Blick Rothenberg

Blick Rothenberg in the Press

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  • The new savings tax allowances could leave you out of pocket


    23.04.16

    Changes that were intended to simplify the taxation of savings interest have been branded a fiasco by Accountants. Some savers will pay hundreds of pounds in tax that they do not owe this year while millions may miss out on the best savings rates because they are unaware of a new allowance.

    The number of people affected, however, will be small. Assuming an interest rate of 1.5 per cent for easy access accounts, it is only those savers who pay tax through PAYE and who had £65,000 or more in taxable savings last year (£33,000 for higher rate taxpayers), but who now have savings below the threshold, who will be unfairly penalised.

    However, Nimesh Shah, of Blick Rothenberg, the accountant, says that the system change has not been well-organised. “The fact that banks and building societies no longer deduct basic rate tax from interest is a major change and it’s a fiasco that the public have not been better informed by the government, HMRC and even their banks, given the implications for people’s finances...”

    Source: The Times
  • UK and Europe’s plan to `hammer blow’ to tax evasion is a step in the right direction


    20.04.16

    Registries of beneficial ownership and exchange of data between EU tax authorities is a step in the right direction, but much will have to be done to ensure it has a real lasting impact, said London Chartered Accountants Blick Rothenberg LLP.

    Gary Gardner, partner and tax dispute specialist at Blick Rothenberg, said: "The UK’s new register of beneficial ownership and that of its European counterparts will require companies to disclose details such as the names of ultimate beneficiaries of corporate structures and is welcome. “But the real problem arises in checking the accuracy of disclosures and this is more of a problem for Companies House than for HMRC. As yet there have been no announcements as to whether extra resources will be provided to Companies House, or HMRC, to check disclosures and enforce compliance..."

    Source: Business Money
  • Stamp duty surcharge: the unintended consequences


    16.04.16

    The issue throws up questions about how you determine a main residence for tax purposes, as groups (soldiers who live in barracks or family accommodation, teachers and caretakers who live on-site in boarding schools) are effectively being allowed to use somewhere they don’t live as a main residence.

    Experts say the confusion stems from the stamp duty law. Unlike with capital gains tax, you are not allowed to nominate a main residence for stamp duty purposes – instead it is decided based on the facts. 
                                                                                   
    Nimesh Shah, a partner at accountancy firm Blick Rothenberg, said: "There is ability for you to replace your main residence and you are not affected by the 3pc charge. However, in this situation they can’t take advantage of this. "There was a very short period of consultation before it actually took effect and unfortunately it is having a series of unintended consequences. “I think we’ll see more of these types of scenarios where people are innocently caught by this additional charge."

    Source: The Daily Telegraph
  • New tax reliefs for Peer-to-Peer lending could give individual investors a boost


    14.04.16

    Measures introduced in the latest Finance Bill 2016 to offer tax relief on Peer-to-Peer (P2P) loans are a welcomed move that could give individual investors higher returns on their savings, say London Chartered Accountants Blick Rothenberg LLP.

    Robert Pullen, personal tax manager at Blick Rothenberg, said: "P2P lending has been growing in popularity amongst individual investors searching for higher returns on their savings. Until recently, there were no specific tax rules in relation to P2P investments but the growing interest has been acknowledged by the government, with new tax reliefs for losses introduced in the latest Finance Bill 2016."

    Robert Pullen, personal tax manager at Blick Rothenberg, said: "P2P lending has been growing in popularity amongst individual investors searching for higher returns on their savings. Until recently, there were no specific tax rules in relation to P2P investments but the growing interest has been acknowledged by the government, with new tax reliefs for losses introduced in the latest Finance Bill 2016."

    Source: Fresh Business Thinking
  • Isas — the entirely legal form of tax avoidance for everyone


    09.04.16

    You don’t have to shelter your money in tax havens — there are legitimate ways to minimise what you owe HMRC

    Amid the Panama Papers furore, implicating people from the prime minister to fashion designers, such as Roksanda Ilincic, a lawyer attempted to compare Isas with the secretive tax avoidance schemes. The remark provoked further controversy. Isas are a legal way for ordinary people to build long term and short-term savings, with all details of holdings disclosed to HMRC. We answer your questions.

    From April 6, banks and building societies are no longer deducting tax at source from the interest they pay, so savers who are top-rate taxpayers, or whose interest payments exceed their allowance, will have to report this to the Revenue and pay the tax required.

