The new National Living Wage is intended to ensure that work pays, and reduces reliance on the state topping up wages through the benefits system. From April 2016, the government will introduce a new mandatory National Living Wage (NLW) for workers ages 25 and above, initially set at £7.20 – a rise of 70p relative … Continued
HM Revenue and Customs’ recent decision to scrap its controversial Business Records Checks has been roundly welcomed. The checks are a compliance procedure HMRC use to confirm a business is keeping sufficient information on its income and expenses to produce an accurate tax return. They have consistently been criticised for being ineffective and poorly targeted. … Continued
BWMacfarlane Chartered Accountants were announced as the Most Innovative Medium Sized Firm 2015 at the 2020 Innovation Awards on Thursday 15 October. The win is a testimony to the efforts of everyone at BWMacfarlane. The judges particularly recognised the added value delivered for clients and the Liverpool professional … Continued
Small and micro-sized businesses can apply for government vouchers of up to £5,000 for specialist advice to boost their cyber security, and to protect new business ideas and intellectual property. The vouchers enable firms to access services from the UK cyber security industry. This new scheme will also help businesses to adopt Cyber Essentials, the … Continued
The adult rate of the national minimum wage (NMW) is set to rise by 20p to £6.70 on 1 October 2015. As well as the change to adult rate: the apprentice rate increases by 57p to £3.30 the rate for 18 to 20 year olds will rise by 17p to £5.30 those aged 16-17 will … Continued
HMRC have updated their guidance on employees’ travel and subsistence in booklet 490, available on the Gov.uk website. The publication provides numerous examples illustrating which journeys do and do not qualify as business journeys and are eligible for tax relief. No tax relief is available for ordinary commuting or private journeys. Ordinary commuting is where … Continued
The corporation tax deduction for acquired goodwill and other intangible assets that has been available to companies since April 2002 mentioned above, has meant that companies buying other businesses have generally preferred to buy the trade and assets rather than the shares in the target business. However, the vendors would normally prefer to sell their … Continued
An important consideration when buying a business is tax relief for the plant and machinery of the target company. Where the shares of the target company are acquired, the new owners will inherit the tax written down value in the target company’s capital allowances pool which will normally be a lot lower than the market … Continued
Ever since April 2002 when a limited company acquires the trade and assets of another business it has been possible to obtain a tax deduction for the goodwill and other intangible assets of the acquired business, generally in line with the accounting treatment. So, if the goodwill of the acquired business was worth say £500,000 … Continued
The lifetime allowance is being reduced from £1.25 million to £1 million from 6 April 2016. Exceeding the lifetime allowance can have significant tax consequences: Lump sum withdrawals taken from the excess amount within your pension are taxed at 55% If you retain the excess amount within your pension fund, a 25% tax charge is … Continued
🎅🏻BWM Christmas opening hours🎅🏻
🎄The BWM office will be closed over the Christmas period from close of business on Friday 22 December 2023 at 12pm until 9am on Tuesday 2 January 2024. 🎄
The Easter Bunny has come early!🐣Chocolate inspired pay day treat for all our lovely staff 🍫 🐇
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Tempest Suite 5.1, 12 Tithebarn Street,
Liverpool, L2 2DT
Phone: 0151 236 1494
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