Author Archives: Anna Cummings

Comments Off on Accountancy Firm of the Year 2018

Accountancy Firm of the Year 2018

Accountancy Firm of the Year 2018

BWM are delighted to have been shortlisted as  Accountancy Firm of the Year 2018 at the City of Liverpool Business Awards. The fifteenth annual City of Liverpool Business Awards will take place on the evening of Thursday 12th July at the stunning Sefton Park Palm House. The gala dinner celebrates the best of Liverpool business, … Continued

Comments Off on Lack of Funding Holds back 1 in 4 SMEs

Lack of Funding Holds back 1 in 4 SMEs

Lack of Funding Holds back 1 in 4 SMEs

Difficulty accessing funding is causing around one in four small and medium-sized firms to miss out on business opportunities, research shows. A survey by Aldermore of 1,004 senior decision-makers in SMEs revealed that 23% had missed out on at least one new business opportunity due to lack of funding in the past 12 months. The … Continued

Comments Off on Selected Businesses Begin Making Tax Digital Testing

Selected Businesses Begin Making Tax Digital Testing

Selected Businesses Begin Making Tax Digital Testing

A number of selected small businesses have begun submitting tax returns under HMRC’s Making Tax Digital (MTD) pilot scheme. The Revenue asked for businesses to step forward and trial the digital process from April 2018. HMRC is monitoring the progress of businesses and sole traders, who have been submitting tax returns to help shape the … Continued

Comments Off on Late Payments Affect Almost Half of Small Businesses

Late Payments Affect Almost Half of Small Businesses

Late Payments Affect Almost Half of Small Businesses

Almost half of small and medium-sized businesses have struggled with late payments in the last year, according to research by the Institute of Directors (IoD). Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017. Almost a third (31%) said this was the result of an “excessively bureaucratic payments … Continued

Comments Off on Smallest Firms Hit by Higher Pension Costs

Smallest Firms Hit by Higher Pension Costs

Smallest Firms Hit by Higher Pension Costs

The Federation of Small Businesses (FSB) warned that the doubling of minimum employer contributions into workplace pensions from 6 April 2018 will “hit the very smallest firms and startups the hardest”. Firms in labour-intensive industries – such as retail, childcare and construction – will reportedly feel the impact most acutely. The FSB claims these sectors … Continued

Comments Off on Watchdog ‘Shows its Teeth’ in Crackdown on Poor Practices, Charities Warned

Watchdog ‘Shows its Teeth’ in Crackdown on Poor Practices, Charities Warned

Watchdog ‘Shows its Teeth’ in Crackdown on Poor Practices, Charities Warned

Charities and voluntary organisations across the Liverpool city region have been warned the Charity Commission is now “showing its teeth’ following a number of high-profile scandals such as Kids Company and Oxfam. That was the clear message from experts at the Spring Charity Update seminar held by accountancy firm BWM in Liverpool city centre. Many … Continued

Comments Off on Benefits in Kind (BiK) Reporting Revised From 6 April 2018

Benefits in Kind (BiK) Reporting Revised From 6 April 2018

Benefits in Kind (BiK) Reporting Revised From 6 April 2018

Employers need to report all BiKs including those under optional remuneration arrangements (OpRAs), to HMRC on form P11D from 6 April 2018, unless they are registered to voluntarily payroll benefits. OpRAs are where an employee gives up the right to an amount of earnings in return for a BiK and includes flexible benefit packages with … Continued

Comments Off on Rule Change on Taxation of Termination Payments Now Operational From 6 April 2018

Rule Change on Taxation of Termination Payments Now Operational From 6 April 2018

Rule Change on Taxation of Termination Payments Now Operational From 6 April 2018

The element that is now chargeable to Income Tax and NICs is the amount of the termination payment that represents payment in lieu of notice (PILON). This change applies to payments, or benefits received on, or after, 6 April 2018 in circumstances where the employment also ended on, or after, 6 April 2018. This follows … Continued

Comments Off on Let Property Campaign

Let Property Campaign

Let Property Campaign

This campaign gives individual landlords the opportunity to bring their tax affairs up to date if letting out residential property in the UK or abroad. If you owe tax on your letting income you need to tell HM Revenue and Customs (HMRC) about the undeclared income by making a voluntary disclosure. To get the best possible … Continued

Comments Off on Small Firms Not Ready For Data Protection Shake-Up

Small Firms Not Ready For Data Protection Shake-Up

Small Firms Not Ready For Data Protection Shake-Up

Small businesses are worryingly underprepared with little over a month to go before new data protection regulations are introduced. The Federation of Small Businesses (FSB) claims 33% of SMEs have not started preparing for the EU-wide General Data Protection Regulation, which takes effect on 25 May 2018. A similar number (35%) have only recently started … Continued