Happy Birthday VAT: A golden anniversary! When Lord Anthony Barker, the then Chancellor of the Exchequer announced the introduction of VAT in 1973, he said it was a simple tax. Although many still think “Oh, it’s just 20%,” in my experience as a VAT specialist, there are very few situations where VAT is that simple.

Spring Budget 2023: Encouraging Share Investment for Passive Investors and Employees A large part of the media commentary in the wake of last Wednesday’s Spring Budget focused on two main strands. Firstly, business taxation – the increase in the corporation tax rate to 25 per cent was confirmed, as was the making permanent of the

A quiet spring budget? The Chancellor, Jeremy Hunt spoke for just over an hour today as he gave his first official budget. There had been several leaks ahead of the announcement and unlike many of his predecessors there were no ‘rabbits out of the hat’ as he spoke at the despatch box. Although many will

Playing it safe? 2023 Spring Budget predictions It’s not the time to rock the boat, as it were. If you’re labouring, no pun intended, under the apprehension that the Chancellor’s spring budget is going to be ‘all singing, all dancing’ then you’re likely to be disappointed. There are absolutely no indications, at this stage, that

Success Story – Roberts Rural Ltd They say never mix business with pleasure, but for two of Westcotts’ clients in Somerset, doing just this has proven to be a winning formula. When brothers-in-law and businessmen, Ed Cousins and John Parry decided to start a new venture together, Tom Stuckey from Westcotts was on-hand to provide

  Staying informed about tax rates and legislation is essential to ensure that you comply with any new regulations and avoid any penalties or fines. Payroll team members Liz Marker and Jake Elms discuss how Tax laws and rates can change from year to year, and how it’s crucial to keep up with these changes

New accreditation for Westcotts’ payroll team A key member of Westcotts’ payroll team has been recognised for her specialist skills and expertise by securing a new qualification and membership of a leading industry body. Liz Marker, Payroll Manager, has become a member of the Chartered Institute of Payroll Professionals (CIPP) – the institute for payroll,

Time to catch up with your National Insurance history? The countdown is on and the clock is ticking for you to look at your National Insurance records and plug any missing years of payments to potentially offer a great return on your investment. The extended window of opportunity to make voluntary contributions for any gaps

Puzzled about National Insurance contributions? Well, it’s certainly been a bit of a rollercoaster ride when it comes to government policies surrounding National Insurance contributions (NIC). So, the big question is, just where did we end up? Increasing thresholds Cast your mind back to the start of the 2022/23 tax year and you might remember

Westcotts proud sponsors of Crediton Youth FC’s Under 10 Girls Westcotts is proud to be the main kit sponsor of the Crediton Under 10 Girls football team. The Crediton Youth Football Club consists of over 160 boys and girls from the ages of seven to eighteen. With FA qualified coaching staff, the club wants to

Meet the Funders and Professionals Property investors and developers from across the South West will get the chance to meet with funders and fellow professionals at an event in Plymouth next month, which is being sponsored and co-hosted by Westcotts. A panel of experts, including several finance providers, will be speaking and hosting question and

  Payroll Manager, Liz Marker and Payroll Operational Manager, Jake Elms discuss how to ensure you pay your employees the correct NMW rate and what to expect with a PAYE compliance check.  

Weston-super-Mare RFC gets the backing of Westcotts in Somerset Directors at Weston-super-Mare Rugby Football Club (RFC) have given a warm welcome to Westcotts this season. Our office at Walliscote Road in the town, acts for the sports club as accountants and business advisers and is sponsoring a new prominent pitch-side perimeter board at the Sunnyside

In Focus: Mid Devon Over the years, I’ve learnt that Devon is about much more than just its coast and cities. The towns, industries, and people in the centre of this very special county are just as important to the future of the region as anywhere else. I work with a diverse range of businesses

   Sean Bolter and Paul Maddock from our advisory team provide a quick run through of the tax benefits of battery electric vehicles for business owners and those that provide vehicles to their employees.

