Latest News

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.

Autumn Statement 2012

The Autumn Statement 2012 will be made by the Chancellor of the Exchequer, George Osborne, on Wednesday 5 December at 12.30pm.

The Statement provides an update on the Government's plans for the economy based on the latest forecasts from the Office for Budget Responsibility.

These forecasts are published alongside the Autumn Statement on 5 December. It is regarded as the most significant economic event of the parliamentary year, after the Budget.

Tax Return Deadline Approaching

The filing deadline for paper copies of your Self Assessment tax return for 2012 was 31 October 2012. If you file a paper return after this date penalties will apply.

If we prepare your return it will be filed electronically, the deadline for electronic filing of 2012 Self Assessment returns is 31 January 2013.

Sage 50 Accounts Exam Successes at Armstrong Watson

Armstrong Watson is delighted to announce that Sharon Carr, based at its Fairview House office in Carlisle, and Louise Holmes, based at its Birbeck House office in Penrith, have both achieved Sage 50 Accounts qualifications at levels 1, 2 and 3.

The Sage certification is based on Sage 50 Accounts software and consists of an online exam for each level of certification. Through achieving this qualification Sharon and Louise have demonstrated that they both have a thorough knowledge of the system and our clients can continue to rely on their advice.

Buying Property for your Student Child?

University is expensive these days and many students leave college heavily in debt.

Inevitably parents will be called on to help in many cases and will look for ways to do this as painlessly as possible.