Investors brace for capital gains tax increase. This “frenzy” of activity comes as concerns mount that the Labour administration will increase taxes to address a £22 billion shortfall in public finances. Wealth managers and tax experts say fears of a capital gains tax hike in the upcoming October Budget have triggered a surge in asset … Continued
Updated fuel rates impact UK company-car drivers. These rates, which apply to petrol, diesel, LPG, and electric vehicles, are used to reimburse employees for business travel or repay the cost of fuel used for private travel. HMRC has introduced new advisory fuel rates, effective 1 September 2024, impacting company-car drivers across the UK. Notably, the … Continued
Enforcement will focus on 11 specific regions: Belfast, Birmingham, Bradford, Cardiff, Cornwall, Cumbria, East Anglia, Glasgow, Liverpool, the North East, and Watford. HMRC is cracking down on small and medium-sized businesses (SMEs) in 11 UK regions for potential non-compliance with the National Minimum Wage (NMW). Companies found guilty of underpaying will have to reimburse workers … Continued
0.25% reduction for late and repayment interests. The Bank of England (BoE) cut the base rate to 5.0% on 1 August, the first reduction in over four years. HMRC will lower late payment and repayment interest rates for the first time in a year. This change has prompted HMRC to adjust its rates, which are … Continued
Only 369,000 taxpayers paid CGT in 2023, resulting in a £2.5bn drop in revenue to £14.4bn. Only 369,000 taxpayers paid capital gains tax (CGT) in the last tax year, a decrease of 40,000 from the previous year. Despite the overall reduction, CGT from residential property sales rose to £1.6bn. High-income individuals had a significant impact, … Continued
The vote to lower the interest rate to 5.0% was close, with five members voting in favour and four against. In its first cut for four years, the Bank of England (BoE) has reduced interest rates by 0.25%. The BoE was under pressure to make this reduction as inflation had hit its 2% target for … Continued
Labour’s campaign pledged not to raise National Insurance, income tax, or VAT, yet it proposed significant tax reforms. Labour secured a historic landslide victory in the general election, with Sir Keir Starmer’s Government setting the stage for the introduction of several new tax measures. The party, running on a platform promising change, achieved its largest-ever … Continued
Debt charity StepChange reports a 50% rise in the average debt among its clients, from £1,146 in 2019 to £1,726 in 2023. As councils nationwide face financial constraints, council tax debt has surged by 9% in the past year. This represents a 71% increase since pre-pandemic levels, when the debt stood at £3.5bn, as more … Continued
Soaring rents and inflation have driven the price surge as London now ranks eighth in the global cost-of-living index, one spot higher than last year. Soaring rents, inflation, and the cost-of-living crisis have pushed London up the rankings as one of the most expensive cities to live and work in. London now ranks eighth in … Continued
Targeted efforts yield high returns from unpaid IHT as HMRC recovers £285 million from 3,028 investigations. The amount of tax collected from unpaid inheritance tax (IHT) investigations is soaring, but HMRC could recover even more. Over the past five years, HMRC has conducted thousands of investigations into estates suspected of owing IHT, collecting £1.39 billion … 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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