Tax Dispatch: May 2024

Welcome to Tax Dispatch: the latest roundup from BKL’s tax experts.

In each issue we cover a different specialist area of tax, while highlighting some things you may have missed.

We also share our team’s good news and successes, such as…

Taxation Awards 2024 win!

We were at the Tolley’s Taxation Awards night at the Hilton London Metropole. We went there as finalists for Best Business Tax Practice. Here we are with our souvenir from the night: the winner’s trophy!

We’re very proud of how our tax experts help each other to grow and thrive, while doing the same for BKL, our clients and beyond. Recognition from the judges, our peers in the industry, is the icing on the cake.

Thank you to all the clients and contacts who help us make BKL a great place to be a tax adviser. We look forward to bringing you more news as our team goes from strength to strength.

To find out how we can help you and your business, get in touch for a chat.

Don’t miss our next tax webinar

Interested in hearing from our award-winning business tax experts? You don’t have long to wait!

On Wednesday 22 May, join Anthony Newgrosh (Head of Business Tax) and Helena Kanczula (Business Tax Director) to learn about alphabet shares – including common risk areas and possible changes to HMRC policy.

Alphabet shares: book your place here

You can also catch up on previous tax webinars via our website and YouTube channel, including our look into employee share schemes in February.

Joining forces with Wilson Wright

With us at the Taxation Awards were our new colleagues from Wilson Wright: accountants, tax and business advisers who came together with BKL in April.

Wilson Wright are a people-led, proactive, professional advisory firm, where heritage, trust and partnership are at the heart of what they believe in. Based in the City of London, their origins go back over 130 years and many of their client relationships span decades.

Their client base is varied and spans technology, family offices, recruitment, e-commerce, retail, property, sport, and media.

Traditionally an accounts, assurance and audit-focused firm, they have over the last decade developed a highly specialised tax offering covering private client compliance and planning to corporate tax, international and national structuring, dispute resolution and risk, tax transactions, research & development and VAT.

Wilson Wright’s shortlisting for Best Single Office Tax Practice at the Taxation Awards is testament to the powerhouse they’ve built. We’re very proud that BKL have come together with them.

We’re looking forward to making Wilson Wright’s tax expertise available to our clients. We’ll also be sharing their specialist knowledge via our website, webinars and newsletters. You’ll find the first of their articles later in this Tax Dispatch.

BKL and Wilson Wright: find out more

Welcoming our new Trust Director

In February, Ryan Bevan joined us as Trust Director. His expertise covers all areas of trusts, with specialisms in offshore trusts, non-UK trustees, landed estates, employment related trusts and the HMRC Trust Registration Service. He joined BKL from Deloitte, with over a decade of experience advising high net worth individuals, large multinational trustees and families.

Ryan is the newest member of BKL’s dedicated trusts & estates team, joining BKL’s first Trust Director, Lindsay House. They form part of BKL’s broader private client team assisting clients with family wealth planning, non-resident and non-domicile tax implications, wills, probate and personal tax compliance.

Following the Spring Budget, Ryan made his BKL webinar debut – explaining the non-UK domicile tax changes from April 2025. It’s available to watch on our website, where you can also download our need-to-know guide to the changes.

Non-dom tax changes

Joining ISTA

We’re pleased to be a UK partner firm in the International Sports Tax Association (ISTA): a global community of professional advisers specialising in the sports industry.

Our tax team’s advice to clients in the sporting world – including international footballers, rugby players and cricketers – involves the structuring of individuals’ investments and managing of their personal affairs. We help to manage clients’ relationships with HMRC who are increasingly focused on taxpayers whose records are handled by the Affluent and High Net Worth Units.

It was a pleasure to be at ISTA’s networking event at Crystal Palace in January, with interesting people and a top sporting atmosphere.

R3 Training Academy

Our tax team enjoy opportunities to share their expertise via external training courses. This includes R3, the trade association for UK insolvency and restructuring professionals.

In April, Anthony Newgrosh spoke about key tax issues in restructuring for R3’s Restructuring Boot Camp Series. He’ll be doing the same at the next Restructuring Boot Camp in September.

Find out more and register your interest

Expecting a VAT refund from HMRC? Check your Government Gateway

In several recent cases, scammers have contacted HMRC in the guise of a taxpayer, to change that taxpayer’s bank account details. As a result, third parties have been paid VAT refunds that were due to the taxpayer.

HMRC have improved their checks as a result of these incidents. We’re not aware of any BKL clients being affected.

As a precaution, we recommend regularly checking your bank details in your Government Gateway account if you have submitted a VAT refund claim.

