WSM Blog

Capital Gains On Non-Resident Landlords

New rules, known as Non-Resident Capital Gains Tax (NRCGT) will come into effect on 6th April 2019 and are, according to HMRC, ‘expected to have a significant impact on businesses’.

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Budget 2018 SDLT – First time buyers relief

From 29 October 2018 the relief was extended to include first time buyers purchasing through approved shared ownership schemes who do not elect to pay SDLT on the market value of the property but instead pay SDLT in stages. This extension will apply retrospectively from 22 November 2017 onwards.

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HM Revenue & Customs – A New Class Of Preferential Creditor

Historically, HM Revenue & Customs (“HMRC”) had enjoyed a higher, preferential ranking in the statutory order of payment for insolvent estates for certain VAT, PAYE, CIS and NICs debts. This status was abolished in the Enterprise Act 2002, when all HMRC debt was re-categorised as unsecured in order to provide a level playing field for business and promote an entrepreneurial culture in the UK. However, in the recent Budget, Chancellor Philip Hammond has reintroduced ‘preferential’ status for HMRC in insolvency proceedings.

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Profit Fragmentation Arrangements

The profit fragmentation rules were first announced in the 2017 Budget were included in the Finance Bill 2018-19 was published on 7 November 2018. The new anti-avoidance measure targets UK resident traders who put arrangements in place to divert UK related business profits to an overseas entity and they have the right to enjoy the income arising to the overseas entity.

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Small Businesses

In his Autumn 2019 Budget the chancellor announced that business rates will be reduced by a third for two years for shops, pubs, restaurants and cafes in England with a rateable value of £51,000 and under in a bid to save Britain’s high street which has been hit with increasing numbers of shops closing.

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Entrepreneurs’ Relief – Two Important changes

Prior to the October Budget, the two key current conditions for being able to claim entrepreneurs' relief on a share sale are that throughout a minimum period of at least 12 months before the sale: 1. the taxpayer held at least 5% of the voting rights and 5% of the ordinary share capital of the company; and 2. the taxpayer was a director, officer or employee of the company.

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Stamping Out Fraud In Fundraising

Fundraising is a fundamental source of income for charities and without it many would not exist at all.

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A few points from the ‘Budget 2018’

The Chancellor brought forward an election pledge to increase both the Personal Allowance and Higher Rate tax band, affecting 32 million people. From April 2019, the Personal allowance will increase to £12,500, while the higher rate tax threshold will be £50,000, rising from £11,850 and £46,351 respectively.

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Encouraging House- Builders to Build – An Update

Alongside the Budget held earlier this week, Sir Oliver published his final findings. There had been much speculation that the report was to conclude that large house-builders were land-banking, the practice of buying up undeveloped land purely as an investment, with no plans to develop the land in the short-term.

Blog, Property

Debt & Stress: We’re here to help

Being a business is tough. So many liabilities, such as rent, rates, VAT, PAYE and utilities, can arise just through existing. Sales and especially income, conversely, can never be fully guaranteed. Many employees and their families may be counting on you. If times get hard, where liabilities keep arising without the income to support them, stress can come in very quickly. Debts can quickly cause stress, anxiety, and depression – and this can more widely affect relationships with staff, customers, and family. And, of course, it’s not good for the prospects of the business.

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