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Preparing for the changes to the VAT flat rate scheme

Following the surprise announcement by Philip Hammond in the Autumn Statement, major changes to the flat rate scheme will come into effect from 1 April 2017.  It is therefore vitally important for any business currently using the flat rate scheme to review their position as soon as possible.

Is it time to consider Short Life Asset elections?

Unless your business’s capital expenditure on plant and machinery falls within the Annual Investment Allowance (‘AIA’) limit for the period in which it is acquired (currently £200,000 per annum from 1 January 2016), tax relief will be obtained through claiming capital allowances.

At the current 18% rate of main pool writing down allowances it takes eight years to relieve 80% of the expenditure incurred, even if the asset has been sold at a loss or scrapped within that period.

Would you accept an increase in Council Tax to pay for social care?

The social care system in the UK is under significant pressure and with more than a million more people aged over 65 today than there were in 2010, it’s easy to see why calls have been made to put more money into the UK’s care system.

Social care funding does not fall to the Government through the NHS, instead it is the responsibility of local authorities to provide care to those who need it and as you may expect, money is tight.

Filing 5 Tax Returns every year - Making Tax Digital

HMRC's initiative titled "Making Tax Digital" means that most businesses and landlords will be required to submit a quarterly tax return together with their usual annual tax return. Here's everything you need to know...

Who is affected?

Every business, landlord and small company with income over £10,000 will be caught under these new rules, but the dates are staggered according to the size of your business activities, as follows:

Revealed...the most bizarre excuses for underpaying the national minimum wage

Last week I wanted to raise the issue on the importance of paying the National Minimum and National Living Wages.  I stated excuses were not acceptable, but some employers do try.  HMRC has published some of the worst excuses given which include:

1. The employee wasn’t a good worker so I didn’t think they deserved to be paid the National Minimum Wage.

2. It’s part of UK culture not to pay young workers for the first 3 months as they have to prove their ‘worth’ first.

National Minimum and National Living Wage 2017

Having read the article 'Employers Face Jail Over Minimum Wage' recently in The Times, I wanted to write this post to discuss the implications for employers when it comes to complying with the 2017 National Minimum and Living Wage rules. 

With Sir David Metcalf, a founding member of the Low Pay Commission (LPC) appointing his first director of the labour market enforcement, employers should ensure they are complying with the National Minimum and National Living Wage rules. 

Checks and balances

Senior Tax Consultant Susan Winter recently had an article published in the December 2016 edition of Property in Practice, the magazine of the Law Society’s Property Section.

Upcoming tax changes may lead more private property investors to incorporate, in this article Susan, together with Tony Lake, commercial property partner at Burnetts Solicitors, look at the pros and cons of holding property personally and holding it in a limited company.

Brexit – What will it mean for VAT?

There are still many uncertainties about what form Brexit will actually take, but given Theresa May’s pledge to invoke Article 50 by the end of March 2017, it is worth contemplating what impact it will have on the UK’s existing tax system.

It is expected that VAT, as a European Union legislated tax, will be affected most.  The UK introduced VAT in 1973 as a requirement to us joining what was then  the European Common Market and operation of VAT is a mandatory requirement for all member states of the EU.

Our Trainee Chartered Accountant Programme - What our trainees think

As 2016 draws to a close, we thought we'd take a look at what some of our Trainee Chartered Accountants say about our Chartered Programme.  

In 2017, we continue to plan and shape for our future and we are looking to recruit the best Trainee Chartered Accountants out there.  So if you think you can help us shape our future and that of our clients we really want to hear from you!

Read what our trainees say...

Karen Thomson wins highest accolade ‘Payroll Professional of the Year’ award at National IAB awards

Armstrong Watson’s Payroll and Employee services team is celebrating after Director Karen Thomson was selected to win one of the highest accolades in the profession – ‘Payroll Professional of the Year’ at the national International Association of Bookkeepers (IAB) International Business and Skills Awards, which took place this month at the House of Commons.

The awards recognise the very best individuals in the industry, celebrating dedication and success. Sponsored by the Chartered Institute of Payroll Professionals (CIPP), the awards are a cornerstone event in the sector.