“Exeter’s aspiring professional community are getting together to create relationships in the community and build lasting connections. Thomas Westcott is proud to hold the event for what will hopefully be the next generation of Exeter business leaders. The event aims to attract a wide spectrum of professions and has had outstanding take-up, filling up in less than 2 days.” If you are interested in attending a future event please contact Mark Johnstone: This email address is being protected from spambots. You need JavaScript enabled to view it.

The March 2015 issue of our Taking Account Newsletter is out CLICK HERE to read about Budget 2015, Enterprise Investment Schemes, Business Investment Grants and more.


Following the Budget Announcement by Chancellor George Osborne, here is an 'easy to understand' summary CLICK HERE

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With the 2015 budget just days away independent accountancy firm Thomas Westcott has issued a wish-list it believes will help businesses.

But, with a General Election looming, the experts at Thomas Westcott fear the budget announcement will be a “benign affair” focused on what has been achieved, rather than measures to further stimulate business growth.

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Decision sets precedent and paves way for further claims from World Bank pensioners, say Thomas Westcott

Former World Bank employees resident in the UK can now claim partial exemption from income tax on their pensions following an important precedent set by the Tax Tribunal.

In the case of Macklin v HM Revenue and Customs (2015) the Upper Tribunal, which has equivalent status to the High Court, overruled an earlier decision by the First Tier Tribunal.

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Sally Nicholls appointed as agricultural consultant at Thomas Westcott



The independent firm of Thomas Westcott, chartered accountants, which has 13 offices across Devon, has recruited experienced farming consultant Sally Nicholls to join its Agricultural team.


Agricultural and farming businesses across the South West can now access expert advice about a broad range of practical issues, from important legislation changes to grant funding opportunities, at Thomas Westcott.

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1 April 2015


  • Payment of corporation tax liabilities for SMEs account period ended 30 June 2014 where payment not made by instalments.

  • Reduction in main rate of corporation tax to 20%. Small profits rate is abolished except for ring fence profits.

  • Change to emission thresholds for business cars (zero rate ends).

  • Application to defer Class 2 or 4 NICs for 2014/15 or claim exception for 2015/16.

  • Multiple contractors to advise HMRC that they wish to be treated as a single contractor for 2015/16.


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All farmers and potential claimants are now being invited to register for the new online Basic Payment Scheme (BPS), marking the end of the pilot registrations and trial period. Farmers are being urged to register now to avoid last minute panics and setbacks that could jeopardise a BPS claim.

The first stage of the process is to telephone the rural payments helpline, who after a series of security questions will provide a 10 digit access code to allow the online registration to begin.

Now is also the time to get the appropriate authority in place if someone will be acting on your behalf to complete the claim.

For more information on BPS registrations, call Edward Jenner on 01237 472725


1 March 2015
●     Payment of corporation tax liabilities for SMEs with accounting periods ended 31 May 2014, where payment not made by instalments.
●     Review HMRC car mileage fuel rates.

2 March 2015
●     Any unpaid income tax/Class 4 NIC liability for 2013/14 will attract an automatic 5% penalty after today.

7 March 2015
●     Electronic filing and payment of VAT liability for quarter ended 31 January 2015.

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The new Unlocking Business Investment grant, run by Plymouth University on behalf of North Devon +, is now open for applications. The programme is funded by the Regional Growth Fund and has been developed for businesses across the Devon and Somerset, to unlock opportunities that will deliver private sector investment, growth and jobs.

Grants of between £25,000 and £499,000 could be available to eligible growing businesses that are able to deliver job creation as part of their development plans. Grants will be focused on capital items such as plant, machinery and premises, but training, software and IT, salaries for new key staff members, and site rental costs may also be considered. Projects must be completed by 31st March 2017 with jobs created by March 2019.

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