Paul Haywood-Schiefer, a manager at Blick Rothenberg said, 'It's not surprising to see a downturn in the figures for both property transactions and Stamp Duty receipts over the past year. Buying a new property is a big decision and people tend to put off making such judgements when there is uncertainty about the future.'
He added, 'The past year or more has been dominated by Brexit and this is clearly something that is affecting the market and this downturn has cost the Government nearly £1bn in lost revenue.'
Source: Property Industry Eye
Susan Hutter, partner at Blick Rothenberg said, 'Although it may be unsavoury for consultants and GPs to ask their self-paying patients directly to pay old debts, their PAs could do this on their behalf and therefore a procedure should be put in place to cover this issue.'
Susan added, 'Many of those in the profession have efficient and able PAs. However, unless the PAs are trained bookkeepers, it is a mistake to think that they can do the bookkeeping for the practice without any training.'
Source: Independent Practitioner Today
Nimesh Shah, partner at Blick Rothenberg said, 'I am looking forward to seeing what the deal dividend actually means for tax. I would be surprised if there are any real tax cuts, especially with planned tax changes already in place.'
He added, 'I would like to see the deal dividend used for a further reduction in corporation tax to 15%, especially in the event of a no-deal Brexit. Assuming a no-deal Brexit, EIS should be widened and relaxed to encourage more private investment in UK business, we would no longer be bound by the EU State Aid rules.'
Source: Money Marketing Online
Nimesh Shah, partner at Blick Rothenberg said, 'Some territories have valid reasons for not wanting to make registers of overseas ownership public. You are putting people on the radar who own valuable real estate.'
He added, 'I have clients in countries where you have to be careful about how much wealth you are seen to have, because there are kidnapping threats all the time.'
Heather Self, partner at Blick Rothenberg said, 'An amount equivalent to employer's NICs should be imposed on some self-employed earnings. A good place to start (because it covers some of the highest-paid) would be professional partnerships with more than 20 members. Over time, this could be extended to other self-employed earnings, perhaps above a relatively high threshold, so that gradually the NIC gap would narrow.'
She added, 'There should be something akin to the Construction Industry Scheme ("CIS") applied to payments to contractors: a flat rate of withholding tax, perhaps set at 20%.'
Source: The Tax Journal
Alex Altmann, partner at Blick Rothenberg said, 'The UK's exit from EU will ultimately mean less political influence on various EU policies, including trade. The private sector will have to create new forums in all sorts of areas to continue and enhance the dialogue between the UK and the EU. The BGBEC creates that forum for participants in British-German trade and at the moment that is critical.'
Source: Business Money
Nimesh Shah, a partner at Blick Rothenberg said, 'While the new allowances are welcome, the main allowance has not increased in a decade. That fact, combined with soaring house prices, means more estates than ever are being drawn into the IHT net.'
Source: The Daily Telegraph
Alexander Altmann, a partner at Blick Rothenberg said, 'German businesses feel frustrated and almost disappointed that there's still no prospect at what the trading relationship with the UK will look like after Brexit. The possibility of a no-deal scenario, which could see the introduction of import procedures for goods - and potentially customs duties to pay - is a real threat to any European business trading with the UK.'
He added, 'Since the Brexit referendum, direct foreign investment in the UK and Scotland in particular has slowed down significantly and has, in the last 12 months, almost come to a halt. The risk is that investors from Germany and other European countries lose their confidence further and not only stop investing in Scotland, but also move operations away, which could be very costly for the Scottish economy.'
Source: BBC News
Jessica McLennan, a director at Blick Rothenberg said, ‘The Hyrax decision is a stark warning to individuals in unregistered avoidance schemes that inquiries and accelerated payment notices ("APN") are likely to be coming.’
Alexander Altmann, a partner at Blick Rothenberg said, 'Scotland voted to remain in the EU but, like the rest of the UK, is uncertain about what will happen next. What is certain is that Scottish and German business want to mitigate the risk and continue to trade, which is why we have set up the conference.'
Source: Evening News