In his Spring Statement the Chancellor Phillip Hammond announced a review of the VAT registration threshold which currently stands at £85,000. While the outcome of this review could have far reaching consequences we have been assured that this threshold will remain unchanged until March 2020, which will give us some degree of certainty for the time being.
The tax year 2016/17 was the first year in which it was able to average profits over a five year period. We have undertaken a review of the claims that have been made and, whilst not every farmer has been able to benefit, some of the reductions in the overall tax liability have often been in excess of £10,000.
Underlining our status as the South West’s fastest-growing independent firm of chartered accountants we have just announced that Okehampton-based practice Robert Humphry has merged with us.
All you need to know about the financial reporting obligations for your organisation.
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