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Comments Off on HMRC are Gearing Up for the New Corporate Criminal Tax Offences

HMRC are Gearing Up for the New Corporate Criminal Tax Offences

HMRC are Gearing Up for the New Corporate Criminal Tax Offences

Legislation providing for new corporate criminal offences of failure to prevent the facilitation of tax evasion is now in effect. The new offences, contained in the Criminal Finances Act 2017, will make businesses vicariously liable if an employee or other ‘associated’ person criminally facilitates tax evasion whilst acting in that capacity for the business, even … Continued

Comments Off on HMRC to Tackle Offshore Non-Compliance

HMRC to Tackle Offshore Non-Compliance

HMRC to Tackle Offshore Non-Compliance

Over recent years, HMRC has adopted a zero-tolerance attitude towards offshore tax evasion. It has sent a clear message that the days of any safe havens for tax evaders are numbered. In December 2016, the government published draft legislation for Finance Bill 2017 and its response to the consultation document Tackling Offshore Tax Evasion: a … Continued

Comments Off on Double Win for BWM at the 2017 MIB Awards

Double Win for BWM at the 2017 MIB Awards

Double Win for BWM at the 2017 MIB Awards

Win for BWM and Peter Taaffe in the Merseyside Independent Business Awards 2017 BWM are delighted to have been successful in two categories in the Merseyside Independent Business awards, now in its 5th year, is the only ceremony in the region to celebrate the achievements of independent businesses. The Awards were set up by Morecrofts Solicitors … Continued

Comments Off on Buy-to-let Regulations Fuel Rent Rises

Buy-to-let Regulations Fuel Rent Rises

Buy-to-let Regulations Fuel Rent Rises

Landlords are increasing rent prices due to the recent introduction of buy-to-let tax regulations, according to a study. Estate agent Your Move analysed rental prices on around 20,000 properties and found the average rent in England and Wales rose by 3.1% in the past year to £874. The rise in rental prices can be attributed … Continued

Comments Off on Finance Bill 2017-19 Round-Up

Finance Bill 2017-19 Round-Up

Finance Bill 2017-19 Round-Up

The government has published Finance Bill 2017-19, containing a number of changes that will affect both savers and investors. Many of the measures in the Bill were expected in April 2017 but were withdrawn due to the snap general election, which took place on 8 June 2017. Most of them have now been reinstated with … Continued

Comments Off on Sole Traders Exposed to Cash Crises

Sole Traders Exposed to Cash Crises

Sole Traders Exposed to Cash Crises

Nearly half (41%) of self-employed people struggle to save any money each month, leaving them exposed to financial problems. Insurer LV= surveyed 9,495 self-employed workers and found one in three could not survive for more than three months if they lost their income. Nearly two thirds (62%) of respondents said monthly bills eat up the … Continued

Comments Off on Paper Tax Return Deadline Reminder

Paper Tax Return Deadline Reminder

Paper Tax Return Deadline Reminder

The deadline to submit your self-assessment paper tax return for the 2016/17 tax year is 31 October 2017. All income received during the tax year running from 6 April to 5 April must be accounted for in your tax return. To report your income, claim tax reliefs or any outstanding repayments, you need to complete … Continued

Comments Off on BWM Charity Autumn Update Seminar – Tuesday 3 October

BWM Charity Autumn Update Seminar – Tuesday 3 October

BWM Charity Autumn Update Seminar – Tuesday 3 October

BWM Chartered Accountants are hosting a Charity Autumn Update Seminar on Tuesday 3 October from 8.45am. Full details are provided here. With so much going on in the charity sector we have invited an excellent line-up of speakers to provide the latest updates and share their expert opinions on some of the key topical issues: Financial matters … Continued

Comments Off on Rising national living wage hits SME profits

Rising national living wage hits SME profits

Rising national living wage hits SME profits

64% of small businesses are seeing profits fall as a result of the national living wage (NLW) rise, according to research. The NLW increased from £7.20 to £7.50 per hour on 1 April 2017. Out of 835 businesses surveyed by the Federation of Small Business (FSB), 39% have put up prices to cope with the … Continued

Comments Off on Under-25s Push For National Living Wage Equality

Under-25s Push For National Living Wage Equality

Under-25s Push For National Living Wage Equality
Age From 1 April 2017 Over 25 £7.50 21 to 24 £7.05 18 to 20 £5.60 16 to 17 £4.05 Apprentices* £3.50 *Rate applies for under-19s or first-year apprentices. Talk to us about your payroll requirements. Contact Sue Stephens.          ">
Workers under the age of 25 are missing out on more than £6,000 a year because they are not entitled to the national living wage (NLW). Charity group Young Women’s Trust polled 4,010 people aged between 18 and 30, finding the average young worker is paid £3.45 an hour less for doing the same work as older people. Over the course of the year, younger workers are receiving £6,279 less than their older colleagues. Apprentices under the age of 25 fall short of the current NLW rate of £7.50 an hour, leaving them £7,280 a year worse off than workers over 25. 83% currently support the idea of raising the minimum wage for apprentices and 79% suggest equal pay by extending the NLW to under-25s. Dr Carole Easton OBE, chief executive for Young Women’s Trust, said: “Much more needs to be done to improve young people’s prospects [...] significantly increasing the apprentice minimum wage and changing the law to ensure under-25s are entitled to the same NLW as everyone else.”

Checks and compliance

It is a legal requirement for all employers to pay their staff the NLW or national minimum wage (NMW). Failure to do so will result in a fine from HMRC and the employer being named by the government.

NMW and NLW rates

Age From 1 April 2017
Over 25 £7.50
21 to 24 £7.05
18 to 20 £5.60
16 to 17 £4.05
Apprentices* £3.50
*Rate applies for under-19s or first-year apprentices. Talk to us about your payroll requirements. Contact Sue Stephens.