Latest News

Inheriting a family business - for the next generation taking over the business

Making the decision to take over a family business is always a leap of faith for the next generation. It is however a leap of faith that can be made with varying levels of assurances, especially if the team supporting you knows what you are going through.

The Family Business and Succession Planning

The recently published Armstrong Watson Family Business Insight, compiled from our survey of over 400 businesses mainly across Scotland, Cumbria and Yorkshire, led to some interesting statistics from the Scottish survey respondents.

The Scottish respondents noted a much higher proportion of first generation owners still running the family business at 62% compared to the overall average of 53%.

Do you have big ideas but need that support to make them happen?

You have some big ideas. You recognise that the world of business is ever-changing and standing still is not an option. You have the inspiration, but you can never seem to actually take action. You’re not alone…

Get serious about growing your business

Do you want to take your business to the next level? Think about the following questions and statements and how that ties in to what you have done, plan to do, or just haven’t even thought about yet…

Inheritance tax and ensuring tax-efficient succession of the family business

If you are planning to pass on your family business you will need to consider the most tax efficient way of doing so and much will be determined by the availability of Business Property Relief (BPR).

The 100% rate of Business Property Relief (BPR) from Inheritance Tax (IHT) has been with us now for many years – though its continuation cannot be guaranteed for the future. However, not all businesses will qualify - and certain business assets will only attract 50% relief.

A new face in Carlisle to support farming businesses through uncertain times

Armstrong Watson is delighted to announce that Jonathan York has relocated to join the agricultural team in Carlisle, bringing with him over 20 years’ experience in working with farmers and supporting them in their businesses.

Jonathan’s knowledge will be invaluable in supporting farming clients across Cumbria on a wide range of subjects, with a strong background in IHT, tax planning and securing business property reliefs he is well used to bringing the right advice for agricultural clients.

We're recruiting! Charity football tournament for Hospice at Home West Cumbria

The date has been set as Friday 16^th June 2017 (the day before the Cumberland Show), when we hope to make a chunk of money for Hospice at Home West Cumbria’s, 30 for 30 appeal. 

Our vision is a 6-a-side football competition, comprising of at least 10 teams; with entries from Armstrong Watson and other professional contacts.

Cockermouth School are kindly providing the venue for free, and with the entry set at £100 per team, we hope to see a considerable profit for the charity.

Kick-off will be at 6pm and we anticipate the tournament will end by 9pm.  

A new Partner to support business growth in Cumbria

We are  delighted to announce the appointment of Kevin Engel who has joined us as Audit and Assurance Partner. 

Kevin comes from Grant Thornton in Edinburgh where his previous role as Managing Partner means he has worked with,  and developed businesses to be the very best they can be, with great success. 
With experience in all kinds of family owner managed businesses, he is confident that his natural ability to understand what makes businesses tick and in helping businesses grow, will benefit Cumbria’s businesses community.

Hunting Growth

I once asked a successful business owner which was the best type of customer.  The answer was “a client who is experiencing growth”*.

But how can business owners find or switch-on “growth”? Lots of companies want it, but not all attain it. If it was easy to achieve, then everyone would be at it.

HMRC collected extra £3.3bn in unpaid VAT from SMEs

HMRC has collected an extra £3.3bn in unpaid VAT over the last year, following investigations into SMEs. Such successful returns from these enquiries means more are likely to follow, and business owners should ensure that tax affairs are in order as a result.

The extra tax was collected by two newly created specialist HMRC teams, the Individuals & Small Business Compliance unit and the Wealthy & Mid-sized Business Compliance unit.