Latest News

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’.

STEP Exam Success

Armstrong Watson is delighted to announce that Helen Thornley, who works as a Tax Consultant at its Kendal and Penrith offices has achieved distinctions in both the tax and accounting papers for the Society of Trust & Estate Practitioners (STEP). Helen has now qualified for full STEP membership.

STEP is the leading worldwide body for those working in the fields of trusts, estates and related issues. Like many STEP members, Helen already has related qualifications being both a Chartered Accountant and Chartered Tax Adviser.

Good News for Small and Medium sized Businesses

One of the unexpected headlines in the Chancellor’s recent Autumn Statement was the temporary two year increase in the Annual Investment Allowance (AIA) to £250,000 effective from 1 January 2013. This will have an impact on many businesses planning future capital expenditure, and the U turn comes less than 9 months since the government dramatically reduced the allowance from £100,000 to only £25,000. This change will allow businesses to claim 100% relief for qualifying expenditure of up to £250,000.

'Above the Line' Tax Credit for R&D

The 2013 Finance Bill published on 11 December 2012 includes the draft legislation for a new mechanism ("Above the Line" – ATL) for large companies to obtain relief for their R&D expenditure.

Whilst the definition of R&D and the qualifying cost categories have not changed, the way the relief is given will change.