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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!

VAT and the Mini One Stop Shop (MOSS)

26 February 2015 •

An important change took place on the 1 January 2015 regarding the VAT place of supply rules in respect of digital services.

The change in rules affects Business to Customer (B2C) supplies within the EU of:

1) Telecommunication services
2) Broadcasting services, and
3) e-services

As of 1 January 2015, instead of the place of supply for these services being in the country where the Business is established it will now be the country where the Customer is located.  The old rules will continue to apply up until 31 December 2014.

A UK business supplying the above digital services to non-business customers (B2C) in other EU member states will therefore have to charge and account for the VAT according to the local VAT rules of the customers country.  To properly account for the VAT under these new rules, the affected UK businesses would normally need to register for VAT in each EU member state in which they supply such services.

However, HMRC have introduced the Mini One Stop Shop (MOSS) system which will enable an affected business to submit one quarterly return and payment to HMRC to account for the overseas VAT charged to its EU customers.

In order to register for the MOSS system with HMRC, the UK business must be registered for VAT in the UK.  There are special rules available for UK business that are not registered for UK but would still be caught under the local VAT rules of the country in which their customer resides.

This will represent an additional administrative requirement for those affected businesses and if your business provides telecommunication services, broadcasting services and/or e-services to customers in EU member states then please get in touch with us at Warrener Stewart in order that we may assist you.

Time is of the essence as the first VAT MOSS return will be for the quarter ended 31 March 2015, which will need to be submitted to HMRC by 20 April 2015.  Payment of the VAT will also be due at this time.

If you have any questions regarding your tax affairs in general please do not hesitate to contact us on 020 7731 6163.

Foreign Account Tax Compliance Act (FATCA)

13 February 2015 •

On 30 September 2016 financial institutions in the Crown Dependencies (Jersey, Guernsey and the Isle of Man) and the British Overseas Territories (CDOTs) will automatically exchange information with HMRC in relation to UK residents holding financial assets in these CDOTs for the 2014 and 2015 calendar years.

UK resident non-domiciled individuals (RND) who have claimed the remittance basis of assessment on their tax returns can elect for the Alternative Reporting Regime (ARR) to apply and without this election, HM Revenue and Customs may receive information on these accounts and assets far in excess of what an individual is required to report on a UK tax return.

In order for the ARR to apply the following conditions must be satisfied:

1.    Reporting Financial Institution Election

The reporting financial institution must make a one-off election to their local tax authority in order to operate the ARR. The election must be received no later than:

•         30 May 2015 for Crown Dependencies (Jersey, Guernsey and the Isle of Man),
•         30 April 2015 for the British Virgin Islands and the Cayman Islands,
•         30 September 2016 for Bermuda (direct election to HMRC).

2.    UK resident, Non-Dom Annual Election

The taxpayer will be required to submit an annual election to qualify for the ARR. The deadline for receipt of the first annual election is dependent on the jurisdiction in which the accounts or assets reside and must be received no later than:

•         30 May 2015 for Crown Dependencies (Jersey, Guernsey and the Isle of Man),
•         30 April 2015 for British Virgin Islands and the Cayman Islands,
•         Awaiting official guidance with respect to Bermuda.

3.    UK resident, Non-Dom Self-Certification

The taxpayer will also need to file a self-certification no later than 28 February following the relevant tax year. Therefore, in relation to the 2014/15 tax year your self-certification must be received no later than 28 February 2016

The election must include a written and signed confirmation of the following to the reporting offshore financial institution:

• Confirmation that your UK tax return for the relevant year contains a claim or statement that you are not domiciled in the UK,
• Confirmation that your UK tax return for the relevant year includes a claim to be taxed under the remittance basis and the remittance basis charge has been paid if relevant,
• Confirmation that to the best of your knowledge and belief your domicile status and claim to be taxed on the remittance basis is not being formally disputed by HMRC.

4.    Deadline for Disclosure

Should your offshore income or capital gains derived from your offshore assets in these territories have either been incorrectly reported or not reported at all, a tax disclosure must be submitted no later than:

• 30 September 2016 for Crown Dependencies (Jersey, Guernsey and the Isle of Man),
• 5 April 2015 for all other jurisdictions.

Moreover, we would strongly advise you to contact your offshore service providers and request details in relation to your offshore interests for the calendar years 2014 and 2015 as soon as possible.

If you have any questions regarding the introduction of the above or wish to speak to Warrener Stewart about your tax affairs in general please do not hesitate to contact us.

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“For the past 20 years Warrener Stewart has consistently given good advice... going above and beyond their remit.”
Theo Brehony - London Preparatory School Limited