Blick Rothenberg

Blick Rothenberg in the Press

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  • The end of January: completing your tax return


    01.02.16

    Surrounded by yellowing receipts, sheaves of paperwork and a calculator, the rush to meet the January 31 online filing deadline, negotiate the HM Revenue & Customs website and pay what is due before being slapped with a £100 fine is stressful for many.

    On top of concerns over data accuracy are suspicions that taxpayers will not double-check information that has been pre-populated by an official body.

    Individuals who do not interrogate their information leave themselves hostage to any mistakes and fines that could follow, says Bob Rothenberg, senior partner at accountants Blick Rothenberg. “I have no doubt the burden of responsibility will always lie with the taxpayer.”

    Source: Financial Times
  • Business owners are accelerating dividend payments from their companies to avoid higher tax rates introduced from April


    29.01.16

    Accountants have reported that more of their clients have been taking cash out of their UK businesses since changes, designed to deter people from incorporating purely to save tax, were announced in the Budget last summer. Higher earners, who retain more income by paying themselves in dividends, rather than wages, will by and large be worse off when dividend tax rates rise by 7.5 percentage points for the 2016-17 tax year.

    Genevieve Moore, a partner at accountants Blick Rothenberg, said where business owners have cash reserves from retained profits, the looming rise in dividend taxation has prompted them to take money out. “For a lot of clients, it has not been a question of ‘shall I or shall I not’ before April, it has been ‘how much’.” An additional rate taxpayer who has £750,000 to take out of their business could save just shy of £55,000 in tax by taking their dividend before April 6, according to Ms Moore.

    Source: Financial Times
  • NBuying abroad or in UK? You may face stamp duty surcharge


    29.01.16

    Treasury consultation suggests that people who own more than one home anywhere in the world could be liable for the new 3pc penalty, says Olivia Rudgard.

    Thousands of British home owners who have property abroad could be liable for the new stamp duty sur charge under Treasury rules about second homes.

    Nimesh Shah, a partner at accountants Blick Rothenberg said he would advise clients to be cautious about buying in the UK if they also own abroad until the law is clear. "The consultation document states that properties owned outside the UK will be taken into account to determine if the property being acquired is an additional residential property for the purposes of the additional stamp duty. It would be wise for an individual to wait for the outcome of the consultation and the rules to be finaliuised before taking any action, otherwise they could face an additional stamp duty cost..."

    Source: The Daily Telegraph
  • A home in Spain? You may have to pay the stamp duty surcharge


    26.01.16

    People who own property abroad could be hit by laws designed to curb the buy-to-let market. 

    Thousands of Britons who own homes abroad could be liable for the new stamp duty surcharge under Treasury rules about second homes. The new rules cover anyone who buys an extra residential property, including second homes and buy-to-lets, after April.

    The final policy will be announced in the Budget on March 16. Nimesh Shah, a partner at accountants Blick Rothenberg said he would advise clients to be cautious about buying in the UK if they also own abroad until the full wording of the law is clear.

    Source: The Daily Telegraph
  • Warning on accelerating dividend payments amidst rush before 5 April


    26.01.16

    Individuals who are thinking of accelerating payments of dividends in advance of tax changes in April should be wary or they could find themselves having to pay more tax than expected, Blick Rothenberg is warning.

    The firm reports a flurry of people declaring large dividends of historical retained profits prior to the end of the current tax year, in response to changes to the taxation of dividend received by UK individuals which will be brought in from 6 April 2016.
     
    Genevieve Moore, partner at Blick Rothenberg, said: ‘Declaring a dividend before the end of the 2015/16 tax year on 5 April could indeed save tax, but people should also consider the impact that this will have on their tax liability which will be payable on 31 January 2017.’ Moore said: ‘This means the income tax due on a dividend declared on 5 April 2016 will need to be paid by 31 January 2017, whereas for a dividend paid on 6 April, whilst it will attract a higher tax liability, the payment will not be due until 31 January 2018 – effectively, an extra year to pay.’

