Welcome to our monthly focus on how BKL can support you, your family and your growing business.
In this edition, you can catch up on our Autumn Budget 2024 guidance, find out how our tax dispute resolution team are helping participants in ‘Baxendale-Walker schemes’ and hear how we’re making new connections in London, around the UK and abroad.
Read on for more about we can help you to solve tough problems, manage your risks and achieve your ambitions.
In Autumn Budget 2024 on 30 October, UK Chancellor Rachel Reeves announced significant tax changes affecting individuals, families, businesses and property owners. These included:
• National Insurance and Employment Allowance
• Capital gains tax and reliefs
• Inheritance tax, reliefs and pensions
• Non-UK domicile tax regime
• Stamp duty land tax
• Late payment interest rates on unpaid tax
To explain these changes, our Budget insights included a tax summary, a comprehensive guide and a webinar with senior tax specialists in personal and business tax. If you missed any of it, you can catch up via the BKL website using the links below.
If you’d like more guidance on any of the Autumn Budget 2024 tax announcements, or you’re worried about their potential impact on you, your family or your business, contact our tax specialists for a chat.
HMRC are actively contacting participants in schemes involving ‘Remuneration Trusts’ that are not yet settled. HMRC consider these tax avoidance arrangements were mostly sold via promoters including Minerva Services Ltd and Buckingham Wealth Ltd and termed ‘Baxendale-Walker schemes’.
Over the coming weeks, HMRC will be sending out standstill agreements to all participants with unresolved Baxendale-Walker schemes that have been assessed for 2018/19 or starting County Court proceedings to protect the time limit for collecting National Insurance Contributions.
If you’re an entrepreneur or business owner-manager who participated in these complex tax avoidance schemes, it can be confusing to know how to deal with HMRC and what the options are going forward. Alternatively, you may be an accountant or tax adviser with clients who participated in the schemes.
Our tax dispute specialists at Wilson Wright, part of BKL, have acted on behalf of a number of scheme participants to settle such legacy arrangements with HMRC. The team are familiar with the various nuances that need to be considered in concluding matters successfully.
Read our article to find out more about HMRC’s latest activities and how we can support you or your clients. You can also watch a video briefing from Jessica McLellan, our Tax Risk & Dispute Resolution Partner.
We still have a few places available at our in-person breakfast roundtable with sector specialists Allica Bank this month.
Part of our Smart Finance, Sure Future campaign, the event is designed to help e-money and fintech businesses secure their journeys to success, from startup to scaleup to sale.
Futureproofing your Fintech
Tuesday 26 November, 9:00am-11:00am
at our City of London office (5 Fleet Place, London EC4M 7RD)
How can you ensure that your fintech’s bright future is also a secure one? Explore these challenges with our specialists in fintech and commercial finance and Allica Bank: leading UK fintech and Britain’s fastest-growing business (Sunday Times Hundred list 2024).
We’ll be sharing insights into:
Balancing Innovation & Compliance
Thanks to everyone who registered their interest in our recent roundtable for EMIs (e-money institutions) with Bovill Newgate. We’ll be sending out our key insights report soon. If you’d like to receive it, please reply to this email.
We’re excited that BKL are now fully fledged members of DFK International: a global alliance of more than 200 accounting, audit, advisory and tax firms in 90 countries.
By building close working relationships with fellow DFK members worldwide, and exchanging specialist knowledge, we can enhance the support we can give our international clients and those clients that are looking to spread their wings and do business overseas.
In October Jessica McLellan spoke on potential issues for UK/US taxpayers and global trends among wealthy individuals at the North American Annual Conference in Mayakoba, Mexico.
Last week whilst at DFK’s UKI Annual & Emerging Leaders Conference in Belfast, Northern Ireland, Myfanwy Neville – our Head of Governance & Sustainability and a member of DFK’s ESG Committee – spoke about what we’ve learned from becoming a certified B Corporation and joining a global community of responsible businesses.
Next week, Duncan Hardy – our Chief Digital Officer and a member of DFK International’s IT Committee – will be speaking at a DFK members’ event, Let’s Talk IT: Practical Solutions for Everyone.
If you have overseas ambitions or operations overseas and are looking for help, we’d be delighted to introduce you to the right people for you. We’ll work with together with our fellow DFK members to ensure that you get the best possible advice.
This month’s other opportunities to build knowledge and connections across our key client sectors and other communities include:
Asian-Jewish Business Network: Annual Flagship Event | 11 November | Lord’s Cricket Ground
We were proud to be headline sponsors for AJBN’s biggest annual members’ get-together.
Schools & Academies Show | 20 November | NEC Birmingham
In changing times for the UK’s education sector, this is a great opportunity to meet other specialists, plus school and academy trust representatives who are looking for experienced auditors, accountants and tax advisers. If you’ll be there, come to our stand and say hello!
