Latest News

Optimising performance in the family business

The dynamics of the family unit are very different from the dynamics of a business unit. When the two are combined within a family business scenario, with perhaps two or three generations of the same family working in that business, the potential for a range of conflicts is multiplied.

Family businesses face unique and difficult challenges in aligning the aspirations of everyone involved. Keeping all strands of the family happy can directly conflict with making the tough and brave business decisions that non-family businesses can make without fear of a family fall out.

ISAs become New ISAs (NISAs) on 1 July 2014

Understanding exactly what you can save into cash ISAs and Stocks and shares ISAs each tax year has not always been easy, as you could use your full entitlement if saving into a stocks and shares version, but for the Cash ISA you could only invest half the amount.

The March 2014 budget announced that ISAs are being revamped into a simpler product, with equal limits for cash and stocks and shares, plus a substantially increased ISA allowance. If you've already got an ISA (or ISAs), the changes apply to existing accounts too.

Consultation on Trust changes - Third Time Lucky for HMRC?

Almost two years after the first consultation, HMRC have now launched their third consultation into Inheritance tax charges and trusts. Over that time what was originally badged as ‘simplification’ is now being badged as a ‘fairer’ way to calculate Inheritance Tax (IHT) charges on trusts.

5 reasons why Armstrong Watson are one of Xero’s biggest accounting partners in the UK

In April Armstrong Watson joined one of six UK accountancy firms to achieve Platinum Partner status with Xero, the premier Cloud accounting software provider.  As the first mid-size firm to achieve this status, we see it as a reflection on how we at Armstrong Watson embrace both technology and the importance of collaboration with our clients.

So what has seen Armstrong Watson move so quickly towards becoming a Platinum Partner of Xero?

Advisory fuel rates for company cars

Following a change in the advisory fuel rates by HMRC, from 1 June 2014 the mileage rates applying to company cars are as follows:

Accountancy firm beat some of the UK’s largest businesses in the National ‘Top Employers’ survey

Armstrong Watson scored a hat-trick in this year’s national ‘Top Employers for School & College Leavers Survey 2014/2015’ as published in today’s Independent newspaper.

Beating off strong competition from big businesses for the second year running; both in the accountancy sector such as Deloitte and KPMG and the wider business economy such as Morrisons and Santander.

‘Y’ is shaping the future for Accountancy Firm in Yorkshire

Accountants and Business advisory firm Armstrong Watson have today announced its membership of Welcome to Yorkshire’s Y30 Club. With the firms growing demand to advise family businesses and the knowledge within the group across the hospitality and leisure industry it was an easy decision to step in as their newest member.

Changes to the taxation of partnerships and LLPs

The Chancellor announced in his Budget this year that he intended to consult on changes to mixed partnerships, and on the deemed self-employed status of LLP members, as he sought to tackle the perceived tax avoidance in this area. On 5 December, as part of his Autumn Statement, he announced that certain elements of new legislation would come into force immediately.

New legislation to make rent arrears recovery more difficult for commerical landlords

On 6 April this year, Distress for Rent was replaced with Commercial Rent Arrears Recovery, CRAR, as the correct legal process for landlords wishing to recover rent arrears by seizing goods from the tenants. The new CRAR will still allow landlords of commercial premises the right to recover rent arrears through the seizure of goods, although the two systems are very different. The type of goods that may be seized has been reduced and the right may only be exercised after a more protracted procedure.

Non-deductible fridges

The first trickle of tax return information for the 2013-14 tax year has started to arrive in our offices. My advice to clients gathering information together is they should bring in all the things they think might be relevant. We can then pick out what is not deductible for tax purposes. This year, for my clients with rental income, I will be looking out for any expenditure on fridges.