The partners at Thomas Westcott are deeply saddened to announce the death of our fellow partner, Matt Portman, aged 35, who has passed away whilst on holiday with his family. 

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Thomas Westcott is proud to be a VIP sponsor of Venturefest South West, an event which will bring together businesses from across Devon, Somerset and Cornwall, championing innovation, technology and entrepreneurship.

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The Conservative party have announced that they will be reviewing the taxation of tips and service charges, but in the absence of any new legislation it is worth refreshing ourselves with the current regulations.

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The Charity sector in the UK is one with a long history that extends back to the Dark Ages and beyond. The nature of the sector has changed throughout that history but 2 factors have remained constant.

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We couldn’t be prouder to be Honiton RFC’s main sponsor after their nail-biting 29-27 win in the RFU Senior Vase final played at Twickenham made them the toast of Devon!

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HMRC have established various task forces to combat fraud in specific areas of industry. However, it seems that even in today’s society of cashless purchases and mobile payment apps, HMRC consider consumers to be still in the dark ages and spend cash in restaurants and takeaways.

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At its simplest level any gain on the sale by a taxpayer of his or her only residential property, which the taxpayer has occupied as his or her home since its acquisition, should be exempt from capital gains tax.

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In 2017 the Financial Reporting Council published their first Triennial Review of FRS 102, the financial reporting standard which replaced old UK GAAP in 2015. This first significant review of the standard takes effect for accounting periods beginning on or after 1 January 2019, resulting in the following changes.

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You will have heard over the years about the need to put partnership agreements in writing. In the absence of any agreement, the outcome is, in most cases, undesirable. 

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From the 1st October 2019 a reverse charge procedure is being introduced for certain building and construction services.  In certain circumstances the customer will be liable to account for VAT in respect of those purchases, rather than the supplier and this is known as the ‘reverse charge’.

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