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The Government has recently announced their new initiative ‘Help to Grow Digital’. The initiative is in direct response to assisting small and medium sized businesses to grow using digital platforms to assist in the management of businesses.
Our agricultural clients could benefit from the Farming Transition Fund Improving Farm Productivity grant, which Defra has announced is now open until 16 March 2022.
Farmers and agricultural business owners who are interested in applying should act fast because the scheme is subject to a tight timeframe.
If you’re considering making a financial gift, it’s important to be aware of the seven-year rule in Inheritance Tax.
Inheritance Tax is charged on the value of assets that have been transferred from one person to another via inheritance or as a gift. Most people know it is paid when someone dies but not everyone is aware that it can also apply to some gifts made before death.
Many businesses and professionals will be aware of the significant delays at HMRC in processing applications and requests. This is undoubtedly a result of Covid-19 and the redeployment of staff due to Brexit implications.
We are delighted to welcome Jake Elms as Payroll Operations Manager. We have created this new role in response to growing demand from businesses for our specialist payroll support.
Whether it’s the banking crisis, the pandemic, or environmental disasters, we’ve been operating through constant upheaval and uncertainty over recent years. Each of these issues has caused problems for all businesses so auditors have had to adapt at rapid pace.
Under the requirements of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA), individuals who are subject to income tax on the profits of their trade, profession, vocation or property business will be required to keep their accounting records electronically (either using suitable software or on spreadsheets) and file quarterly returns to HMRC with details of their income and expenditure together with any other information that HMRC specifies. A final end of period statement will then be submitted after the tax year to complete the individual’s tax affairs.
As part of the economic recovery, the Government is encouraging companies to invest in qualifying new equipment for the period from 1 April 2021 until March 2023. The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest.
Inflation in the UK is at its highest rate for almost a decade, but what does this mean for businesses? How can they respond to rising prices without losing customers?
Inflation is a general and sustained increase in prices over time. It reduces the purchasing power of money, so as the price of items rise, more money is needed to buy the same items. Therefore, unless income keeps up with the rate of inflation, people are worse off.
Thomas Westcott Chartered Accountants has signed up to the Miscarriage Association’s Pregnancy Loss Pledge. The national initiative has been set up for employers to commit to supporting their staff through the distress of miscarriage.
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Registered to carry on audit work in the UK 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.
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