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Payment of CGT within 30 days

Residential property owners have had their fair share of tax changes to contend with in recent times. However there is a further matter on the horizon which I don’t think has been particularly well publicised. This concerns a fundamental change to the administration of Capital Gains Tax for sales or other disposals of UK residential property from 6^th April 2020. On this date a new 30 day reporting and payment window will come into effect.

Inheritance Tax - is your business ready?

Passing a Holiday Park on to the next generation is very attractive to owners, However, on death, if the Park is deemed to be an investment entity and not that of a trading one, the taxman could take a chunky 40% of the park’s value through Inheritance Tax (I.H.T).

Staycation Boom for Holiday Parks

Holiday Parks see a surg in occupancy levels and record sales of new caravans and lodges off the park - what are the key drivers for this boom?

Becoming a Partner in a Law Firm: The implications of moving on from, or retiring from a Law Firm

I was interviewed recently by LawFirmAmbition about the most common questions surrounding the topic of becoming a partner in a law firm.

The questions below relate to becoming a partner and the implications of moving on from, or retiring from a Law Firm. You can read the answers to previous questions here: 

Becoming a Partner in a Law Firm: Is it Worth it?

Making Tax Digital for VAT is live – ignore at your peril!

VAT registration is compulsory for those businesses with taxable (‘VATable’) income (also referred to as turnover or sales) in excess of the VAT threshold, currently £85,000. 

With the exception of organisations listed in HMRC’s ‘deferral group’, from 1 April 2019 VAT registered businesses with VATable income above the current VAT threshold of £85,000 are required to:

Data-Driven Decision Making

They say that there are three types of people, those who make things happen, those who watch things happen, and those who wonder what happened.

If you’re a business owner or leader, it probably pays to be in that first group.  

The relevance of this for business leaders was made clear by the American quality expert W. Edwards Deming: “It is not necessary to change. Survival is not mandatory”.

If your organisation isn’t measuring activity and using data with a view to sustain or improve itself, then how confident can you be that there will be a tomorrow?

Diversification – the legal pitfalls

Diversification plays an important role in creating a strong, robust and successful farming business than ever before and is a key strategic step to future proofing any farming businesses.  

Partnership with Figured- providing a powerful farm management software app

To help our clients produce accurate management information we have partnered with Figured, a powerful Farm management software product which allows better focus and easier decisions to me made.

Tom Blandford Celebrates Winning Yorkshire Accountant of the Year

There were celebrations all round at Armstrong Watson on Thursday evening after the firm’s Legal Sector Director, Tom Blandford was awarded the coveted title of ‘Yorkshire Accountant of the Year’.

The Yorkshire Accountancy Awards are held annually and celebrate the achievements and successes of the region’s best and brightest accountancy practitioners.

Payroll for Holiday and Caravan Parks

Article first published in Holiday Parks Management June issue 2019.