A recent article in The Times highlighted at least one of the main political parties has come out and said it will look to make major changes to taxation if it wins the election. Under the heading “Lib Dem’s plot raids on the rich” it states “The Liberal Democrats are planning a raid on the wealthy … Continued
Date What’s Due 1 August Corporation tax for year to 31/10/12 19 August PAYE & NIC deductions, and CIS return and tax, for month to 5/8/13 1 September (due 22 August if you pay electronically) 19 September Corporation tax for year to 30/11/12 Any questions please contact John Elliot or Sue … Continued
If you run a business involving the creation of animation programmes, high-end TV programmes, or video games, you can look forward to extra tax relief on the production costs. This results in corporation tax relief on no less than 200% of the actual costs on UK expenditure up to a maximum of 80% of the … Continued
To stand any chance of the gain on sale of a residential property being wholly or partly exempt from tax, one of the requirements is that you can show it was used as your only or main residence. There are a growing number of tax tribunal cases on this issue, where whether or not … Continued
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
🎅🏻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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