Finance Act 2019 (s. 30) introduced a new Structural Buildings Allowance. Although this legislation has now been around for nearly 16 months (it was available from 29 October 2018), it remains an unfamiliar area. The Capital Allowances Act 2001 did not give any provision for relief to be claimed on the vast majority of structures … Continued
The rental profits of UK property businesses generated by non-UK resident companies currently fall within the UK Income tax (IT) regime, with profits charged at a rate of 20%. However, from 6 April 2020, such profits will fall within the UK Corporation Tax (CT) regime, which is currently charged at a rate of 19%. Generally, … Continued
Under the current self-assessment system, reporting property disposals and paying any resulting capital gains tax (CGT) is not due until the deadline for submitting a self-assessment form. For UK-residents and some non-residents, this can be up to 22 months after the disposal took place, whereas for most non-residents reporting, and settling any CGT due on, … Continued
Property owners disposing of a dwelling, which at some point of ownership was used as their only or main residence, are currently entitled to claim principal private residence relief (PPR) for the period of ownership as well as the final 18 months regardless of the use of the property. Several changes to PPR relief were … Continued
The Government is to press ahead with extending the off-payroll rules to the private sector next month, following the publication of a controversial report. From April 2020, every medium and large private-sector firm in the UK will become responsible for setting the tax status of any contractor they use, as is the case in the … Continued
The Treasury is to raise the National Insurance threshold for 2020/21, saving the average employee around £104. According to legislation approved in Parliament back on 30 January 2020, the £8,632 threshold at which employees start paying class 1 national insurance contributions (NICs) will increase by more than 10% to £9,500. The same £9,500 threshold will … Continued
The Scottish Government has decided to freeze all income tax rates, plus the higher and top-rate thresholds, for 2020/21. Assuming the personal allowance remains at £12,500, only the basic and intermediate thresholds in Scotland are set to rise in line with inflation. A starter-rate of 19% will apply on earnings between £12,501 and £14,585, while … Continued
An eagerly anticipated report into the controversial loan charge has provided respite for thousands of people. The Government revealed a string of concessions to lessen the severity of the policy, which seriously distressed those affected. Up to 50,000 people were paid through so-called disguised remuneration schemes dating back to 1999. Prior to the publication of … Continued
The hourly national living wage rate for over-25s will increase from £8.21 to £8.72 for 2020/21. The Low Pay Commission published recommendations for the new rates, which kick in from 1 April 2020. The national living wage is the Government’s minimum wage for over-25s. The minimum wage for under-25s will also rise. Workers aged between … Continued
The December General Election meant that the Autumn Budget was delayed and we now know that Sajid Javed will deliver his first Budget on the second Wednesday in March which is when Budget day used to be! We are expecting that the tax measures in the Conservative Party manifesto will be announced again together with … 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.
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Phone: 0151 236 1494
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