The Office of Tax Simplification makes recommendations on simplifying IHT

The Office of Tax Simplification (OTS) recently published its second report on making Inheritance Tax (IHT) simpler to understand and have proposed a range of recommendations. 

In sumnmary:

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.

Experts fear a scandal in the next few years over pension freedoms.

A new paper entitled “Fixing the Freedoms” and published by Age UK on 30^th June, shows that the low take up of advice and guidance provision in relation to pensions is failing to meet the expectations and needs of consumers and that as a result many older people are making decisions that they may come to regret.

When was the last time you reviewed your investment portfolio?

Most people invest their savings to generate a source of income and/or capital growth for the future. This could be for a number of reasons such as ensuring you enjoy your retirement, creating a legacy for your family or investing for your children’s future.

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.

The Importance of Protection

What do we mean by protection? In a word, insurance - insuring against death, critical illness and ailments that prevent you from working.

Who does this apply to? Potentially everyone; regardless of whether you are employed, self employed or a business owner.

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.

Justin Rourke Promoted to Senior Financial Planning Manager

Justin Rourke who is based from Armstrong Watson's Penrith office for 13 years is promotoed to Senior Financial Planning Manager within Armstrong Watson’s Financial Planning and Wealth Management team.