Accounting Manager at Armstrong Watson
Dumfries, Dumfries & Galloway.
Joined April 2012
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This will have a potentially larger impact the earlier in the tax year your year-end falls.
A change in the Basis Period for unincorporated entities will occur in the 2023/24 tax year. This changes the way trading income is allocated to tax years and may result in significant tax balances through the transitional period. Learn more here.
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Summer edition of Agrimatters out now.
Our Summer edition of Agrimatters is available now! 📢
In this issue we answer questions such as is the BPS retirement scheme for you, could you be caught out by HMRC on farm contractors and are pop-up campsites an opportunity or hinderance? Click to read armstrongwatson.info/Agri-Ma…
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Reminder of new rules regarding Capital Gains Tax effective from April 2020.
Since being introduced in April 2020, one third of people have fallen foul of strict new rules around Capital Gains Tax, filing returns passed their deadline. Read more here: armstrongwatson.info/New-Cap…
Deadline 31 July 2021.
Renew your tax credits online - you can track progress, report changes and view your payment dates and amounts. Remember the deadline is 31 July.
gov.uk/renewing-your-tax-cre…
ALT Renew your tax credits by 31 July.
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Our Business Funding Guide available now.
Are you considering options for business funding? Would you like to understand what routes are available? Our Business Funding Guide provides a comprehensive insight into the opportunities available to business owners. Download now 👇 armstrongwatson.info/Busines…
#fundingforbusiness
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Important in you work in the construction industry.
Do you buy and sell within the building and construction services industry? We’ve got technical guidance on the new VAT reverse charge which came in 1 March. Find out more here. 👇
gov.uk/guidance/vat-reverse-…
ALT VAT-registered construction businesses. Have you been affected by the VAT reverse charge?
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Capital allowances explainer.
Capital allowances tips and traps. David Threlkeld answers this common question from his farming clients... “why is my taxable profit different to my accounting profit?”
armstrongwatson.info/Capital…
#capitalallowance #tax #farming #agribusiness
Important changes coming if you are VAT registered with turnover<£85,000.
Did you know the need to have digital links in place from April 2021 is the only new requirement of Making Tax Digital for VAT? All other requirements, including digital record keeping have applied since 2019. Find out more in our refreshed VAT notice gov.uk/government/publicatio…
Important if you work in the construction industry.
Do you buy services for the building and construction industry, but are unsure of how to use the VAT reverse charge? Check out our guidance here. 👇
gov.uk/guidance/how-to-use-t…
ALT VAT-registered construction businesses. Have you been affected by the VAT reverse charge?
Succession if the farming industry. Join us for our next Audience With Series.
'Succession is vitally important' says @annabelhami11. As my father and I begin the succession process, we can begin to move our farming business forward and exchange knowledge which is exciting, enjoyable, and essential.” @FarmersOfTheUK @YoungFarmersUK in-cumbria.com/news/19300691…
Current SEISS now open.
The Self-Employment Income Support Scheme is open for claims. If you think you might be eligible, check if you can make a claim here.
gov.uk/guidance/claim-a-gran…
If you need a virtual sounding board about those business worries that keep you awake at night.
Running your own business may sometimes feel quite lonely. If you’re in need of a ‘virtual hug’ or a sounding board for your business worries, get in touch.
#mentalhealthawareness #mentalhealthawarenessweek
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Child Benefit restricted if one partners' income is between £50,000 and £60,000.
Are you claiming #ChildBenefits? If you or your partner has an income of more than £50,000 a year before tax you'll have to pay back some (or all) in the form of extra Income Tax - but with the right advice, there are ways to avoid this extra tax...armstrongwatson.info/Child-B…
Making Tax Digital news for those businesses VAT registered with turnover <£85k.
VAT-registered farm businesses should switch to electronic record-keeping without delay or risk being caught by #HMRC’s Making Tax Digital (#MTD) legislation. @FarmersWeekly @AW_ARobinson fwi.co.uk/business/business-…
Mental Health Awareness week.
It's #Mentalhealthawarenessweek and the theme is nature. Nature is all around us and there's lots of good research to support the role it can play in protecting and supporting our mental health...
youtu.be/TdDioDtjkis
#ConnectWithNature #MentalHealthAwarenessWeek
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Protect your savings from fraudsters.
Savers are warned by @actionfrauduk to protect their pensions as figures from the national reporting centre for fraud and cybercrime reveal £1.8 million has already been lost to pension fraud armstrongwatson.info/Pension…
#ProtectYourPension #pensionfraud #fraud #scammers
Latest SEISS.
The Self-Employment Income Support Scheme is open for claims. If you think you might be eligible, check if you can make a claim here.
gov.uk/guidance/claim-a-gran…
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Important income limit on Child Benefit to be aware of.
If you or your partner get Child Benefit, check your annual income on your P60 or personal tax account. If either of you have a total income of over £50K then you may have to pay the High Income Child Benefit Charge – use the tax calculator to work it out gov.uk/child-benefit-tax-cha…
ALT Check your P60 to see if your income affects your Child Benefit
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Non essential retail and flexible furlough.
If you run a shop that is classed as non-essential retail, you can use furlough flexibly to bring employees back if you're opening as lockdown eases 🛍️🛒
Make a claim once you know the hours worked so you don't have to amend it later gov.uk/guidance/claim-for-wa…
ALT Job Retention Scheme. Support available to help your business
Boost forward bookings by sharing VAT savings?
Accommodation providers could boost forward bookings by sharing #VAT savings with holidaymakers as many look to secure a UK break against a backdrop of uncertainty around foreign travel.
@st_alliance @dgchamber #hospitality #tourism #scotland
dgchamber.co.uk/news123/3471…
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