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Blick Rothenberg in the Press

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  • Coalition saw £95bn increase in annual tax receipts


    01.04.15

    After the announcement that tax receipts over the five years of the coalition government rose by 23%, driven by the rise in VAT payments which increase more than income tax, national insurance and stamp duty land tax combined, experts from Blick Rothenberg provide comment;

    Alan Pearce, VAT partner, said; 'The significant increase in VAT receipts during the period can be traced back to the January 2011 increase in the standard rate of VAT from 17.5% to 20%, as well as increase consumer spending as the economy recovers. However, whether the VAT rate increase equates to claims by some that this has led to the average family paying an extra £1,800 of VAT over the period is questionable as this would mean an annual spend per household of around £21,600 on goods and services that are subject to the 20% VAT rate.'

    Nimesh Shah, tax partner, comment; ' Whilst the personal allowance for income tax has increase by £4,000, the NIC band shave barely changed. Couple this with the additionally 1% added across each of the rates in 2011/12, it is easy to see why the NIC receipts are up £13bn.'

    Paul Haywood-Schiefer, personal tax advisor, said; 'SDLT's rapid progress can’t just be put down to the increase activity in the property market, but also reflective of the introduction of the 5% and 7% rates on properties over 31m and over £2m respectively. It is still too soon to fully gauge the effects of the change to progressive SDLT rates, introduced in the Autumn Statement, although in January and February of this year, the receipts were down £181m on the same two months of last year.'
     

  • Business boosted by VAT flat rate


    29.03.15

    Alan Pearce, partner at Blick Rothenberg, comments on the VAT flat rate scheme; 'Take the example of a sole trader with IT consultancy income of £100,000 a year. Under the normal rules, he would charge 320,000 of VAT at 20% and pay this to HMRC. Under the flat rate scheme, he still charges and collects £20,000 from his clients but pays only £17,400 to HMRC [14.5% of the VAT inclusive turnover, this being the flat rate for an IT consultant]. There is an immediate saving of 32,600, subject to any VAT on expenditure that he forgoes.'

    Source: The Sunday Times
  • Tax year end: follow this checklist to maximise your savings


    28.03.15

    Speaking on maximising gains in the new tax year, particularly in regards to realising capital gain in this tax year without incurring capital gains tax, Caroline Le Jeune, senior partner at Blick Rothenberg, comments; 'Where you expect to realise a significant capital gain, consider delaying the disposal until after April 5. This will date by which the tax is due by 12 months.'

    Source: Telegraph
  • Freelancers? Take-home pay set to rise


    23.03.15

    Following the Budget announcement, freelancers will be better off in the 2015-16 tax year, except for the very highest earning self-employed people.

    Blick Rothenberg post-Budget analysis shows that only those freelancers commanding an annual salary of between £125,000 and £175,000 will be worse off.

    Source: Freelance UK
  • The death of the tax return Chancellor overhauls the self assessment system with new digital year-round system


    21.03.15

    After the Chancellor outlined a radical overhaul of the self-assessment system in the Budget, Mark Abbs, tax partner at Blick Rothenberg, said this will bring tax collection into the modern age, but warned it will be expensive at first. He comments; 'We have had similar changes to the UK payroll system, and while there were some technology challenges, on the whole it went pretty smoothly and better than most advisers had feared. It became the norm very quickly. Abolishing tax returns is therefore a natural step in the online evolution. A five year time frame is ambitious and there is a lot to do by then to change the rules/framework and especially technology.'

  • Analysis: End of annual tax return could pose risks


    21.03.15

    Leading up to the end of the annual tax return, Simon Wagman, partner at Blick Rothenberg, has warned it could lead some to miss out on the reliefs and deductions they are eligible to.

    He told ITV News that; 'The banishment of annual self-assessment tax returned may sound like an improvement for those who are self employed, but those claiming reliefs and deductions may no longer see the opportunity and end up paying more tax.'

    Source: ITV News
  • Anti-avoidance plans 'could affect the innocent'


    21.03.15

    Following the Chancellor's announcement on a number of changes on tax avoidance measures, Simon Wagman, partner at Blick Rothenberg, told ITV News: 'We need to see more detail on this, but these anti-avoidance measures could affect a number of contractors and individuals selling their businesses.'

    Source: ITV News
  • Budget2015: George Osborne's four key measures for savers explained


    21.03.15

    Simon Wagman, partner at Blick Rothenberg, explains what the changes will mean after a range of new measures was introduced for savers in the Budget 2015 by George Osborne.

    Source: ITV News
  • Pensions shake-up part 2


    20.03.15

    Following the announcement that George Osborne initiated the next stage of his pension shake-up by slashing the lifetime allowance while confirming that retirees can trade in annuities, Mark Abbs, partner at Blick Rothenberg comments; 'The complete U-turn on pension policy is now without doubt. There's a clear intention by all political parties to reduce tax relief for pension contributions. Encouraging us to save less for retirement is a time bomb for the future as we live longer.'

    Source: Investors Chronicle
  • Budget 2015 analysis: direct profits tax, IHT, pensions,aggressive tax promoters


    20.03.15

    Following the announcement that the Chancellor managed to finalise new rules on a review of the use of deeds of variation to avoid IHT, Frank Nash, senior tax partner at Blick Rothenberg warned; 'Families exposed to inheritance tax will need to ensure their wills are tax efficient now. Variations to wills may be disallowed within months.'

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