An evening with the Tax Team - Discussing the Autumn Statement

19 November 2015 •

Warrener Stewart’s tax team will be hosting an evening event at the Fulham Broadway Bar and Grill on Wednesday, 25th November to review the Chancellor’s Autumn Statement.

The evening event will allow clients and contacts of Warrener Stewart to discuss with the tax team how, if any, of the changes that Mr Osborne announces in his statement, might affect them or their business.

“This is a fantastic opportunity to mull over the day’s events,” says Damian Talbot, head of tax at Warrener Stewart. “Our tax team are normally inundated with calls from clients following any announcements from the government about tax issues. By holding an evening event, this will allow us to discuss in detail anything that immediately concerns them.”

The event, to be held in the Members Lounge, starts at 6pm when canapés and drinks will be served until 8.30pm. Anyone wishing to be included on the guest list should email Felicity Butler.

Update on the changes to the taxation of dividends

20 October 2015 • Tax Videos

Radical reforms to the dividend taxation system were introduced in the July 2015 budget which will take effect from the 6th April 2016. The most important effect is that the effective tax rate will increase by 7.5% across all bands. To illustrate, effective tax rates before, and on or after this date will be as follows;

  Old Regime - Nominal Old Regime – Effective New Regime
Basic Rate 10.00% 0.00% 7.50%
Higher Rate 32.50% 25.00% 32.50%
Additional Rate 37.50% 30.60% 38.10%

There are however two favourable changes.

  • Firstly the tax credit system is being abolished which means the end of ‘grossing up’. This system is why under the old regime, £9,000 of dividends actually counted as £10,000 for tax purposes. The practical effect of this change is that thresholds and bands will now be approached and crossed more slowly for a given level of physical distribution.
  • Secondly there is going to be a new tax free £5,000 dividend allowance which means that the first £5,000 of dividend income is effectively zero rated within whichever band it happens to sit.

Illustration 1

How someone with gross income of £100,000 will be affected

Say that a person with an owner managed business kept their gross income at £100,000 (so as not to lose their personal allowance). The old typical setup would have been to draw a salary of £8,000 with a net (i.e. ‘actual’) dividend of £82,800 (which translates to £92,000 grossed up – i.e. for tax).

We can see that in this case that the person would be £4780.37 worse off.

Illustration 2

Under the new regime however, the person might want to increase their dividends by £9,200 as with the abolition of ‘grossing up’, drawing £92,000 dividends would simply count as £92,000 for tax purposes. Therefore the person could physically receive £100,000 overall without starting to lose their personal allowance.

We can see that in this scenario the person would be £3,818.15 worse off. This is however a lower differential than the previous example.

Comparison of overall tax rates

We have developed a spreadsheet system which can test various scenarios, so if you think that these changes could affect 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.

 

A testing time for Team Warrener Stewart as they tackle Tough Mudder, Winchester

09 October 2015 •

True grit and determination took on a new meaning for the nine plucky team mates from Warrener Stewart who swapped crunching numbers for being well and truly counted in darkest, muddiest Hampshire! Keen to see if they could cope with the conditions on the notorious Tough Mudder obstacle course, Warrener Stewart staff, led by joint managing director Nick Morgan, took part in this grueling team event.

Whilst many enjoyed the late September autumn sunshine, the intrepid nine from Warrener Stewart pictured above, (L-R); Nick Morgan, David Collins, Mark Cook, Victoria Dent, Felicity Butler, Ashleigh Molton, Liz Henry, Ryan O’Connor and Marcus Bullen, pushed themselves to physical and mental limits. As Nick noted, some of the obstacles were extremely challenging with many of the team being forced to confront some of their worst fears simply to complete the very Tough, very Muddy and very Long (12 mile) course.

“My thanks go out to all of the crew for being such a great team and pulling together so tightly, it was an incredible achievement to get us (not least me) to the finish,” concedes Nick. “It was very tough indeed, much tougher than I had been expecting, but as the man said, the clue was in fact in the name!!”

David Collins takes 'being cool' to new limits.

 

Kick starting the new season

10 September 2015 •

In front of an enthusiastic, early season crowd which included local MP Justine Greening, on their newly installed 4G pitch Rosslyn Park did not disappoint. Their 1st XV side enjoyed a thumping win over new promoted Henley Hawks, scoring 62 to Henley's 12.

Warrener Stewart are amongst the proud sponsors of the prestigious rugby club this year and cheering on the Park was none other than Nick Morgan, Warrener Stewart's joint managing director. "It was a good solid start for the boys," commented Nick. "Hopefully they can keep this up and go one better than last year to win promotion this season. Good to see our new signboard sitting pretty beside the shiny new 4G Pitch."

Warrener Stewart offers a three year ACA training contract

07 August 2015 •

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 September 2015. To apply please send your CV together with a covering letter to Jon Last either by post or email (jlast@warrenerstewart.com).

Warrener Stewart’s directors take part in Prudential RideLondon

05 August 2015 •

A two day cycling bonanza, the Prudential RideLondon, saw amateur cyclists take to closed roads of London to raise money for charity. Amongst the 25,000 cyclists who took up the challenge of the London-Surrey 100 ride on Sunday 2 August, were two of the directors of Fulham based accountants, Warrener Stewart; Nick Morgan and Jon Last.

Last year the intrepid pair battled against Hurricane Bertha as they competed in the circular route. This year thankfully the elements were kinder so they could enjoy the route which took them from the Queen Elizabeth Olympic Park, through leafy Surrey suburbs, before completing the final stretch to Buckingham Palace cycling up the Mall.

“The Ride did not seem as grueling as last year,” observed Nick Morgan, “maybe that’s because the sun was shining this year and I took it a bit easier than Jon!”

Nevertheless the pair both returned good times; Jon managing an impressive 5 hours and 22 minutes, whilst Nick cycled the 100 miles in six and a half hours.

Their chosen charity, Shooting Star Chase, a leading children’s hospice charity, will benefit from a contribution of £2000. The money raised with be used to care for babies, children and young people with life limiting conditions, as well as providing much needed support and respite for their families. If you would like to make a donation please visit https://www.justgiving.com/Nick-Morgan9/

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