The tax year 2016/17 was the first year in which it was able to average profits over a five year period. We have undertaken a review of the claims that have been made and, whilst not every farmer has been able to benefit, some of the reductions in the overall tax liability have often been in excess of £10,000.
Underlining our status as the South West’s fastest-growing independent firm of chartered accountants we have just announced that Okehampton-based practice Robert Humphry has merged with us.
Just a few days into the new tax year it is worth considering what general changes have come into effect and what that might mean for individuals and businesses.
We live in an ever changing world, and never is that more the case than when you are in business. So what challenges do we see as being faced by small businesses over the coming months? There are plenty to choose from, but I will focus on just two.
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)
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.
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…
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.
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.
The DIY house builder scheme allows individuals to reclaim the VAT paid on materials and services when building their own home from scratch.