One stand-out lesson for me from the pandemic has been that those businesses which had already adopted cloud accounting generally fared much better under the restrictions. Though there are many benefits (security, time and cost savings and having access to real-time data), the dramatic move to remote working has perhaps now become the key driver.

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The transition of agricultural support payments will take place from 2021 to 2024. Over this time, British farmers will see an end to direct support payments, which are currently based on area claimed, and the introduction of incentive grants. These will be based on Government environmental objectives along with industry specific targets. 

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The 1 January 2021 is a key date for all businesses here in the UK that buy from or sell to counties within the EU. From this date VAT rules relating to imports and exports to and from the EU will change.

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AGMs and Members meetings

The rules for Charitable companies and CIO’s on holding AGMs and other meetings online have been extended to 30 March 2021 under the Corporate Insolvency and Governance Act 2020.

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2020 has been an unusual year for tax, so how should businesses plan for 2021?

As we draw to the end of a year with no Autumn Budget statement, our thoughts are turning to what might be said in a March Budget. With this in mind are there any planning aspects that should be considered?  

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Four years on from the first consultations in respect to Making Tax Digital (MTD), HMRC has continued to forge ahead with its ambition to become one of the most digitally advanced tax administrations in the world. In its most simple terms, MTD involves using compatible software to manage certain tax submissions to HMRC.

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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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