A new social phenomenon, 'the sandwich generation' is on the rise

As concern grows among 'sandwich' carers, so too does the need to financially plan for ageing dynamics and family relationships

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:

Inheritance Tax - Beware the traps for the unwary

As I highlighted in my previous article, the government’s tax take from inheritance tax (IHT) alone exceeded £5.2 billion in 2017/18, which is almost double what it was in 2010/11. The main reason for this increase is that since 6 April 2009, an individual’s IHT nil-rate band has been frozen at £325,000 whilst asset values continue to grow, which means a greater number of estates will be subject to IHT.

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.  

Figured - Making Tax Digital

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.

Cash gifts draw taxman’s attention

HMRC figures reveal that 45% of those who have handout a financial gift understood the implications for inheritance tax (IHT). Only gifts valued at less than £250 individually and £3,000 in total per tax year are exempt from IHT.

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.

Get your family finances in order and boost your savings

Taking a closer look at what you’re spending as a family can help make significant savings

Spring is finally upon us, and those winter months (even though we’ve had a really mild winter)

Are starting to become a distant memory. But with spring comes a new tax year. It may be tempting to leave the family finances ticking along. However, while you may feel the urge to give your home a spring-clean as we move into this time of year, why not take the same approach with your finances?