Latest News

30 day deadline to report residential property CGT

Recently, I’ve highlighted the new 30 day reporting rule for Capital Gains Tax (CGT) which applies to disposals of residential property from 6 April 2020. As we draw closer to the start of this fundamental change in the tax reporting requirements it is important that anyone who may be planning a sale or gift of residential property in the UK from this date is aware of these changes.

Don’t forget about Trusts

Recently published Government statistics have indicated that the number of families using trusts to plan their finances has continued to decline. In 2017/18 the total number of trusts and estates registered for Self Assessment declined by 6 per cent to 149,000. This continued the downward trend which has seen the number of trusts fall by 29 per cent from 2005. However trusts total declared income for the year rose by 12 per cent to £2.73 billion and capital gains were unchanged at £3.23 billion. Income tax and capital gains tax paid by trusts amounted to £1.32 billion.   

UK Agriculture Industry - Planning for the Unknown

UK Agriculture businesses need to understand their business in preparation for the impact following Brexit 

International Technology Veterans acquire Wray Castle, Telecoms Training Firm

Justin Ray, Darcie Rae and Kate Neilson from the corporate finance team at Armstrong Watson, acted as lead advisers to help aquistion of Cumbria's Wray Castle, Telecoms Training Firm.

Understanding your Cash Flow and Tax Payments

What is cash flow and tax planning, and why is it important for farming businesses to understand?

Simon Turner promoted to Partner at Northallerton Office

We are pleased to announce that Simon Turner, Audit Director, has been promoted to the role of Partner.

Based at Armstrong Watson’s Northallerton office, Simon has played an integral part in the development of the firm’s audit practice across North Yorkshire and the North East.

Boris’s Proposed Brexit Deal: Customs, VAT and the Irish Border

“So the Government has finally published Boris Johnson’s detailed proposals to deal with the vexed question of the Irish border, the fundamental issue which must be resolved if the UK is to leave the EU with a deal on 31 October, or possibly indeed if we are to leave on that date at all.

The coming days will reveal what politicians and the EU will make of the plans and what will emerge, but what would the proposals mean in practical terms? These would of course take effect at the end of a two year transition period.

Considering selling your business?

Selling your business can be daunting especially knowing how to make it an attractive proposition whilst optimising shareholder value - Armstrong Watson’s corporate finance and tax teams are here to help.

Protection of payment by credit card in light of Thomas Cook collapse

I was very sad to hear last week the news of the liquidation of Thomas Cook with the mammoth loss of thousands of jobs and the continuing disruption, cancellation and upset to hundreds of thousands of holiday goers.

Whilst ATOL protection for many of those who booked holidays through registered travel agents will look to cover losses for the travel and accommodation covered under the policy, this dire situation also reminds us of the protection offered when paying by credit card.

Time to Pay Arrangements – A Time to Reflect?

Whenever there is uncertainty, a lack of customer confidence is never far behind. Unfortunately, that can lead to increased cash flow pressures on businesses as they struggle to meet their obligations to suppliers and HM Revenue & Customs (“HMRC”) and when cash is tight, HMRC often fall to the bottom of the pile.