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Comments Off on Small Employers Risk Losing the Employment Allowance in 2020

Small Employers Risk Losing the Employment Allowance in 2020

Small Employers Risk Losing the Employment Allowance in 2020

Plans to remove the employment allowance for large employers from April 2020 could impact on smaller firms. This allowance provides employers with a reduction to their national insurance contributions (NICs) bill of up to £3,000. Employers that claim the allowance can carry it forward from one tax year to the next, but that will stop … Continued

Comments Off on BWM Charity Autumn Update Seminar – 2 October 2019

BWM Charity Autumn Update Seminar – 2 October 2019

BWM Charity Autumn Update Seminar – 2 October 2019

BWM Chartered Accountants are hosting a Free Charity Autumn Update Seminar on Wednesday 2 October from 9am. Full details are provided here. Timings: 9am to 12noon Venue: The Quaker Meeting House, 22 School Lane, Liverpool City Centre, L1 3BT Complimentary breakfast pastries and drinks will be provided on arrival with a break for refreshments mid-morning. Booking … Continued

Comments Off on BWM are now Elite Members of QuickBooks Online

BWM are now Elite Members of QuickBooks Online

BWM are now Elite Members of QuickBooks Online

BWM are delighted to announce that we are now Elite Members of leading cloud accountancy provider QuickBooks Online. This is the new highest tier! As Elite Members of QuickBooks Online BWM accountants are kept up to date with the latest software developments so that they in turn can help their clients get the most out of … Continued

Comments Off on Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

Treasury to Review Tapered Annual Allowance as Dispute Rumbles on

The Treasury has announced it will review the tapered annual allowance for pensions, following calls to abolish it. The amount of pension contributions that can be made tax-free in 2019/20 stands at £40,000 in most cases, but this is restricted for higher earners by the tapered annual allowance. The taper applies to people with a … Continued

Comments Off on Treasury Urged to Rethink Buy-to-let Crackdown

Treasury Urged to Rethink Buy-to-let Crackdown

Treasury Urged to Rethink Buy-to-let Crackdown

The Government is being urged to stop its crackdown on the buy-to-let market, following evidence showing the negative effects of a string of tax changes. The Intermediary Mortgage Lenders’ Association (IMLA) said recent changes are forcing some landlords out of the private rented sector. It found that landlords with one buy-to-let property made up just … Continued

Comments Off on Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Rules on Gifts Made to Loved Ones Should be Simplified, Says the OTS

Fewer people should have to pay tax on gifts made to loved ones in the years before their death, according to the Office for Tax Simplification (OTS). Under the current rules, inheritance tax of up to 40% is paid when someone dies within seven years of making a gift. The OTS called on the Treasury … Continued

Comments Off on Advisory Fuel Rate for Company Cars from 1 June 2019

Advisory Fuel Rate for Company Cars from 1 June 2019

Advisory Fuel Rate for Company Cars from 1 June 2019

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets.   Engine Size Petrol Diesel LPG 1400cc or less 12p (11p)   8p (7p) 1600cc or less   10p   1401cc to 2000cc 15p … Continued

Comments Off on Non-Compliant Employers face Auto-Enrolment Spot-Checks

Non-Compliant Employers face Auto-Enrolment Spot-Checks

Non-Compliant Employers face Auto-Enrolment Spot-Checks

Businesses that flout their workplace pension duties face being subjected to random spot-checks by the Pensions Regulator. Employers that provide details to HMRC are having that data cross-referenced by the watchdog in an attempt to identify non-compliance with auto-enrolment. The checks are designed to identify businesses that are failing to enrol eligible staff into a … Continued

Comments Off on Most Gifters are ‘Unclear on Inheritance Tax Rules’

Most Gifters are ‘Unclear on Inheritance Tax Rules’

Most Gifters are ‘Unclear on Inheritance Tax Rules’

Most people making gifts of money or assets are unaware of inheritance tax rules that might apply to them. HMRC polled 2,090 people and found that only 25% of those who recently made a gift had a working knowledge of the rules. Less than half (45%) were aware of the rules or exemptions surrounding inheritance … Continued

Comments Off on Government Urged to Introduce Stamp Duty Tax Break For Downsizing

Government Urged to Introduce Stamp Duty Tax Break For Downsizing

Government Urged to Introduce Stamp Duty Tax Break For Downsizing

The Government is facing calls to announce a stamp duty holiday for homeowners who seek to downsize. Saga polled 2,000 people over the age of 50 and found that 73% would support a tax break to help them move into a smaller property. Almost three-quarters (70%) said their motivation for downsizing was because their current … Continued