    Genevieve Moore, a partner at the Blick Rothenberg accountancy company, says: “Many higher-rate taxpayers are likely already to be in the self-assessment system. However, basic-rate taxpayers with substantial savings may not.”

    Source: The Times
  • Osborne perpetuates UK core conflict on tax with Budget 2016


    01.04.16

    George Osborne, UK Chancellor of the exchequer, delivered his Budget 2016 speech on March 16, criticising "large companies that exploit loopholes" while lowering corporation tax to attract multinationals. The big 'winner' were small and medium-sized enterprises but Matthew Gilleard argues that, for large corporates, another Budget full of mixed messages is creating uncertainity.

    Genevieve Moore, partner at accountants Blick Rothenberg commented: "Statutory restrictions on interest deductions were expected, but the restrictions on the use of losses is a shock." 

    Commenting on 'open for business' and annoucement on corporation tax, Nilesh Shah, head of tax at Blick Rothenberg said: "Afurther reduction in the corporate tax rate to 17% closes the gap with Ireland to 4.5 percentage points, making the UK even more attractive for large international companies.
    Genevieve Moore said the Budget message is: "Come to the UK, establish your business here and pay UK tax at this unprecedented lkow rate. Britain is still open for business."

    Source: International Tax Review
  • Higher rate threshold raised to £45k


    01.04.16

    On personal allowances, the high rate threshold and basic tax-free allowance will increase from the 2017-18 tax year.

    Nimesh Shah, partner at Blick Rothenberg LLP says: "Increases to the personal allowance and basic rate tax band to £45,000 is welcome, but remember it was £43,875 in 2009/10".

    The Chancellor announced a 3% cut in corporation tax to 17% by April 2020, estimating this will cost the Exchequer around £1.1bn a year by 2020.

    Nimesh Shah, partner at Blick Rothenberg said: "A further reduction in the corporation tax rate to 17% closes the gap with Ireland to 4.5%, making the UK more attractive for large international companies."

    Source: Accountancy
  • Double the family fortune and beat death tax


    31.03.16

    How can parents who have cash to spare help their grown-up children onto the housing ladder and double their family wealth, courtesy of last month's budget?  

    Bob Rothenberg of the accountancy firm Blick Rothenberg explains how. Here is a snippit:
    Parents can use the "gifts out of income" exemption for inheritance tax (IHT) to help adult children make use of the new lifetime Isa, dubbed the Lisa, which will be available next year for 18 to 40 year olds, This little known exemption has no financial upper limit, nor any requirement for donors to survive their gifts for any minimum period.

    Bob has been a governor of a school in north London for 18 years, so knows more than most about how older generations must help younger ones.

    Source: The Sunday Times
  • Essential tax planning: year-end tax tips to beat 6 April deadline


    31.03.16

    Nimesh Shah, partner at Blick Rothenberg, said: ‘The recent Budget made some changes for the coming tax years – some of which will come into force with effect from 6 April 2016 and some from 6 April 2017. However, opportunities to achieve tax efficiency still exist for the current tax year and need to be actioned before the start of the new tax year next week on 6 April 2016 to avoid missing out.’ The team at Blick Rothenberg has produced a checklist of tax savvy moves, here is the contents of what it includes:

    Self-assessment tax returns, business mileage, expenses for property rental, Capital Gains Tax,  property taxes and SDLT changes, Inheritance tax and IHT planning, savings and ISA allowance, maximising tax-free personal allowance, dividend tax allowance mitigation and pensions planning for high earners.

    Source: CCH Daily inc Accountancy Live
  • Just hours to go before deadline and still Stamp Duty criticisms pour in


    31.03.16

    From midnight tonight the Stamp Duty Land Tax 3% surcharge kicks in on purchases of second homes – including on those deals that have failed to complete in the nick of time.
    Meanwhile there has been a flurry of last minute warnings – as well as a finding that landlords are unlikely to be shaken or stirred.

    Robert Pullen, tax manager at accountancy firm Blick Rothenberg, said that the new surcharge would affect individuals who were not the Chancellor’s main target, including parents buying property for their children, and owners of properties overseas even though ownership of a foreign property has no bearing on UK housing stock. Pullen said that while there is a 36-month period in which someone who has bought a second home can sell their first, they will still have to pay the surcharge before being able to reclaim it.
    He warned: "This creates a major cash-flow problem that could result in individuals having to take high-cost bridging finance."

    Source: Property Industry eye
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