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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

Record number of family businesses respond to survey, creating insight into the UK’s most significant sector

Armstrong Watson has conducted a significant survey of family businesses which reveals some surprising insights into the UKs family businesses and some of the key issues they are facing at the moment.

The family business report is one of the biggest surveys in the UK of its kind, with a record number of 323 respondents from all over the country, meaning the results have statistical significance and represent a good insight into the current state of play for family businesses in Britain.

New appointment puts business needs in the picture

Armstrong Watson is delighted to announce the appointment of Business Development Manager, Kelly Crosbie.

Her role is to meet with businesses and gain a detailed understanding of their payroll and employee needs, enabling the firm to provide services which will bring real value to that business.

Kelly said:

I’m delighted to be joining Armstrong Watson and to be part of a fantastic progressive, forward thinking firm.  I’m looking forward to working with the payroll team and developing existing and new relationships in my new role as Business Development Manager.

500,000 UK businesses are issued a stark warning

According to Corporate Features, The Pensions Regulator are due to release their latest automatic enrolment (AE) compliance figures shortly.  Although as at December 2015 more than 78,000 employers had completed their AE staging duties, worryingly in the last quarter of the year they had to issue more than 2,500 statutory notices.  In addition, they issued just over 1,000 fixed penalty notices of £400 and 24 escalating penalties.  Escalating penalties are where there are daily fines, in addition to the fixed penalty of £400.  These can be from £50 per day to £10,000 per day, depending on th