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I'VE GOT AN INSOLVENT COMPANY, GET ME OUT OF HERE!
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I’ve got an insolvent company, get me out of here!
Most, if not all, company directors and shareholders will have to make tough decisions throughout the lifespan of a company. However, we recognise that the toughest one of all can be deciding how to exit a company when plans to rescue or restructure have failed.
FAILURE TO PREVENT THE FACILITATION OF TAX EVASION
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Since 30 September 2017 it has been a criminal offence if a business fails to prevent its employees or any person associated with it from facilitating tax evasion.
HIGH VALUE ESTATES AND INHERITANCE TAX AT 60%
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It is generally well known that IHT is levied at a rate of 40% where an individual’s estate exceeds any available nil rate bands, does not qualify for special reliefs or exemptions, and passes to non-exempt beneficiaries such as children or grandchildren.
What is less well known, however, is that Estates above £2m can suffer IHT on part of their value at an effective rate of 60%. This is explained below.
CHANGES TO OUR PRIVACY NOTICES
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Following the introduction of GDPR Thomas Westcott Financial Management Limited’s Privacy Notices were updated with effect from 25 May 2018. Copies of these notices can be viewed on our website HERE.
ACCOUNTING RECORDS - NO PAPER, NO PROBLEM
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If I carried out a survey of questions asked by my clients, one of the most popular would be “What do I need to keep?”
STAFF PROFILE: KATHRYN JEFFERY
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This month we introduce one of our Paraplanners, Kathryn Jeffery based in our Exeter office.
PROTECTING YOUR CHARITY AGAINST FRAUD
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Trustees have an obligation to safeguard the assets of their charity and ensure these are used for the purpose they are intended. Ensuring that you have a robust system of financial controls will minimise the opportunity for Fraud.
FARM DIVERSIFICATION - DON'T FORGET TAX
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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.
STAFF PROFILE: MATTHEW KEANE
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This month we introduce one of our Quickbooks and Xero experts, Matthew Keane.
VAT ON SMALL BUSINESSES AND TOURISM
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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.
