentioned in the Autumn Budget, the Government has opened a consultation into a possible extension of the rules that currently apply to “off-payroll” workers in the public sector to the private sector. This consultation is being undertaken at the same time as the consultation into employment status. The IR35 rules introduced in 2000 are … 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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