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)

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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.  

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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…

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There are many joys in being a trustee of a charity, including that sense of wellbeing which is present when realising that the time and effort along with the responsibilities of the position mean that the charity which one is supporting can achieve its objects. That is why we take on the role of trustee and why we are prepared to allocate time and expertise to the voluntary role. Knowing that the charitable purpose is being achieved in part down to our input is often all the thanks we require.

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We are often asked to consider what the best trading structure for a business might be, and with that the tax benefits of trading through a limited company can be a major influencing factor. 

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The DIY house builder scheme allows individuals to reclaim the VAT paid on materials and services when building their own home from scratch.

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For many tax advisors January is one of the busiest times of the year having to deal with the personal tax filing deadline of 31 January. With under a week to go HMRC estimated that just over 3million returns were still to be filed, representing around 27% of all returns expected. With so much to do it can be easy for individuals to focus on meeting filing deadlines and to forget about planning opportunities for the current year. 

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Medium and Large companies are required to have a statutory audit, however, small companies can also benefit from an external review. Thomas Westcott have experienced teams across the firm to help improve performance.

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This month we learn more about Paul's role at Thomas Westcott and how he would struggle to cope if stranded on a desert island... 

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Auto-enrolment, pension contributions since 2012 have been calculated at a rate of 1% employee and 1% employer contribution of the employees qualifying earnings. As from 6 April 2018 these rates will be increasing to 3% employee contribution and 2% employer contribution. 

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