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Warrener Stewart celebrates the qualification of a second US tax expert

12 May 2015 • Warrener Stewart News

Tax experts Warrener Stewart now has two licensed IRS Enrolled Agents (EA) based at their Fulham offices following Ashleigh Molton’s qualification as an American Enrolled Agent in April.

Ashleigh, who holds a first class degree in Mathematics, joined Warrener Stewart back in July 2014 and immediately started studying to pass the American tax qualification, the Special Enrollment Examination. As a qualified EA Ashleigh can work with anyone who has is liable to pay American tax before the IRS. Being able to access a London based service is a real benefit to those needing help and advice on the complexities of the US Federal and State taxes from a non-resident perspective.

“I’m really pleased that Ashleigh has now qualified as an Enrolled Agent – we have seen a definite rise in the number of enquiries about US tax obligations,” notes Damian Talbot, head of taxation at Warrener Stewart.

“Under the current US tax system anyone with an American income source is liable for US Federal tax and possibly state taxes. Furthermore, US citizens who are currently living in the UK will probably still need to file a US return even where they expect to have no US tax liability. Through Ashleigh we can offer a cost effective service from our Fulham offices to the smaller clients who require straight forward US tax filing.”

An update on HMRC's Let Property Campaign

30 April 2015 • HMRC News, Tax Videos

Launched in autumn 2013, the Let Property Campaign provides buy-to-let and other private landlords an opportunity to make a full and voluntary disclosure on very favourable terms.

In 2014, around 40,000 landlords who failed to come forward voluntarily were sent a ‘promoted disclosure’ letter, however they would not receive the same favourable conditions as an ‘unprompted disclosure’.

Those who ignored the letter risk penalties of up to 100% of the unpaid liabilities, an investigation and in certain cases criminal prosecutions.

Process
Under the Let Property Campaign HMRC must be notified that you wish to make a disclosure. Once notified you have 3 months to bring your rental accounts up to date and complete the disclosure form. We have found this campaign very useful and to date all the offers we made to HMRC have been accepted.

Reason for making a disclosure
With increased data gathering actives, it is less likely a case of if, and more likely when, HMRC catches up with you.

Landlords with undeclared or under disclosed rental income who have not yet been contacted by HMRC and want to regularise their affairs should do so as soon as possible. Very favourable terms and affordable repayment plans can often be negotiated.

If you would like more information regarding this area please do not hesitate to contact us at Warrener Stewart call 020 7731 6163 and ask for the Tax Team.

Warrener Stewart makes two new signings to bolster accountancy team

27 April 2015 • Warrener Stewart News

Two part qualified accountants, Polish born Magda Rychter and English born Marcus Bullen, who completed his education in America, have chosen Fulham based accountants Warrener Stewart to complete their training as chartered accountants.

Warrener Stewart is one of a number of accountants who recognise the value of working whilst studying to become a Chartered Accountant, since it is an efficient way of learning about the complexities of accounting. Having initially started their training elsewhere both Magda and Marcus wanted to gain broader technical experience and work closely with clients. Consequently both were delighted to be offered the chance to develop their career with the Fulham based practice who specialise in helping small and medium sized business achieve their financial goals.

Upon completing a degree and Masters in Spatial Economics at the renowned University of Lodz in Poland, Magda decided to work within the private sector and choose to embark on a career in the UK. She initially worked within the finance departments for several high street brands, at the successful Tragus Group who operate Café Rouge and Bella Italia, before making the move to join fashion brand Phase Eight. Having worked within the confines of a finance department Magda realized she wanted the challenge of assessing the performance of the business as a whole so joined a small accountancy firm to study for her professional ACCA accountancy exams. To ensure a greater depth of knowledge and experience and work in a more client facing role, Magda was attracted to complete her training with Warrener Stewart.

The son of a merchant banker, Marcus has always been fascinated in how firms make money.  Having completed his education in America he made a conscious decision to develop his career back in the country of his birth. Following an initial two years learning about hedge funds, Marcus joined Ernst & Young in order to develop a career within accountancy working solely in Asset Management. He, like Magda, wanted to be more involved with clients, helping them to understand the business as a whole and helping them to reach their financial goals.

Commenting upon their appointments, director Jon Last who oversees Warrener Stewart’s trainee accountancy programme said; “We were delighted that Magda and Marcus choose to join our ever growing team of accountants and auditors based here in Fulham. They both have unique skills to offer clients; from her initial training in spatial economics Magda has a keen analytical mind. Whilst Marcus has a unique understanding of international business.”