    Source: Accountancy Live
  • New SDLT: more questions than answers for buy-to-let and offshore investors


    25.01.16

    Government’s new proposals for a new SDLT charge poses huge areas of uncertainty for second home owners and buy-to-let investors, with issues ranging from holiday homes to challenges for those that own property abroad, says Nimesh Shah, private client partner at Blick Rothenberg.

    Whilst the exact application of the new SDLT will not be known until the 2016 Budget, the consultation paper outlines the proposals. The objective may appear simple but the commentary in the consultation document has resulted in confusion for taxpayers and professional advisors and it is not always clear when the higher SDLT will apply. Helpfully, we know for certain that the higher SDLT will not apply where the property transaction completes before 1 April 2016. We also know that the charge will not apply where the exchange of the property occurred before 26 November 2015, but completion is after 1 April 2016 – this will be particularly relevant for any ‘off plan’ purchases which do not complete until after 1 April 2016.

    Source: Accountancy Live
  • A home in France? You may face the UK buy-to-let stamp duty surcharge


    22.01.16

    Thousands of British home owners who have property abroad could be liable for the new stamp duty surcharge under Treasury rules about second homes. The additional duty of 3 percentage points, which was announced in the Budget as a means to curb the buy-to-let market, could also affect those who own second houses for other purposes, such as for family or as a holiday home, accountants say.

    Homeowners would have to declare non-UK property when buying a house in Britain, and could be committing a criminal offence if they do not declare second homes overseas. Final policy will be announced at the Budget on March 16.
     
    Nimesh Shah, a partner at accountants Blick Rothenberg, said he would advise clients to be cautious about buying in the UK if they also own abroad until the full wording of the law is clear.
     
    “The consultation document states that properties owned outside the UK will be taken into account to determine if the property being acquired is an additional residential property for the purposes of the additional stamp duty...

    Source: The Daily Telegraph
  • I want to downsize and buy in Spain. Will I pay the higher stamp duty?


    21.01.16

    If I buy a holiday home overseas, possibly Spain, in the next 12 months (after April 2016) and then sell my present UK home in order to downsize elsewhere in the UK after this, will my ‘new’ UK home attract the new higher stamp duty?

    It may seem unfair, said Nimesh Shah, a partner at accountants Blick Rothenberg, but it is likely that you will be caught by the new rules if you buy in the UK when you already own in Spain.
     
    He said: “When the individual purchases the new UK property, they will own two residential properties – a holiday home in Spain and the new UK property.
     
    “The consultation document states that properties owned outside the UK will be taken into account to determine if the property being acquired is an additional residential property for the purposes of the additional 3pc SDLT.”

    Source: Property to Insure
  • Dividend tax credit changes: Parliament probe begins


    19.01.16

    Proposed changes to the dividend tax credits system are set to come under the spotlight in The House of Lords. The changes, which were announced in last year’s Budget, will be scrutinised by a Finance Bill SubCommittee set up by the House of Lords Economic Affairs Committee. 

    The Treasury said last July that the dividend tax credit would be replaced with a new tax-free allowance of £5,000 of dividend income for all taxpayers. It takes effect from April 2016. The Chancellor said the move would “simplify the taxation of dividends”.

    Financial Planners have said smaller firms will have to review how they pay directors as a result. The move has faced strong criticism, with Blick Rothenberg, the London Chartered Accountants, estimating basic rate taxpayers may be worse off by £1,700 per annum under the new rules.

    Source: Financial Planner
  • UK families facing inheritance tax set to hit 35-year peak


    08.01.16

    The number of UK families paying inheritance tax is at a 35-year high as surging house prices push the value of family assets above a static tax threshold.

    Nimesh Shah, a partner at accountants Blick Rothenberg stated: “Over the past five years, the government’s clear objective appears to have been to raise more money from inheritance tax.” Mr Shah said that on top of freezing the nil-rate band, the government has cut reliefs that allowed some families to cut their IHT bills. It is no longer allowed, he said, to deduct debts such as business loans from estates before IHT is taken, for example. From April 2017, IHT will also become payable on homes owned by non-domiciled residents.

    Source: Financial Times
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