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Painting by Numbers – How Works of Art Pay Tax Bills

The Arts Council announced this month that it has accepted a portrait of the 5th Earl of Carlisle by Joshua Reynolds from the Howard family of Castle Howard, Yorkshire.  The painting is being transferred to the collection of Tate Britain gallery to settle a tax liability for the family.  
Under the Acceptance in Lieu (AIL) scheme, families can donate pre-eminent works of art to the nation and receive a credit for the value of the item against Inheritance tax.  The latest acquisition of the Reynolds painting will settle £4.7m in tax for the Howard family.  

Armstrong Watson in the top ten of the 2016 Accountancy Age - Best Employers Awards

Armstrong Watson is delighted to announce that they have made the top ten of employers in the national ‘Accountancy Age 2016 Best Employer Award’ category. 

The accolade comes after an extensive 78 question internal Employee Engagement and Satisfaction Survey which was completed by employees.  

The list of the 10 best employers and how they rank will be revealed at the British Accountancy Awards to be held on the 29th November at The Brewery in London.

Paul Dickson, Managing Partner comments:

The 3% Stamp Duty Land Tax surcharge

We have published a few articles regarding landlords recently, as a lot of our clients own second properties, and the tax implications can be complex. These articles have talked in general terms, so we thought it prudent to discuss the 3% Stamp Duty Land Tax (“SDLT”) and Land Building Transaction Tax (“LBTT”) surcharge in a bit more detail.

Simply speaking, the Government have an agenda to make it easier for first time buyers to get on the property ladder; one of these ploys is to make life more difficult for landlords.

The importance of cash flow forecasting

Most of us who own and run businesses will be familiar with the term “Cash is King” recognising the importance of being able to pay our staff, suppliers and other financial obligations as they fall due. Keeping a reserve or emergency fund is also advisable.

This is crucial as even profitable businesses can run out of cash if they are expanding and possibly overtrading, or they simply have peaks and troughs in cash flow, for example when quarterly VAT payments or personal/corporate taxes are due.

Brexit - The UK needs to pull together to build a successful economy for all

The decision by the UK electorate to leave the European Union will create many questions for individuals and business owners on how this will impact them in the future.

The next few years will involve change for the UK and for our economy.  Now is the time for the UK to pull together and to work to continue to build a successful economy for all.

Financial Planning Awarded Chartered Firm Status

Armstrong Watson Financial Planning is delighted to announce that they have been awarded the status of Chartered Financial Planners for another year.

The Chartered Firm status is an exclusive title only awarded to firms which meet rigorous criteria relating to professionalism and capability and is awarded by the Chartered Insurance Institute.

Angela takes on the Pre TT Billown Circuit

Angela Cragg from our accounting team in Penrith embodies the diversity and energy within Armstrong Watson. Wearing a suit for her day job, Angela likes nothing more than to don her 'Armstrong Watson'-emblazoned leathers and head off on one of her numerous motorbikes to compete around the country. She is racing over the bank holiday weekend at the Pre TT at the Billown circuit on the Isle of Man, on Monday 30th May, in the hands of TT winner and NW 200 double winner Ivan Lintin.

Patent Box deadline 30 June 2016

Patent Box tax relief was introduced in April 2013 as a way to reward innovative UK companies. In general terms it means that profits from patents are taxed at 10% rather than 20%; potentially a good tax saving for many companies.

However the patent box has had a few issues due to its complexity and the phasing in of benefits. It has also come under attack; there have been concerns that companies are using preferential IP schemes to shift profits between different jurisdictions.

Brexit and payroll implications

As businesses debate the impact of Brexit, I wonder how many have considered the payroll implications? I have asked myself, will being in or out be better for payroll?

We of course must remember that under Article 50, if the UK votes to leave it could take as long as two years for this to happen, so at least nothing could impact overnight, well on payroll legislation anyway.

When I first heard about this important referendum, aside from being most grateful we live in a democratic country, I started to think about what it might mean for my industry.

Will I get tax relief on repairing my newly acquired let property?

Will I get tax relief on repairing my newly acquired let property?

I’m often asked this question by clients who are looking for a simple “yes” in response. However, that isn’t always the case so “it depends” is usually my initial reply.

Property purchased at a substantially reduced price