David Bayman promoted to become an Associate at Warrener Stewart

17 April 2015 • Warrener Stewart News

In recognition of David Bayman’s long service at the south west London chartered accountants Warrener Stewart, the board recently agreed to promote him to be an Associate of the Firm.

David joined Warrener Stewart back in 2000; since then he has remained committed to delivering excellent client service to many small owner managed businesses.

“David has consistently supported both us the directors and fellow colleagues during the fifteen years he has worked here,” commented director, Nick Morgan. “We hugely appreciate his dedication and steadfast good, old fashioned hard work ethic – consequently we had no hesitation in making this appointment, which we all agree is fully deserved!”

2015 Budget Statement Highlights

19 March 2015 •

In the final Budget Statement of this Parliament, the Chancellor announced a number of new changes as well as reaffirming those introduced in his 2014 Autumn Statement.  Here is our initial reaction and overview of some of the key points that could affect you and your business.

You can also watch our video round up featuring Damian Talbot and Francis Kershaw.

“Help to Buy” ISA – This was one of the key changes announced in the Chancellor’s Budget to give help to first time buyers in raising deposits for house purchases.  Broadly, investments made into the ISA will be “topped up” by a 25% contribution from HMRC.  The example given was £12,000 invested by the taxpayer will be uplifted by a £3,000 injection by the Government.

Entrepreneurs Relief Changes – The announcements made in the 2014 Autumn Statement regarding the restriction on the availability of E.R. to Goodwill recognised that incorporation of a business will be included within the Finance Bill 2015.

Personal Savings Allowance – The Chancellor announced that from April 2016 the first £1,000 of interest earned on cash deposits will be tax-free for basic rate taxpayers.  This allowance will be restricted to £500 for higher rate taxpayers.

Class 2 National Insurance Contributions – This class of NIC currently paid by self-employed taxpayers is to be abolished over the next Parliament.  However, Class 4 NIC, which is also paid by the self-employed, is to be reformed accordingly.

Remittance Basis Charge – As announced in the Autumn Statement, new rates for UK resident/non-domiciled individuals utilising the remittance basis will be introduced from 6 April 2015. Individuals who have been resident in UK for more than 17 of the last 20 years will now incur a £90,000 remittance basis charge if they wish to utilise the remittance basis.

In addition, the £50,000 remittance basis charge which is incurred by UK resident/ non-domiciles who have been resident in the UK for more than 12 years has been increased to £60,000.

Personal Allowance – The personal allowance is to increase to £10,800 from April 2016.

Lifetime Allowance – The Lifetime Pension Allowance is to decrease from £1.25M to £1M.

Annuity Changes – Pensioners are to be able to effectively “sell back” their annuities without incurring a punitive tax charge.

Inheritance Tax and Deeds of Variation – There is to be a review of the use of Deeds of Variation to mitigate Inheritance Tax obligations over the next Parliament.  It is unclear at this time if this is to address specific contrived schemes or will be part of an overall review of IHT.

The end of the Annual Tax Return? – Over the course of the next Parliament the Treasury is intending to end the annual requirement to file tax returns for individuals.  It is unclear how an alternative system might work and we await further information with bated breath.

If you would like to explore what this Budget 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.
 

Going to extreme lengths – long standing Warrener Stewart client Martin Hartley takes the FA Cup to the southernmost point of the Globe

02 March 2015 •

As the football teams prepare for the Sixth Round of FA Cup fixtures this weekend the prestigious FA Cup continues it’s on its trip of a lifetime.

As part of the ‘Every game’s an adventure’ scheme; multi-award winning photographer, Martin Hartley who has been a client of Warrener Stewart’s for the past 10 years, took the cup on his South Pole expedition. He was lucky enough to take the cup on its own ‘adventure of a lifetime’ in between the third and fourth rounds. The iconic silver cup travelled with him in a kit bag on his latest expedition to the southernmost point where he introduced it to a colony of penguins

Martin said; “Taking the FA Cup to the South Pole was a truly exciting and unique journey, but it was just the beginning.” Since then the cup has been boating on the Cam and on a train with Roy Hodgson up to Preston!
 

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“Warrener Stewart understands our business; they give us more than any other Accountancy service we have ever received in the past. They are extremely commercially aware and very current when it comes to changes in tax policy. ”
Diana Hoare - Anderson Hoare