Single Premium Insurance Bonds can be a very tax efficient investment product as the tax rules allow up to 5% of the capital value to be withdrawn tax free each year. If no withdrawals are made that year the 5% tax free amounts accumulate so that after say 6 years 30% could be withdrawn from … Continued
From 6 April 2013 new Statutory tests were introduced to determine whether individuals are resident in the UK or not, generally making the rules much clearer than previously. There will still be situations where someone’s tax residence isn’t clear cut where they spend substantial time overseas and also make visits to the UK. HMRC have … Continued
In the run up to the introduction of the Employment Allowance – which will reduce every employer’s national insurance bill by £2,000 – HMRC has released new figures about how much the scheme could save UK businesses and charities. The Government estimates that the tax cut will mean employers are nearly £5.5 billion better off … Continued
A reduction in the lifetime allowance (LTA) for pension savings could cost savers billions in unexpected tax charges according to research from Standard Life. The LTA – the maximum amount an individual can accrue in pension savings in their lifetime before triggering a tax charge – falls from £1.5 million to £1.25 million in April … Continued
Micro employers will be given until April 2016 to adapt to the real time information (RTI) system for reporting PAYE payments, HM Revenue & Customs (HMRC) has announced. Micro employers – those with fewer than 10 employees – who need more time to adapt to RTI can continue reporting PAYE information on or before the … Continued
The promised hike in the personal allowance to £10,000 is confirmed for the tax year 2014/15. The basic rate limit is £31,865 for 2014/15. This means that 40% taxpayers (if taxable income does not exceed £100,000) will partly benefit from the increase in personal allowance. The 45% band for 2014/15 applies to taxable income over … Continued
Entertainers will be treated as self-employed for NIC purposes from 6 April 2014 instead of being deemed to be employed earners. This is a reversion to the rules which applied up to 1998. For this purpose an entertainer is defined as someone engaged as an actor, singer or musician, or in any similar performing capacity, … Continued
It needs to be appreciated that Class 4 NICs are only not due by the self-employed with profits in excess of the lower annual profits limit if under 16 or he/she reached state pension age (SPA) before the start of the tax year in question. The start of the tax year is 7 April for … Continued
The BRC programme involves on-site visits to encourage taxpayers to keep better records, and to keep up to date. The checks help and encourage SMEs, say HMRC, to improve the standard of records they keep and consequently help them to send correct returns to HMRC. A new approach in specified geographical areas reflects the fact … Continued
This valuable relief is worth knowing about. It effectively extends the right to claim OVERPAYMENT RELIEF to cover tax overpaid where ordinarily the deadline of four years after the end of the tax year concerned has not been met. It can only apply if specific conditions are met. In particular you have to show that … 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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