Warrener Stewart Pedalling to Prosperity for charity Shooting Star Chase

26 June 2014 •

Two of Warrener Stewart’s directors, Nick Morgan and Jon Last, accompanied by colleague Ariane Cole have entered the Prudential Ride London-Surrey 100 mile bike race due to take place on Sunday, 10 August. 

This road race celebrates the legacy created by the Olympic Games.  It starts in the East of London at Queen Elizabeth Olympic Park, taking riders on a 100 mile trip on closed roads through the capital, out to Dorking down in darkest Surrey, over the Downs a couple of times for good measure, before heading back to cycle up the Mall to the finish line. 

The route passes close to Warrener Stewart’s offices in Fulham which was all the inspiration Nick, Jon and Ariane needed to ride for the charity, Shooting Star Chase.  All the money that the intrepid three raise will be used to support families needing hospice care for children at two hospices; Shooting Star House in Hampton and Christopher’s in Guildford.

Over the past few years Nick Morgan, together with Tony Addinall, Chairman of long standing Warrener Stewart client Badger Holdings (parent company of the Townends & Regents property services group), have completed a number of ‘ultra’ events to raise money for Shooting Star Chase.

“We said we’d retired two years ago?” says Nick. “However, early in February we ran a 10k race along the Thames though Fulham and Putney organised by Shooting Star Chase.  When the opportunity came up to take to our bikes it seemed like a good idea! After this weekend’s practice session however, we are not so sure! We are really not looking forward to cycling right over Leith Hill in Dorking - at nearly 1,000ft it is the highest point between London and France!”

Reporting Foreign Financial Accounts

19 May 2014 •

The Financial Crimes Enforcement Network, or FinCEN Form 114, formerly known as the FBAR, is used to report financial interest or signature authority over foreign financial accounts with an aggregate balance in excess of $10,000 at any point during the tax year.

Form 114 now has a mandatory electronic filing requirement as of 1 July 2013 which can be fulfilled via the BSA efiling system.  The Form can be completed independently, or by authorizing a preparer be means of Form 114a.

Form 114 must be submitted via the BSA efiling system no later than 30 June following the tax year end.  No extensions are available for the submission of this form.

Additional Requirements for Foreign Financial Assets

In addition to FinCEN Form 114 reporting, the IRS also requires reporting of foreign financial assets on Form 8938 as part of the Federal tax return.   This report extends to include financial accounts, securities, interest in a foreign entity such as a corporation, partnership, or trust and any financial instrument with an issuer or counterparty that is not a US person.

US citizens residing abroad must report these assets on Form 8938 if the market values of the foreign financial assets are greater than $200,000 on the last day of the tax year, or $300,000 at any point during the year.   These thresholds relate to individuals with a single filing status, and should be doubled for married filing joint returns.


It is important to note filing Form 8938 does not alleviate you of your FinCEN Form 114 requirement.
Each form carries a hefty fine of $10,000 for non or incomplete reporting, with a potential for these penalties to be higher.

It is always advisable to keep on top of your US tax affairs to avoid penalties and administrative problems, as the IRS is becoming increasingly stringent on reporting especially in respect of foreign financial accounts and assets.  For any help on this or any other American tax related issues please do not hesitate to contact Warrener Stewart for further clarification.

An opportunity to train with Warrener Stewart

08 May 2014 •

Current vacancy : ACA Training Contract

Warrener Stewart is offering the opportunity for a recent graduate or AAT qualified individual to join their audit and accounts team on a three year ACA training contract.

This is an opportunity to gain valuable on-the–job training whilst undertaking the professional study required to qualify as a Chartered Accountant.  Speaking about the current vacancy Jon Last, the Director who oversees training, commented;

“Undertaking a recognised training programme like that of the ICAEW not only develops the technical skills required of a Chartered Accountant but, at Warrener Stewart, also provides a valuable insight into the work of an accountancy practice and helps foster an appreciation of the incredible range of work that is involved from technical aspects of auditing through to offering business and tax advice to small and medium sized companies.

We welcome applications from graduates or from those who’ve already studied accountancy and are AAT qualified.”

The anticipated start date is 1 October 2014. To apply please send your CV together with a covering letter to Jon Last either by post or email jlast@warrenerstewart.com.

Warrener Stewart expands management team

15 April 2014 •

Warrener Stewart is very pleased to strengthen their management team with the appointment of their tax manager Ryan Lane as an Associate with the Firm from 1st April.

Ryan joined the Warrener Stewart tax team just two years ago and since then has demonstrated a strong business acumen and in-depth knowledge of the intricacies surrounding both private and corporation tax.  His appointment is a natural progression which is well deserved.

Commenting on his promotion Ryan said, “I am really pleased with this opportunity and feel excited about my future at Warrener Stewart. I am looking forward to the challenges ahead.”

Tax Video Update - Budget 2014 reaction

21 March 2014 •

In his Budget Statement for 2014 the Chancellor announced  a number of changes and confirmed the start of measures which had been outlined in both the Budget and the Autumn Statement of 2013.

Here is an overview of some of the key points that could affect you and your business. 

