Latest News

Forensic Team Doubles in Size

Armstrong Watson Accountants, Business and Financial Advisers have announced that, just one year on from its establishment, their Forensic Team has doubled in size to meet increasing demand.

Based in the firm’s Leeds office, the Forensic Team’s expansion comes in response to growth in shareholder disputes, business and intellectual property valuation work, and commercial litigation.

The existing team of five, led by Partner and Head of Forensic Accounting, Matthew Geale, assisted by Liesel Annible and Chis Hine, has been joined by Lindsay Tarrant as a Senior Manager. 

Budget Review for Retail Sector

There are number of areas in the Autumn Budget that will impact on the retail sector.

The reduction in the VAT registration threshold which had been suggested prior to the budget was avoided, at least for now, with the threshold frozen at £85,000 for the next two years whilst the government consults on the matter. 

Making Tax Digital is edging closer and from April 2019, businesses trading above the VAT registration threshold will need to report their VAT information through this system.

Impact of the Budget for Family Businesses

It will come with little surprise that the second budget of 2017 failed to offer significant headline announcements, despite the rumour mill going in to overdrive during the past few days.

The Chancellor delivered a budget speech based predominantly on the economic climate, with specific focuses on growth and debt, especially given the backdrop of the impending ‘Brexit’ effect.  Growth and decreasing unemployment bring optimism for a post ‘Brexit’ Britain and offer some reassurance to family business owners - although there will be challenging obstacles ahead.

The Budget Tightrope

Graham poles, Armstrong Watson's Tax Partner gives his views on the upcoming Autumn Budget given by the Chancellor Philip Hammond.

Are changes to VAT imminent?

The Office for Tax Simplification (‘OTS’) released their report Value added tax: routes to simplification on the 7^th November 2017.

After taking some time to read through this report, I am pleased to report that there are many positive ideas coming out of this, along with one not so positive recommendation, which may have a significant impact on small businesses.

The portrait tour continues in Northallerton

Our 150th anniversary celebrations continued in Northallerton, with the clients' portraits being shown at Romanby Golf Club at the beginning of November.

Attending the event, alongside 80 guests, and featured as part of the project was Thirsk’s Judy Bell, founder of 30 year old award-winning artisan cheese producer, Shepherd’s Purse.

Also captured in oils was Beryl Gatenby, director of fit-out and construction specialists Simpson (York) Ltd who expressed her delight at being part of the portrait collection,

Is the VAT registration threshold set to be reduced?

Currently only businesses with taxable turnover above £85,000 per annum are required to be VAT registered in the UK.

As part of their review into the UK’s VAT system, the findings of which are due to be released this week, the Office for Tax Simplification (‘OTS’) has been reviewing whether this current threshold should be retained.

The UK currently has one of the highest registration thresholds in the world, with only Singapore having a significantly higher level.

New VAT Specialist Brings Health Check Service to Tax Team

Armstrong Watson’s award winning tax consultancy team are celebrating with the recent appointment of Steve Ferrie to the firm.  Steve joins as a VAT Consultant following a 39 year career with HMRC, primarily as a VAT Inspector.

Call to Family Businesses to Participate in Largest Survey of its Kind

Armstrong Watson, Accountants, Business & Financial Advisers has launched its third annual Family Business Insight Survey in a bid to delve into the current issues dominating the agenda for UK Family Business.

With the results aimed at providing vital insight into the unique challenges and opportunities faced by Family Business, the firm is urging participation from family businesses from all sectors and regions.

Insolvencies on the rise – what will happen when interest rates go up?

I read with great interest this week that Government statistics show that applications for Individual Voluntary Arrangements (IVAs) - where an individual comes to an agreement with their creditors to pay back their debts over a period of time - have reached their highest level since they were introduced in 1987.  In England there were 15,523 IVAs recorded in England & Wales in the third quarter, rising from 13,290 in the same period a year ago.