We are delighted to announce the we have been shortlisted in the British Accountancy Awards for Best Mid Tier Firm of the Year.

It is the first time the firm, which has 14 offices across Devon and which this year celebrates its 30th anniversary, has ever entered the prestigious awards which are held annually to recognise excellence in the UK’s accountancy sector.

We will now have to wait until November when the winner will be announced at a glittering awards ceremony in London.

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Thomas Westcott is delighted to announce that they have acquired David Jenkins & Co in Tiverton. 

It is anticipated that the transfer of David Jenkins & Co’s practice, based in Woodward Road, Howden Industrial Estate, to Thomas Westcott will see the two Tiverton offices combine over the coming months.

Richard Thomas, Chairman of Thomas Westcott, which has 13 offices in Devon including one in St Peter Street, Tiverton, said: “David Jenkins, who has a superb reputation built over many years, has now transferred his practice to Thomas Westcott and we are delighted to welcome his staff on board.

“We look forward to working with them and also with David’s clients who, rest assured, will continue to receive the very best accountancy and business advice services available.”

Following the transfer Thomas Westcott partner Stuart Carrington has taken responsibility for the new Tiverton office, while his colleagues John Potter and Denise Harris continue to look after Thomas Westcott’s existing Tiverton clients.

If you have any questions regarding the new office please contact Stuart Carrington on 01884 252466 or stuart.carrington@thomaswestcott.co.uk

 

1 October 2015
  • ●     Payment of corporation tax liabilities for periods ended 31 December 2014 for small and medium-sized companies not liable to pay in instalments.
  • ●     National minimum wage rates increase.
5 October 2015
  •   
    ●     HMRC must be advised of income tax or CGT liabilities for 2014/15 if a tax return or notice to file has not been received.

If you or your business are facing financial pressure, it is important that you seek early advice from a Licenced Insolvency Practitioner. I emphasise the word ‘Licenced’ since there are many people holding themselves to be professionals in this field who are not qualified to give proper advice. If you are considering an insolvency process, you need to ensure that all possibilities and consequences have been discussed.

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In his budget on 8th July, the Chancellor announced that he is planning to restrict tax relief for interest and other finance costs incurred on loans to purchase properties for letting to the basic rate of income tax.

The change is to be phased in over a 3 year period starting in April 2017 with full implementation applying for tax year 2020/21.

The proposed method of calculation is quite complex and involves a deduction from tax of an amount equal to 20% of the loan interest.
 

The effect is shown in the table below:

 Tax Year 

 % relievable only at

basic rate 

 % relievable at

higher rate

 2016/17 

 0

 100

 2017/18 

 25

 75

 2018/19 

 50

 50

 2019/20 

 75

 25

 2020/21 

 100

 0

The new rule will not apply where a property meets the criteria for furnished holiday letting, nor will it apply to letting of commercial property.

There are no changes proposed for corporate landlords or for trustees.

If you want to know what this will mean for you, or if there is anything that can be done to minimise the impact on your after tax income, please contact Ian Huggett on 01271 374138 or e-mail ian.huggett@thomaswestcott.co.uk

Our specialist manufacturing & Technology Team have produced their second newsletter CLICK HERE to read all the latest news.

 

If you have any questions or comments about our newsletter please do not hesitate to contact Chris Hill on 01392 288555 or chris.hill@thomaswestcott.co.uk 

If you are considering insolvent Liquidation for your company, it is important that directors seek expert advice form a Licenced Insolvency Practitioner (IP). Most IPs will offer a free initial meeting to discuss the financial position of the business. Ideally, this should take place at the company’s trading premises, so that the IP can get a feel of the operation.

Before any final decision is made, it is always important to explore the alternatives. One of the first questions we ask is what do the directors want? Often, the reply is to keep the company going, but they cannot see how this is possible. This is when an experienced IP may be able to help. Alternative procedures will be reviewed such as a Company Voluntary Arrangement, Administration or a pre-pack sale. Liquidation is often a last resort.

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1 September 2015

●     Payment of corporation tax liabilities for periods ended 30 November 2014 if not liable to pay by instalments.

●     Check HMRC website for changes to car mileage fuel rates.

7 September 2015

●     Due date for VAT return and payment for 31 July 2015 quarter (electronic payment).

 

 We are proud to announce that today is Thomas Westcott Chartered  Accountants' 30th anniversary.

The firm was founded in July 1985 when Senior Partner Richard Thomas joined with Roger Gillard and Jonathan Westcott to create a 2 office practice from Honiton and Axminster. Over the last 30 years the firm has grown and now operates from 13 locations across Devon and offers a number of specialist services.

We would like to thank all of the dedicated staff and wonderful clients who have worked with us over the years.

Nick Smy, Partner responsible for the East Devon offices says “We are proud to have been part of the Devon community over the last 30 years and look forward to many more years of supporting individuals and businesses throughout the local area”

 

There is often confusion between the three terms in this heading, but there are distinct differences between each:

Wrongful Trading

Wrongful trading is when a company has entered into insolvent liquidation and prior to the commencement of the winding-up the directors knew or ought to have known that there was no reasonable prospect that the company would avoid insolvent liquidation.

Wrongful trading is a civil offence, so directors found guilty can be held personally liable for the company’s debts. They may also face disqualification as a director for a period of up to 15 years.

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