For support in dealing with HMRC, or for guidance to improve cybersecurity practices within your organisation, our tax and IT consultants would be pleased to help.

Our cybersecurity services

Tax Dispatch focus: Baxendale-Walker schemes

HMRC are issuing follower notices to participants in schemes involving ‘Remuneration Trusts’ that are not yet settled. In this article, Jess McLellan – Tax Risk & Dispute Resolution Partner at Wilson Wright – explains the background to HMRC’s crackdown, and how we can help if you or your clients are affected.

Read more

Guest article: The ‘forgotten’ tax relief

In addition to insights from our tax experts, we’re pleased to bring you articles from Mark McLaughlin. Mark is highly experienced as a tax author, editor and consultant.

In this article, Mark looks at a form of income tax loss relief potentially available when an unincorporated business is transferred to a company.

Read more

Our tax mailings and articles

Thank you to everyone who follows our BrassTax articles. We’re glad to have you along as we explore the complexities and surprises of the tax landscape.

Recent BrassTax topics have included:

  • The intricacies of capital gains tax chattel exemption
  • LLP salaried members: a perverse tightening of the rules
  • Business asset disposal relief: pitfalls
  • HMRC discovery assessments

If you don’t already receive BrassTax to your inbox, you’re most welcome to subscribe: just reply to this email and we’ll add you to the mailing list.

Subscribe to our mailings

BKL in the professional press

Terry Jordan, one of our Tax Consultants, is a regular contributor to the Taxation Readers’ Forum, where tax professionals seek each other’s advice. Terry’s focus is on queries involving inheritance tax.

Thank you to Tax Journal for republishing several of our recent BrassTax articles.

Recently, we’ve contributed to articles from AccountingWEB (on the growth of our tax team in a changing industry) and Tatler (on the value of family office services for wealthy families).

In March, Andrew Levene (Director of Property Taxes) wrote for Taxation magazine on the stamp duty land tax (SDLT) changes announced in the Spring Budget.

SDLT changes

Key dates coming up

1 June: Corporation tax liabilities for accounting periods ended 31 August 2023 become due for payment

14 June: Quarterly instalment payments (large company)
1st payment for 30 November 2024 accounting period due
(also, 2nd payment for 31 August 2024 period, 3rd payment for 31 May 2024 period and 4th payment for 29 February 2024 period)

14 June: Quarterly instalment payments (very large company)
1st payment for 31 March 2025 accounting period due
(also, 2nd payment for 31 December 2024 period, 3rd payment for 30 September 2024 period and 4th payment for 30 June 2024 period)

30 June: Filing deadline for 30 June 2023 corporation tax returns (and for amendments to 30 June 2022 returns)

1 July: Corporation tax liabilities for accounting periods ended 30 September 2023 become due for payment

6 July: Filing deadline for P11D and P11D(b) forms
Employee Share Plan reporting deadline

14 July and 14 August: Quarterly instalment payments (large company) potentially
1st payments for 31 December 2024 & 31 January 2025 accounting periods
2nd payments for 30 September 2024 & 31 October 2024 periods
3rd payments for 30 June 2024 & 31 July 2024 periods
4th payments for 31 March 2024 & 30 April 2024 periods

14 July and 14 August: Quarterly instalment payments (very large company) potentially
1st payments for 30 April 2025 & 31 May 2025 accounting periods
2nd payments for 31 January 2025 & 28 February 2025 periods
3rd payments for 31 October 2024 & 30 November 2024 periods
4th payments for 31 July 2024 & 31 August 2024 periods

31 July: Filing deadline for 31 July 2023 corporation tax returns (and for amendments to 31 July 2022 returns)

1 July and 1 August: Corporation tax liabilities for accounting periods ended 30 September 2023 and 31 October 2023 become due for payment

Are there any particular topics you’d like us to cover in a future edition of Tax Dispatch? Let us know by getting in touch with your usual BKL contact or by using our enquiry form.

NICOLA HALL

BILSHAN MENSAH

Sam Inkersole

In 2022, Sam won the Taxation’s Rising Star award at the Taxation Awards in and was named in the Accountancy Age 35 Under 35.

Jon Wedge

While Jon’s client work focuses on the financial services sector, he also oversees the firm’s assurance service, as well as supporting the trainees following in his footsteps.

ELANA DIMMER

Elana joined us in 2017 as an ACA trainee, after graduating from Durham University where she had studied languages. She is now a manager in our assurance team.

ENQUIRY FORM

By submitting this form, the data provided will be used to perform your request according to our privacy policy.