Latest News

Death & taxes

It is sometimes said that death & taxes are unavoidable. With Inheritance Tax (IHT) these issues are combined which does, perhaps, explain why it is such an unpopular tax.

It is also a tax that has been rising steadily in real terms for the last four years and the Government announced in March that this would continue for at least the next six years.

Advisory fuel rates for company cars

Many employers and employees make use of the advisory fuel rates published by HM Revenue & Customs. The rates apply where the employer:

• reimburses employees for business travel in company cars where the employer does not provide fuel, or,
• requires employees to reimburse the cost of employer provided fuel used for private travel, so potentially avoiding a private fuel benefit charge.

The advisory fuel rates are also acceptable for VAT purposes providing VAT receipts for fuel purchases are retained.

Taxation of partnerships and LLPs

HM Revenue & Customs has published its long-awaited consultation document on the taxation of partnerships and LLPs. It covers two aspects. Firstly there is the whole basis of taxation of LLP members whose terms resemble those of employees. Secondly there is the question of profit allocation where the partnership includes at least one corporate partner as well as individuals. The intention is to legislate on changes to take effect from April 2014.

Benchmarking

In the current economic climate my clients are increasingly interested in how they have fared compared to industry averages. This naturally leads to the questions: “how can I do better?” and more importantly “how can I make more money?”. The answer to these questions is fairly simple – compare yourself to your best performing competitors and adopt all of their best practices. How you do this is the tricky bit…

Passion for motorbike racing lands Angela some notable wins and some less welcome injuries

For the 10th year in succession, Armstrong Watson will be sponsoring Angela Cragg in her seasons racing. Angela, from our Penrith office, started riding motorbikes when she was nine and has never stopped.

Local Accountants beat some of the UK’s largest businesses and Accountancy firms in the National ‘Top Employers’ survey

Armstrong Watson has been ranked number six in the UK in the ‘Top Employers for School & College Leavers Survey 2013/2014’.

Beating off strong competition from big businesses both in the accountancy sector such as Deloitte, PWC, and Grant Thornton, and the wider business economy such as Marks and Spencer, Santander and Jaguar Land Rover, Armstrong Watson was ranked 6th in the survey which reveals the top 20 employers for school and college leavers.

There just aren't enough hours in the day!

As many of us will find on a regular basis, the pressure of balancing a career, a family and a social life can be very difficult. British workers typically work some of the longest hours in Europe. It can be tricky to manage our time effectively and find a good work-life balance.

They say "time is money", so consider how the following 10 tips could help you manage your time and save money.

Payroll Bureau Successes

Pay & Benefits Magazine

At an awards ceremony in London recently, Armstrong Watson's Payroll team were awarded the Pay & Benefits Magazine "Employer of The Year" award, beating other major Bureaux from around the world.

This follows on from winning the the CIPP "Employer of the Year" award, and being finalists in both the Payroll World and Pay & Benefits "Service Provider of the Year" categories.

Additional Tax Allowances and Reliefs

There are a number of tax allowances that can be claimed if certain conditions apply; in some cases these can be transferred to your spouse or civil partner if you are unable to utilise the additional tax relief.

Is it 'designed as a dwelling?' – VAT Pitfall

'Qualifying building services’ and ‘related building materials’ are zero rated in respect of most of the construction costs of building a new house, or some other types of residential property. The same principles apply to conversions of non-residential property, although the reduced rate of 5% VAT is applicable.

Or is it?

To qualify for zero or reduced rating the ‘qualifying services’ must be used in the construction or conversion of a ‘building designed as one or more dwellings’.