HMRC carry out compliance checks into business records, returns or other documents to make sure that the right amount of tax is being paid at the right time. What happens during a compliance check HMRC will always tell you what they are checking and if they find that they need to extend the scope of … Continued
Measures introduced last year limit the deductions which can be made in certain circumstances when calculating the chargeable value of an individual’s estate for inheritance tax (IHT) purposes. The new rules are designed to stop individuals creating debts in order to reduce their IHT liabilities. IHT is charged on the net value of an individual’s … Continued
HMRC has begun testing the value of publishing ‘benchmarks’, in an effort to improve voluntary compliance and behaviour in various trade sectors. By drawing attention to the benchmarks, HMRC hopes to reduce the scope for errors being made by the businesses falling within the targeted trade sectors, both before and after their Tax Returns have … Continued
When you sell your home the gain will be covered by PPR to the extent you have resided in the property. Historically, if you have resided in the property at any point you were always deemed to occupy the property for the last 3 years. The Autumn Statement contained a surprise announcement that the “last … Continued
On the 6 April 2013 HMRC removed the ‘renewals allowance’ for landlords of unfurnished rental properties and this led to the accountancy profession querying the practical application of these new rules with HMRC. HMRC have recently clarified their view as to how ‘Repairs and Renewals’ should be treated in unfurnished properties. Prior to 6 April … Continued
Don’t let tax be a problem this year. Stay ahead of developments and make sure you take advantage of ways to legitimately reduce your company’s liability to tax. To find out more information, take a look at our download Reduce your company tax liability. If you have any queries please contact John Elliott or Sue … Continued
The new Statements of Recommended Practice (SORP) – one for charities using the FRS 102 standard and the other for smaller charities working with the FRSSE – are now available online. The Charity Commission and the Office of the Scottish Charity Regulator have published the two new SORP accounting standards for charities, applying to financial … Continued
The Consultative Committee of Accounting Bodies (CCAB) has published a new version of the statement of recommended practice for limited liability partnerships. The LLP SORP, as it is known by those who use it, has been going through the exposure and consultation process on amendments that were made necessary by the move to the new … Continued
More than half (53%) of people are now saving adequately for retirement, according to a survey by Scottish Widows. This is an 8% increase compared with 2013 and is the highest level since 2009. It is also the biggest ever year-on-year increase. Scottish Widows defines adequate saving as 12% of income or expecting your main … Continued
Luck does not play a big role in a firm’s success according to nearly three quarters of small business owners, research by software provider Sage has found. In a survey of more than 1,000 UK small business owners, just 28% of respondents felt that luck had a bearing on their success. Effective planning – particularly … 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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