We are delighted to announce that Thomas Westcott Chartered Accountants has become an official Patron of Devon & Plymouth Chamber of Commerce. 

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In the week since the Chancellor Rishi Sunak set out his Spending Review we have reflected on the key messages as well as considering what the announcement did not include. Our focus is now on what business owners need to consider and prepare for as we head into 2021.

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Despite the ongoing turmoil of COVID-19, HMRC continues to focus on how to further advance its Making Tax Digital (MTD) service. In particular, MTD for VAT has become a testing-ground for HMRC to practice roll-out processes and with the implementation of Income Tax and Corporation Tax on the horizon, HMRC are now seeking to complete the implementation process for all VAT registered businesses.

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We are delighted to announce that a new Partner, David Wright, has joined our Burnham-on-Sea office. His recent appointment continues our growth in Somerset and across the South West.

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The benefits of using a Members’ Voluntary Liquidation to exit a company have been widely publicised. It can offer shareholders significant tax savings, especially where Business Asset Disposal Relief is available. 

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Thomas Westcott is encouraging team members, professional partners and clients to take part in a fun and festive night of virtual bingo to raise money for a deserving local charity.

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Following in the footsteps of MTD for VAT, the next step of HMRC’s tax digitalisation plan now has a date with the announcement of the full mandating of MTD for Income Tax to thousands of taxpayers.

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Following further announcements this year by HMRC in respect to Making Tax Digital (MTD) for VAT and Income Tax, HMRC have also launched a public consultation to apply MTD for Corporation Tax.

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The relief provides innovative businesses with a valuable tax incentive to help fund their Research & Development (R&D) activities.

R&D costs are incurred far more frequently than most businesses imagine and potential claims are often overlooked.

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Many business directors choose to draw funds from a company on a weekly basis, sometimes with a minimal salary. They then declare dividends at the year end to set off against these drawings. This can be seen as being tax efficient. 

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