We’re delighted to announce senior promotions for two of our rising stars.

Catherine Brown is now a Director at our firm whilst David Cresswell has been promoted to junior Partner.

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We have a staging of MTD for VAT taking place in April 2019. This applies only to VAT registered traders with a turnover in excess of the compulsory registration liming of £85,000. The staging for unincorporated traders and landlords is likely to be next, but the government have assured us that this will not take place before 2020. 

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There is an increasingly elderly profile of farm ownership in the UK, and as a consequence, tax planning is needed around succession and potential sales of the whole farm – or even just the farmhouse. 

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One of the key issues is choosing the right accounting package to comply with MTD requirements. Here is a brief review of accounting package options.

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 If you have been following previous blog posts, you will be aware of the significant changes to HM Revenue and Customs’ implementation timetable for MTD.

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This article was updated on 21 June to reflect recent announcements from Sage.

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I’ve got an insolvent company, get me out of here!

Most, if not all, company directors and shareholders will have to make tough decisions throughout the lifespan of a company. However, we recognise that the toughest one of all can be deciding how to exit a company when plans to rescue or restructure have failed. 

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Since 30 September 2017 it has been a criminal offence if a business fails to prevent its employees or any person associated with it from facilitating tax evasion. 

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It is generally well known that IHT is levied at a rate of 40% where an individual’s estate exceeds any available nil rate bands, does not qualify for special reliefs or exemptions, and passes to non-exempt beneficiaries such as children or grandchildren.

What is less well known, however, is that Estates above £2m can suffer IHT on part of their value at an effective rate of 60%.  This is explained below. 

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Following the introduction of GDPR Thomas Westcott Financial Management Limited’s Privacy Notices were updated with effect from 25 May 2018. Copies of these notices can be viewed on our website HERE