What is happening? From 1 January 2015 the VAT rules for cross-border B2C supplies of ‘digital services’ (i.e. broadcasting, telecoms and e-services) will change. From that date, VAT must be accounted for in the member state where the customer normally lives, rather than where the supplier of the service is established. This means that sellers … Continued
The scope of inheritance tax (IHT) is determined by a person’s “domicile”. For those domiciled within the UK their worldwide assets are potentially liable to IHT and for those domiciled outside the UK the charge is restricted to the value of UK assets. Certain statutory provisions deem people who are domiciled outside the UK to … Continued
The Chancellor has announced a series of safeguards to protect innocent people from having their bank accounts raided by HMRC. We understand that tax inspectors will have to give people face-to-face warnings before raiding their bank accounts after well watered down controversial plans to claw back money owed to the Exchequer. The plans to give … Continued
From April 2015, it appears the over 55s will be able to use their pensions “like bank accounts” and withdraw cash to invest or spend as they wish. What are the changes? From April 2015 the rules will change: If a pension saver dies before 75 (whether or not the pension has been touched) the … Continued
The Chancellor George Osborne delivered his final Autumn Statement of this Parliament amid ongoing economic uncertainty. The key indicators paint an unclear picture. The UK economy is now expected to grow faster in 2014 than any other developed economy including the Eurozone. But the pace of GDP growth slowed between the second and the third … Continued
HMRC’s latest disclosure campaign is aimed at traders who accept payments by debit and credit cards but who haven’t declared all transactions. The Credit Card Sales campaign provides an opportunity for individuals and companies accepting debit and credit cards (but have not reflected all transactions in their tax return) to bring their affairs up to … Continued
The Social Investment Tax Relief scheme (SITR) introduced this year helps individuals support social enterprises, giving these enterprises access to new sources of finance. The new relief provides the investor with a deduction from their tax liability, equal to 30% of the amount invested. A £10,000 loan to a qualifying social enterprise would therefore allow … Continued
Currently, HM Revenue and Customs can collect tax debts of up to £3,000 by adjusting your Pay As You Earn (PAYE) tax code. HMRC refers to this as ‘coding out’. The effect of this is to recover the debt from your income, by increasing the amount deducted from your income during the tax year. This … Continued
Details of changes to tax rules that will allow over 55s to access their defined contribution pension pots with more flexibility from April 2015, have been published in the Taxation of Pensions Bill. Under current rules, savers can take 25% of their pot as a tax-free lump sum and put the remaining 75% in a … Continued
Many people die intestate because they think their estate will automatically pass to their spouse free of inheritance tax (IHT). This is not necessarily correct. Moreover, having a Will in place makes it easier to get a grant of probate and avoids the Statutory Intestacy Rules governing how the estate is distributed. From 1 October … Continued
The Easter Bunny has come early!🐣Chocolate inspired pay day treat for all our lovely staff 🍫 🐇
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🎄Merry Christmas🎄
The BWM office will be closed over the Christmas period from close of business on Friday 23 December 2022 at 12pm until 9am on Tuesday 3 January 2023.
Tempest Suite 5.1, 12 Tithebarn Street,
Liverpool, L2 2DT
Phone: 0151 236 1494
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