There is no doubt that farmers continue to face challenging and uncertain times, and it is only right that farmers look at opportunities to diversify.
This month we introduce one of our Quickbooks and Xero experts, Matthew Keane.
In his Spring Statement the chancellor Phillip Hammond announced a review of the VAT registration threshold which currently stands at £85,000. While the outcome of this review could have far reaching consequences we have been assured that this threshold will remain unchanged until March 2020, which gives will give us some degree of certainty for the time being.
The tax year 2016/17 was the first year in which it was able to average profits over a five year period. We have undertaken a review of the claims that have been made and, whilst not every farmer has been able to benefit, some of the reductions in the overall tax liability have often been in excess of £10,000.
Underlining our status as the South West’s fastest-growing independent firm of chartered accountants we have just announced that Okehampton-based practice Robert Humphry has merged with us.
Just a few days into the new tax year it is worth considering what general changes have come into effect and what that might mean for individuals and businesses.
We live in an ever changing world, and never is that more the case than when you are in business. So what challenges do we see as being faced by small businesses over the coming months? There are plenty to choose from, but I will focus on just two.
HMRC recently raised a VAT enquiry into our client who operates a takeaway. The HMRC taskforce who deal with takeaways purchased a variety of dishes from our client’s premises. I disagreed with their application of the tests contained within VAT notice 709/1 which covers the VAT treatment for all those who prepare and supply food and drink ready for consumption in particular the tests at Paragraph 4.2 (See below)
In recent weeks and months the media has been full of reports discussing the significant increases or falls in value of Bitcoin and other cryptocurrencies.
While most football fans are counting down the days until the World Cup kicks off in Russia, here at Thomas Westcott we’re more excited about a grassroots cup competition much closer to home…