The sky’s the limit!

05 January 2016 • Warrener Stewart News

Warrener Stewart are already feeling the pressure in 2016 as long standing client Tony Addinall goes sky high to raise money for Shooting Star Chase.

Last Autumn, Tony, Chairman of Badger Holdings Limited, made a tandem skydive from 15,000ft in aid of the children’s hospice. Over the past few years several of Warrener Stewart’s intrepid members, including joint managing director, Nick Morgan, have run, cycled and tackled muddy obstacles to raise money for the same Surrey based charity.

“I have done many sponsored events with Tony and his colleagues over the years, which is how I got connected with Shooting Star initially,” commented Nick. “Tony is always very competitive and has really raised the bar this time, literally!   We’ll have to come up with something equally spectacular to rival this! Or perhaps not?”

Warrener Stewart US Tax News

21 December 2015 • Tax Videos, US Tax returns

 

Now we are drawing to an end of the 2015 US tax year, here are a few updates worth noting going forward to 2016….

  • Change to the FBAR filing deadline
    Starting with the 2016 tax year, the FBAR filing deadline will change and is now be due on April 15th instead of June 30th. As with your Income Tax Returns, you can apply for a 6 month extension of time to file until October 15th. This should make things a bit simpler going forward as it means we actually have a bit more time and can file at the same time as the return.
  • Offshore Streamlined Filing Procedure is still open
    It remains the best time to get back into compliance with the IRS for individuals who have non-wilfully failed to file US tax returns and FBARs for some time whilst living overseas with the use of the Offshore Streamlined Filing Procedure. Using this procedure and subject to meeting the eligibility requirements  taxpayers can catch up on their affairs without incurring penalties for failure to fail and pay US taxes, however we don’t know how long this option will remain available or if any changes are likely to be made to make the terms less favourable.
  • WS are now Acceptance Agents!
    Damian Talbot has now qualified as a Certified Acceptance Agent which means that Warrener Stewart can now assist Non US citizens apply for US taxpayer ID numbers (ITIN’s) which is required for filing US returns who do not hold social security numbers. This saves individuals having to apply at the US Embassy or risk the IRS losing your original documentation.
  • New rates for Foreign Earned Income Exemption
    We can see a slight increase in the amount of Foreign Earned Income Exemptions available going forward to 2016 with $101,300 of foreign earnings being exemption from US tax, compared to $100,800 in 2015 and $99,200 in 2014.

 

Warrener Stewart joins the IRS Acceptance Agent Program

17 December 2015 • US Tax returns

Warrener Stewart’s head of Tax, Damian Talbot, has recently become an Authorized Acceptance Agent licensed by the American tax authority, the IRS, to help non-residents apply for their individual tax numbers. The US tax system can be complicated. Anyone who is not an American citizen, but is still required to file US tax returns as an ‘alien’, must have an Individual Taxpayer Identification Number (ITIN).

Damian, who is also an EA (Enrolled Agent), decided to undertake the necessary additional training to become an Acceptance Agent to be able to offer clients a more extensive US Tax Service.

Commenting on his latest qualification he said; “Warrener Stewart has a number of clients whose personal and business tax affairs come under either the UK or US tax systems.  As an Enrolled Agent I was able to represent taxpayers but only if they already had their ITIN. Now we can offer a complete service for individuals who are new to filing US tax returns.”

 

Two accountants choose Warrener Stewart to develop their careers

02 December 2015 • Warrener Stewart News

Warrener Stewart is delighted to have recruited two new people to join the accountancy team; Anita Desai ACCA and Alex Eagle ACA.  Both have already qualified as accountants and chose Warrener Stewart having worked in other practices since they wanted to become more involved with clients and help them achieve their business aims.

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Following a degree in Accounting and Finance Anita, decided to become a qualified accountant. Having worked with clients in the media and entertainment industry she was keen to expand her knowledge of business by moving to a practice where she could develop a more analytical and client facing role.

Similarly, Alex having completed his training as a Chartered Accountant with a medium sized firm wanted to take on a more hands on role. Alex has first hand experience of working with a broad range of clients dealing with audit and accounts assignments at all levels. His move to Warrener Stewart will allow him to build a portfolio of clients to work closely with, while assessing and analysing their needs to ensure they reach their business goals.

Commenting on their appointment, Colin Edney said; “We are delighted to welcome Anita and Alex to our ever growing team. Both have a wealth of experience that our clients will directly benefit from.

One of the key things that we pride ourselves upon at Warrener Stewart is our partnership with clients, providing a vital link between a set of financial accounts and their financial goals. To do this means adopting a more joined up approach to accounting and finding candidates who have a desire to look beyond the numbers! In Anita and Alex we have found two very capable accountants with great business skills.”

 

Warrener Stewart Celebrates Autumn Statement Event

30 November 2015 •

With George Osborne’s 2015 Autumn Statement hitting the headlines on Thursday, 25th November, it seemed the perfect opportunity for the team at Warrener Stewart to discuss the topic of tax with our clients.
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The evening was very well received, and a big thank you for the representatives from Grifco, Plena Capital, Le Bureau, Woodfords Solicitors, Cumberland Place, Painsmith, Templar Financial Planning and Quickfire Films Limited who were in attendance. All in all, it was a successful evening for Warrener Stewart and the tax team. 

Warrener Stewart's Response to the 2015 Autumn Statement

26 November 2015 • Warrener Stewart News

Today’s Autumn Statement was almost entirely devoid of changes to the tax system – a welcome respite following the myriad of new measures announced in the Budget this summer. There were however a few important announcements today, which should not be overlooked.

SDLT and Property

The most significant change was a further squeeze on buy-to-let landlords – this time, through a surcharge on SDLT. From 1 April 2016, the purchase of buy-to-let residential property will attract a 3% surcharge over and above the usual rates of SDLT. Together with the abolition of the 10% “wear & tear” allowance also taking effect next April, and the proposed restriction on mortgage interest relief from April 2017, this presents a three-pronged tax attack on private landlords.

The 3% SDLT surcharge will also apply to purchases of second homes (“additional residential properties”) from 1 April 2016 onwards.

It is proposed that corporate landlords and property investment funds which own 15 or more residential properties will be exempt from the 3% surcharge, although this is subject to policy consultation.

From April 2019, where capital gains tax is due on the disposal of a residential property, payment of the tax will be due within 30 days of completion. This is a significant change from the current Self-Assessment system, under which individuals have up to 22 months until CGT is payable, depending on the time of year of the disposal.

Tax on Dividends

Although nothing new was announced today, we would like to re-highlight the major changes to the taxation of dividends announced at the Budget. The rates of tax applicable to dividend income will increase by 7.5% at all income levels from April 2016, although this is mitigated to a certain extent to a new £5,000 tax-free allowance for dividends.

Individuals with substantial dividend income – in particular shareholders of owner-managed companies – should start planning their profit-extraction strategy as soon as possible, in order  to mitigate the impact of these changes.

Inheritance Tax

In a U-turn to policies announced before the general election, the Government has confirmed that no restrictions will be introduced on how ‘deeds of variation’ are used.  This valuable IHT planning tool therefore remains available going forward, although the Government has said it will continue to monitor their usage.

If you would like to explore what today’s Autumn Statement could mean for you and your business, please call 020 7731 6163 to talk to one of our tax team. You can also download our updated 2015 / 2016 tax card.

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