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
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
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
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
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 Many of the measures in the Bill were expected in April 2017 but were withdrawn due to the snap general election, which took place on 8 June 2017.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
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
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
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
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
Under-25s Push For National Living Wage Equality
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 |