Buy-to-let property investment: do your sums A shortage of affordable homes and squeezed incomes has led to a drop in the number of first-time home buyers, according to data from the Council of Mortgage Lenders (CML). In contrast, the CML found a huge expansion of the buy-to-let sector, there were 400,000 buy-to-let loans worth £39 … Continued
The Government is increasing the number of tax incentives associated with employee share schemes in a bid to boost the number of John Lewis-style, employee-owned businesses in the UK. The independent Nuttall Review in 2012 concluded that companies operating in this model are more resilient during economic downturns, have a faster job creation rate and … Continued
HM Revenue & Customs is clamping down on late VAT returns. About 50,000 traders fail to make their returns on time. Such traders are liable for interest and surcharges in addition to the tax due. In this new clampdown, late-paying traders will be assessed for an amount of VAT while the return is outstanding. HM … Continued
More than half of those who could, and should, be preparing financially for later life are not saving enough and one in five is saving nothing at all, according to a report by Scottish Widows. Of those aged over 30, not retired and earning more than £10,000 per year, just 45 per cent are making … Continued
This has always been an important distinction, as only furnished lettings entitle you to the valuable annual wear and tear allowance of 10% of the rents. Now it is definitely worth reviewing whether you could show the property is furnished given that the renewals basis for replacing items in commercial or residential properties let unfurnished … Continued
There is new tightening-up of popular arrangements which previously succeeded in avoiding any tax charge on a loan simply by making sure the loan is repaid within 9 months of the end of the company’s accounting period. If at least £15,000 is outstanding by a participator to the close company immediately before a repayment … Continued
If you are thinking of temporarily employing a student over the summer holidays it’s important to note that under Real-Time Information (RTI) the procedure for employing students has changed, and the P38(S) form is no longer valid. If you employ students you must treat them, for payroll purposes, in exactly the same way as any … Continued
If you have built up a successful business you are likely to be an extremely hardworking and dynamic individual and whilst figures show 75% wish to pass the business to the children only 25% take the necessary steps to do so. By planning for the future you are taking sensible steps to protect your business, … Continued
H M Revenue & Customs is undertaking a review of two aspects of the tax rules affecting partnerships and limited liability partnerships (LLPs). The changes are intended to attack two arrangements which HMRC believe are implemented to reduce tax and are designed to: remove the presumption of self-employment for some members of Limited … Continued
A recent High Court ruling (Mehjoo V Harben Barker) apparently imposes on practitioners a contractual duty to help clients avoid tax by any legal means. In the case damages of £1.4 million were awarded after the defendants were found to be professionally negligent by failing to highlight a tax saving method for a chargeable disposal … 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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Phone: 0151 236 1494
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