Increased Pension Flexibility

From April 2015, individuals with defined contribution pensions will now be able to draw down from age 55 with tax charged at their marginal rate rather than at the current 55% tax rate.  In addition, there will no longer be a requirement to purchase an annuity with the pension funds.  Individuals with such pension pots are to be offered free and impartial face-to-face guidance at the point of retirement.

New Individual Savings Accounts (NISAs)

ISAs are to be reformed into a simpler product by merging the Cash ISAs and Stocks and Shares ISAs into a single NISA.  The subscription limit will be increased to £15,000.

National Savings & Investments (NS&I) support for Savers

The limit for investing in Premium Bonds is to be increased to £40,000 from 1 August 2014 and then increasing to £50,000 in 2015/16.

NS&I are also to launch a Pensioner Bond for savers over 65 which will offer higher interest rates than currently available.  The investment limit will be £10,000 per bond.

Seed Enterprise Investment Scheme (SEIS)

The Chancellor announced that he will make the SEIS permanent in its current format.

There is also to be a consultation over Summer 2014 regarding EIS and VCTs that are being used to allow investment in low risk activities. This may affect the current market availability of these types of EIS and VCT investment vehicles.

Capital Allowances Annual Investment Allowance (AIA)

The AIA is to increase to £500,000 for qualifying investment in plant and machinery made on or after 1 April 2014 until 31 December 2015. This is an increase from the current £250,000 rate and will encourage further investment by businesses.

Annual Tax on Enveloped Dwellings (ATED)

HMRC are extending the scope of this annual tax charge to properties worth over £500,000 from its current limit of £2,000,000. This will be phased in over the next two years but will represent a cost to be taken into account when deciding whether a company should be used to acquire UK property.

There is also an extension to the 15% rate of Stamp Duty Land Tax (SDLT) when property is purchased by certain non-natural persons. This is also being extended to properties worth £500,000 or more from 20 March 2014.

Class 2 National Insurance

From April 2016, Class 2 National Insurance for the self-employed will no longer be collected through direct debit or direct payment but will rather be collected through the self-assessment system and paid at the same time as self-assessment liabilities and Class 4 National Insurance Contributions.

Corporation Tax rates announced previously

The corporation tax rate continues to fall towards its 20% target and from April 2014 will be 21%, reaching 20% from April 2015.

Personal Allowance and Higher Rate Threshold

The personal allowance will rise from £9,440 in 2013/14 to £10,000 in 2014/15. The higher rate threshold will also be increased to £41,865.

HMRC intends to consult on whether the current personal allowance should be restricted only to UK residents and those living overseas who have strong economic ties to the UK.

Partnerships with mixed memberships

HMRC has confirmed that it will introduce legislation that will take effect from April 2014 to counter the disguising of employment relationships in LLPs and prevent the allocation of business profits to corporate members.

Beneficial Loans

As previously announced in Budget Statement 2013, the threshold for small loans exemption limit will be increased from £5,000 to £10,000 and this will come into force from 6 April 2014.

Dual Contracts

As announced in the Autumn Statement 2013, HMRC will introduce legislation to prevent high earning non-domiciled Individuals from avoiding tax by dividing up their employment artificially into two contracts, one for UK duties and one for overseas duties.

If you would like to talk to one of the tax team and explore what Budget 2014 could mean for you and your business then please call 020 7731 6163. 

2014/15 Tax Card 

For a complete overview you can also download the our latest Tax Card 

No responsibility for loss occasioned to any person acting on or refraining from action as a result of the above material can be accepted by us.

SME news round-up

07 March 2014 •

Recession leads to start-up boom

In common with our experience, Sir Stuart Rose recently declared that more small British businesses have started up since the economic collapse than at any time in history. The former Marks & Spencer chief commented: “There are more start-ups going on in the UK than there have ever been. Following the recession, people have decided to branch out on their own.”

If you are considering a business start-up please speak to us and arrange a free initial consultation. Time spent in the proper planning of a new business venture is vital.

Lending to SMEs falls

Recent figures from the BoE’s Funding for Lending Scheme have revealed that 34 banks and building societies using the credit facility withdrew £1.32bn of lending from SMEs between April and December 2013. The largest withdrawals were by RBS, which withdrew £2.2bn of credit, and Nationwide, which cut lending by £1.14bn. Meanwhile, other data suggested that small challenger banks are beginning to fill the void, an example being Aldermore who lent £345m to small business in the period.

Sadly we at Warrener Stewart have noted this trend. SME lending needs to improve if the current economic recovery is to continue. If you are experiencing funding difficulties do contact us, we may be able to suggest options that you have not previously considered.

Chancellor salutes small businesses

Small businesses are set to receive a letter from George Osborne saluting them for their contribution to the economy. Mr Osborne is drawing attention to measures announced in last year’s Autumn Statement, handing employers an annual discount of up to £2,000 on NICs. It is estimated that up to 1.25m businesses and charities will benefit from the Employment Allowance, which takes effect next month, while approximately 450,000 will not have to pay any Class 1 NICs in 2014-15. Mr Osborne says in his letter: “Small businesses are the lifeblood of the economy and I want to make it easier for you to succeed and grow. This Government’s long-term plan backs business because that is the only way to grow our economy and create jobs. Thank you for the role you have played in securing our recovery”.

If Warrener Stewart already provide you with payroll services we will ensure that this discount is applied as early as possible. If not, and you require assistance, please get in touch.

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