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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/

Update on the changes affecting Buy to Let tax relief

27 July 2015 • tax videos

The July 2015 Budget introduced several changes that could affect many landlords owning and renting residential property in the UK, below is a summary.

The key changes included

  1. The restriction of relief for mortgage interest from 2017/18.
  2. Abolishing the wear and tear allowance from April 2016.
  3. The increasing the rent-a-room relief to £7,500 from 2016/17.

Perhaps the most significant of these changes is the restriction in the mortgage interest relief to the basic rate of income tax.  This restriction is being phased in over four years as shown in the below table.

Tax Year Interest eligible for full deduction  Interest restricted to basic rate relief
2017/18  75% 25%
2018/19  50% 50%
2019/20  25% 75%
2020/21  0% 100%

Tax effect of the change

To illustrate the mechanism by which the tax relief will be restricted please see the below example of a higher rate tax payer who receives rental income of £10,000 and the only other rental cost being interest of £8,000.

Rent        £10,000
Less: Interest eligible for full relief (£8,000 at 75%)  £(6,000)
Property income      £4,000
Taxed at 40% £1,600
Less: restricted interest relief (£8,000 x 25% x 20%) £(400)
Tax due £1,200

Previously the tax due would be based on the net figure of £2,000 which at 40% is £800.

Advice

From the above calculation it is clear that this will have a sizable effect on the tax due for a number of landlords especially when the restriction is fully implemented.

Given that the change is being phased in it is important to check the exposure and plan to mitigate any potential tax increase.

If you would like to discuss the above or any other tax matter please contact us at Warrener Stewart, you can also download our updated 2015 / 2016 tax card.

Summer Budget Highlights from Warrener Stewart

09 July 2015 • Tax Videos

George Osborne proclaimed his Summer 2015 budget as ‘a Budget for the working people of Britain’.

During the Chancellor’s unusually long speech he introduced wide-ranging changes to both the taxation and welfare system.

To see how the new changes could affect you and your business we have prepared overview of some of the key points and have a short video discussion featuring two of our tax consultants; Ryan Lane and Francis Kershaw.

Personal Allowance & Higher Rate Threshold – From April 2016 the Personal Allowance will be £11,000, rising to £12,500 by the end of the current Parliament in 2020. Similarly, the threshold at which higher earners must pay 40% tax initially increases to £43,000 next year, increasing again to £50,000 by the end of the Parliament.

Overhaul of Dividend Taxation – Currently basic rate tax payers do not pay tax on their dividends. From 2016 basic rate taxpayers who hold shares in a company will have to pay 7.5% tax on their dividends. For higher and additional rate taxpayers, they will be taxed on their dividends at 32.5% and 38.1% respectively. Everyone will however benefit from a tax free allowance for dividends of £5,000, and shares held within pension funds and ISAs will continue to receive dividends tax free.

Non-domiciled Individuals - Radical changes were announced to the tax rules which apply to ‘non-doms’, which will come into effect from 2017 onwards. In particular, individuals who have been resident in the UK for 15 out of the last 20 years will be unable to claim the remittance basis, and consequently will be taxed on their worldwide income and gains. ‘Non-doms’ with UK residential property in overseas structures will no longer avoid a UK IHT charge, and finally individuals born in the UK to UK parents will no longer be able to claim non-domicile status if they leave the UK but then subsequently return to take up residency.

Inheritance Tax - From 2017, an additional £175,000 allowance will be introduced where the family home is passed to children or grandchildren on death. This means that a couple will be able to pass up to £1m to the next generation without an IHT charge. However, the additional allowance is tapered away above £2m, such that the largest estates get no benefit from the new allowance.

Buy to Let Investors - Interest relief on rental property will be restricted to the basic rate of tax. The restriction will be phased in over four years, starting from April 2017. Additionally, from next year owners of furnished property will no longer be able to claim a 10% ‘wear & tear’ allowance: instead, a deduction will only be given for actually expenditure incurred.

Employment Allowance - From April 2016 the employment allowance will not be available where the director is the only employee in the company. For other businesses, the employment allowance will be increased to £3,000.

Corporation Tax - Corporation tax will be reduced to 19% in 2017 and further reduced to 18% in 2020.

National Living Wage - From April 2016, a new National Living Wage of £7.20 an hour for the over 25s will be introduced. This will rise to over £9 an hour by 2020.


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.

Young accountant wins the longest drive

29 June 2015 •

Four of Warrener Stewart’s finest golfers, Nick Morgan, Jon Last, Gary Chapman and Charlie Dessain recently took part in Fulham Rotary Club’s Annual Team Golf Day.

This annual event designed to raise money for local Fulham charities was held at Coombe Wood Golf Club on Thursday 26th June. Whilst the Warrener Stewart fourball may have hit mid table obscurity, the youngest member of the team Charlie Dessain scooped the prize for the longest drive on the 13th. Charlie  (pictured with his prizes) managed a magnificent drive of 290 yards on the Par 4 hole.

“It was a fantastic day out” joint managing director Nick Morgan remarked (pictured in the buggy), “Our planning and analysis were as good as ever, but some slightly ‘bad luck’ with execution resulted in a less than favourable outcome!”

Fellow golfter, Gary Chapman helpfully added “Our retention of the ‘Pink Ball’ was unmatched by most on the day and Charlie's longest drive definitelty netted the best results!"

 

 

 

 

 

 

Warrener Stewart proudly sponsor local rugby club – Rosslyn Park FC

03 June 2015 • Sponsorship, Warrener Stewart News

Sealing their twenty five year relationship, Fulham based accountants, Warrener Stewart, are to sponsor one of London’s oldest and best known senior rugby clubs, Rosslyn Park for the forthcoming season 2015/16.

 This prestigious rugby club located along the Upper Richmond Road currently boasts over 3,000 members with players at all levels:– minis and youth, club and vets, girls and ladies, and not least the senior 1st XV which finished 2nd in the RFU National League 1 last season, just missing out on promotion to the Championship for a second year running.

Chartered accountants Warrener Stewart has a long and close association with the club, initiated by founding principal Peter Warrener who acted as Treasurer, Vice Chairman and finally Chairman. Nick Morgan, current joint managing director at Warrener Stewart, acted as Assistant Treasurer to Peter and went on to be Treasurer for a ten year stint, followed by a further five years as International Ticket Secretary. Nick Morgan and the tax team at Warrener Stewart, continue to provide professional advice and assistance to the club when required.

Nick comments; “It has been an honour to be involved with such a historic rugby club and help it negotiate the difficult path from the Corinthian era to the professional age, while continuing to thrive. A number of contemporary clubs were not so lucky, although luck has had little to do with it.” 

“Since we no longer volunteer at the club we decided we wanted to continue our support through sponsorship. Next season again promises to be very exciting,  with the 1st XV strong contenders for promotion and the addition of a new, state of the art, all-weather 4G pitch at the club’s Roehampton ground.”

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“we were so impressed at their quick response times and ability to resolve even the most complicated financial problem”
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