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The average income in retirement

According to new research from Prudential, people planning to retire in 2017 expect to receive an average annual income of £18,100, but how realistic is it to achieve this figure?

Those relying exclusively on the State Pension to fund their lifestyle in retirement will find themselves some way short of expectations - the maximum level of state pension is rising to £159.55 per week from April (£8,297 per annum) - assuming that they receive the full entitlement, so most will need to make additional provisions to plug the gap.

Proactive succession planning

We recently published our Family Business Insight for 2017 and one of the key highlights was that 38% of businesses are now surviving into 2nd generation and the same number, 38%, plan to pass their businesses on directly to family members. Coincidence?… probably not.

Businesses which proactively plan a succession strategy, involving and engaging with family members, will almost certainly have a far better chance of survival than those that are forced into an unwanted or unexpected strategy.

HMRC putting added pressure on ‘gig economy’ workers as it looks to drive up tax take

HMRC has collected a total of £438m from investigations into self-assessed taxpayers over the last year, highlighting the need for close attention to detail and careful organisation when filing returns, especially for those workers reliant on the ‘gig economy’. The healthy take from investigations means HMRC is likely to continue to conduct enquires of this kind.

Making Tax Digital – are you ready for the biggest change to business administration since VAT?

In the Budget in March 2015, the then Chancellor George Osborne announced that the annual Self Assessment Tax Return was going to be abolished, and individuals and businesses were being brought into the digital age with ’Making Tax Digital’. This has been described as the biggest change to business administration since the introduction of VAT in 1973. Instead of completing an annual Self Assessment Tax Return, information will be submitted to H M Revenue and Customs (HMRC) via a ‘Personal Tax Account’ throughout the year.

National Insurance Contributions U-turn

Commentators were not expecting much in the way of big announcements in the Budget on 8 March. This was partly due to the preoccupation with Brexit, and partly due to this being the last Spring Budget and the expectation that changes to be introduced in April 2018 will be announced in the Autumn Budget.

Brexit – what are the corporate tax implications for companies?

On 29 March 2017 the UK Government triggered Article 50 of the Lisbon Treaty to formally notify its intention to leave the European Union (“EU”) within a two year period.

Although it is difficult at this stage to provide specific details of how the UK taxation system will be impacted by Brexit, the likelihood is that there will not be any immediate change to direct and indirect taxes. The actual tax impact of Brexit will be better understood once the terms of any Brexit agreement have been concluded with the EU.

Helping the people of West Cumbria achieve their financial dreams with quality face to face advice

Armstrong Watson is delighted to announce that Stuart Smith has joined the team in West Cumbria as a Financial Planning Consultant. Stuart has spent most of his working life in West Cumbria with over 15 years’ experience in financial services. Stuart prides himself on developing trusted relationships with clients and identifying their financial goals and more importantly, how they can achieve them with the right foundations in place.

Stuart comments:

How much?!

For anyone unfamiliar with British understatement, “How much?!” is a rhetorical question used to indicate that the buyer hasn’t totally agreed with the pricing of an item for sale.

The problem is that pricing and valuation are tricky things to get right, especially with large assets.  An old saying goes that the “price” is the amount someone is prepared to pay for an asset.

Tax team shortlisted for two awards in National Taxation Awards 2017

We are delighted to announce that our tax team has been shortlisted for two awards including ‘Best Tax Practice in a Regional Firm’ and ‘Best Tax Investigations Team’ at the National Taxation Awards 2017.

These national awards recognise the best in the taxation industry, celebrating excellence and promoting the highest standards possible.

After winning the award for ‘Best Tax Practice in a Regional Firm’ in 2015 and being a finalist in the ‘Best Tax Investigations Team’ last year, we are hoping to scoop two accolades this year.

An insight into Family Businesses

The Armstrong Watson Family Business Insight 2017 provides an in depth analysis of current trends from the results of the largest survey of its kind in the UK.  The survey collates opinions from over 400 family business owners across the country offering an awareness of the challenges they face on a day-to-day basis.