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As a chartered accountant and business adviser specialising in owner-managed businesses, I consider myself fortunate to work with a diverse range of start up businesses. Over the last 25 years I have gained a number of insights into the difficult decisions start up business owners have to make, just to keep going.
With so much uncertainty looming around the impact of the UK’s exit from the EU, there is a real need for SMEs to take a close look at their cash position and cash management approach.
Discussing end of life matters with your loved ones can seem a bit of a taboo subject but taking control of your affairs now can save heartache and stress further down the line.
The inheritance tax regime has been relatively stable for some years but one wonders how long this will continue to be the case. In its recent report, the Office of Tax Simplification has called for the system to be overhauled. The proposed changes include cutting the “seven-year rule” on lifetime gifts to five years and scrapping taper relief, which taxes gifts made between three and seven years before death on a sliding scale.
The second round of the Countryside Productivity Small Grant scheme is now open for applications but only for a limited time. The scheme aims to support investment in agricultural equipment and boost productivity by providing funding for farmers to purchase specialised equipment.
Thomas Westcott was, once again, one of the headline sponsors for a charity challenge that aims to raise money for a great local cause.
Small and medium sized businesses raised a record £5.7billion in equity finance in 2018. According to the British Business Bank’s Small Business Equity Tracker report, the UK equity investment market has grown by 72% in two years. Interestingly, the value of equity finance investment outside London increased by 29%, while the technology sector attracted the highest proportion of equity investment.
We are celebrating being shortlisted in the 2019 British Accountancy Awards, having been announced as a finalist for the Mid-Tier firm of the year award (turnover between £10million and £25million).
From 1 October 2019, HM Revenue and Customs will introduce a VAT reverse charge on certain building and construction services. This measure will mean that the customers will be liable to account for the VAT in respect of those purchases, rather than the supplier.
Trustees have important duties to ensure a charity is run properly. Two recent inquiry reports from the Charity Commission have highlighted what can go wrong if trustees do not fulfil these responsibilities.
Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales, details about our audit registration can be viewed at www.auditregister.org.uk, under reference number C001091748, and details of all audit regulations can be accessed at www.icaew.com/regulations. A list of members can be found under Legal Notices. Thomas Westcott has offices in Axminster, Barnstaple, Bideford, Bridgwater, Burnham on Sea, Crediton, Exeter, Holsworthy, Honiton, Ilfracombe, Okehampton, Plymouth, Seaton, Somerton, Tiverton, Torquay and Weston super Mare.
© Thomas Westcott 2019
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