Latest News

Payroll Team Awarded Coveted Gold Standard for Third Time

Armstrong Watson's payroll service line has been accredited with the Chartered Institute of Payroll Professional’s Payroll (CIPP) Assurance Scheme for the third time.

We’re all going on a Summer Holiday

With the school summer holidays for many children only a few days away you may think that many families will already have their trips booked and planned. However, with the uncertainty of Brexit, combined with the increasing stress on household incomes due to ever increasing prices, many families are having to tighten their belts and are considering a holiday in the UK. These families are also leaving the booking of holidays to a much later stage to ensure the family finances can stretch to the cost of such a trip.

Increasing HMRC Tax Investigations and spiralling costs

In recent years HMRC has become much more aggressive towards the collection of tax, using their connect system that holds information from many government departments as well as external bodies and offshore institutions, and this has led to a greater focus on tax enquiries to collect any tax HMRC perceive as unpaid.  As a result, we have seen an increase in the number of individuals and businesses being faced with enquiries into their tax affairs and these HMRC enquiries can amount to significant costs to defend the case and seek a fair and pragmatic outcome.

Proud sponsors of Carlisle United’s Warwick Road End Stand

Armstrong Watson is very proud to announce the sponsorship of the Carlisle United Warwick Road End Stand for the 2019 / 2020 season.

Commenting on the firm’s sponsorship agreement, CUFC’s commercial manager Jenny Anderson said:

Tax investigations in the Property Sector

A summary of HMRC investigations case studies into UK Architecture firms and Property rental businesses.

Tax Investigations in the Hospitality Sector

The hospitality industry is a lucrative target for HMRC enqiries for their Tax, VAT and PAYE liabilities as the industry employs lots of people.

Burning business questions at the top of everyone’s agenda

Whilst every business is unique, there are common issues and themes that affect businesses of all sectors, shape and size across our region. ­­

I’m always keen to hear from our clients and local business leaders about what’s top of their current agenda when it comes to business concerns. I thought I’d share with you just a few of the recent conversations (excluding Brexit!) we’ve been having as a firm with the business and clients we work alongside – and reassure you you’re not alone!

Cash Flow Crisis

Whilst many headlines are focused on the uncertainty around Brexit, it will probably not have gone unnoticed that there have been some large businesses in the news recently, many of whom are struggling. Debenhams and Sir Philip Green’s Arcadia Group have both managed to agree restructuring plans, whilst British Steel faced insurmountable debts, which has forced its closure.

Increased Tax on Property Sales

As many will be aware, the government have restricted the tax relief available to landlords from increasing Land and Buildings Transaction Tax and restricting the amount of loan interest relief available against rental income. 

From 6 April 2020 the government will now further reduce the deemed occupation period allowable under Principal Private Residence (“PPR”) relief and remove Letting Relief.

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.