Last week Thomas Westcott delivered a series of eight seminars at venues through the South West on Making Tax Digital (MTD). During that week the government announced that, due to the general election, a slimmed down version of the Finance Bill was to be debated for one day in parliament and became enacted as the Finance Act 2017 on Thursday 27th April.
Farming profits can fluctuate quite significantly on an annual basis and the possibility of averaging profits over a two year period is a well known feature of the tax system that applies to farmers. Whilst this provision still exists, it is now possible for farmers to average their profits for a five year period.
At Thomas Westcott we have an experienced audit team who are involved in all of our significant corporate and not for profit audit clients.
Over the next few months we would like to introduce you to the core team of eight who are supported by an audit team of twenty across the practice who are able to provide a tailored audit which reviews the financial risks that a business is facing.
Now that Article 50 has been triggered the process of negotiating our exit from Europe and our future relationship with it begins, but even this is not to be a smooth process as it is clear that the EU wants to deal with the exit issues before discussing the future, whereas our own Prime Minister, Theresa May, would like to negotiate both the exit terms and future relationship at the same time.
Next year HMRC will start implementing its controversial new taxation regime, called Making Tax Digital, compelling businesses to keep digital accounting records and complete quarterly tax returns online.
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