News & Blog

The RPA announced on 19th March 2015 that in order to meet the 15th May submission deadline for BPS claims, they are abandoning the online system and will allow agents and farmers to submit forms in order to complete their claims.

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The March 2015 issue of our Taking Account Newsletter is out CLICK HERE to read about Budget 2015, Enterprise Investment Schemes, Business Investment Grants and more.

Following today's Budget Announcement by the Chancellor George Osborne, here is an 'easy to understand' summary http://www.thomaswestcott.co.uk/images/publications/budget-briefings/2015-Budget-Summary-2015.pdf

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With the 2015 budget just days away independent accountancy firm Thomas Westcott has issued a wish-list it believes will help businesses.

But, with a General Election looming, the experts at Thomas Westcott fear the budget announcement will be a “benign affair” focused on what has been achieved, rather than measures to further stimulate business growth.

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Decision sets precedent and paves way for further claims from World Bank pensioners, say Thomas Westcott

Former World Bank employees resident in the UK can now claim partial exemption from income tax on their pensions following an important precedent set by the Tax Tribunal.

In the case of Macklin v HM Revenue and Customs (2015) the Upper Tribunal, which has equivalent status to the High Court, overruled an earlier decision by the First Tier Tribunal.

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Sally Nicholls appointed as agricultural consultant at Thomas Westcott

The independent firm of Thomas Westcott, chartered accountants, which has 13 offices across Devon, has recruited experienced farming consultant Sally Nicholls to join its Agricultural team.

Agricultural and farming businesses across the South West can now access expert advice about a broad range of practical issues, from important legislation changes to grant funding opportunities, at Thomas Westcott.

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1 April 2015

• Payment of corporation tax liabilities for SMEs account period ended 30 June 2014 where payment not made by instalments.

• Reduction in main rate of corporation tax to 20%. Small profits rate is abolished except for ring fence profits.

• Change to emission thresholds for business cars (zero rate ends).

• Application to defer Class 2 or 4 NICs for 2014/15 or claim exception for 2015/16.

• Multiple contractors to advise HMRC that they wish to be treated as a single contractor for 2015/16.

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All farmers and potential claimants have been invited to register for the new online Basic Payment Scheme (BPS). Farmers are being urged to register now to avoid last minute panics and setbacks that could jeopardise a BPS claim.

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Some glimmers of positivity are being shown around the globe causing commentators to speculate on the signs of a possible recovery. Although the evidence is only very marginal at this stage, and comes amidst yet more announcements of price reductions, dairy farmers are glad of any good news in the current, uninspiring market.

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We are pleased to welcome Debbie Cole to our team.

Debbie is joining us in the role of Payroll Services Manager for the firm. Debbie will head the payroll team throughout our offices and manage our payroll service to our clients. She brings a wealth of experience which will help us to continue to be recognised as a leading provider of payroll services to businesses.

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