Westcotts recruits eleven new team members in Plymouth Eleven new members of staff have been appointed to work in our Plymouth office, on Longbridge Road, Marsh Mills and live in or near the city. Ben Perry, Ben Watt, Maddie Cooper, and Brooke Morey have begun their three-year apprenticeship schemes with Westcotts, while continuing their studies at

New tax year changes to payroll legislation You might call 2022/23 the tax year of constant change – from multiple prime ministers (and cabinet members) to ever-changing payroll legislation. We have had changes to National Insurance rates and bandings, including the Health and Social Care Levy, as well as proposed plans to reduce the basic

Expansion for Westcotts’ financial planning team in Somerset We are expanding our financial planning team in Somerset with the addition of another Chartered Financial Planner. Simon Valentine Marsh will be based at Westcotts’ office in Weston-super-Mare to provide further support to the existing team of advisers to meet the increasing demand for the firm’s specialist

National Apprenticeship Week 2023: Opportunities at Westcotts This week (6-12 February 2023) marks the start of the 16th National Apprenticeship Week. The aim of this dedicated and special week is to share with others the value that employers and apprentices bring to businesses, individuals, and the wider economy and to promote the opportunities available. At

In Focus: North Devon Just like many areas of the South West, North Devon is truly diverse. While its rugged beauty and stunning landscapes from moor to sea draw year-round visitors, there is much to be celebrated in the bustling towns and thriving business hubs. Health, retail, and tourism account for nearly half of all

Westcotts supports Devon’s tourism excellence Westcotts is proud to announce that it will be supporting the very best of Devon’s tourism businesses in 2023 with the sponsorship of a high-profile awards event. The leading firm of chartered accountants and business advisers will sponsor the ‘new tourism business’ category at the 2022/23 Devon Tourism Awards, taking

Westcotts’ corporate finance team advises on ‘cutting edge’ deal in Gloucestershire Westcotts has led on the successful acquisition of a family-run tool cutting business for one of its Gloucestershire-based clients. The firm’s corporate finance team acted as the lead adviser to Stroud tooling solutions company CR Hollands Industrial Supplies on the merger with Concept Tooling

Time to confess? Making a voluntary disclosure With more sophisticated databases, computer systems and sharing of information, it is becoming ever more difficult for taxpayers to keep things concealed from HMRC. If a taxpayer knows they have something to disclose to HMRC, we advise them to make a voluntary disclosure sooner rather than later. Non-compliance

Inheritance Tax – time to review your estate? “A voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue” Roy Jenkins – Labour Chancellor With the government having frozen the Inheritance Tax threshold recently until 2028, it is highly likely that many more estates will be affected by this

VAT: changes to the way HMRC process option to tax forms Important changes to the way that HMRC processes option to tax forms come into force next month, which could affect anyone buying or selling commercial land or property in the UK. From 1 February 2023, HMRC will no longer issue letters confirming that an

New Year, New Start-Up – Top 10 tips for success January and the start of 2023 is the time when attention turns to new year resolutions for many, including small business owners and start-up entrepreneurs looking to put their ‘big idea’ into practice. Do you have a burning desire to be your own boss and

The January rush to file tax returns! How many people are guilty of leaving the filing of their tax return to the last minute? As a profession we always see a mad rush during December and January as many taxpayers frantically try to gather the information for us to prepare their personal tax returns ahead

International tax issues: Get your affairs in order With the 2021/22 personal tax filing deadline of 31 January 2023 looming, now is the time for individuals and businesses who occasionally or frequently cross international borders for work to get their tax affairs in order. At Westcotts, we look after a range of matters for international

Spring Budget – March 2023 date announced The Chancellor has confirmed that he will deliver his Spring 2023 budget on Wednesday 15 March 2023. The team at Westcotts will be providing our usual coverage on the day of his announcement with initial reaction on what any announcements mean for individuals and businesses alike. In the

MTD for Income Tax – delayed until April 2026 Yesterday (19 December 2022), HMRC confirmed that they will be postponing the introduction of MTD (Making Tax Digital) from April 2024 to April 2026 and relaxing to whom the mandation of MTD will apply. Prior to the announcement from April 2024 any individual with gross income

Welcome to our winter 2022 edition of Academy News. We’re delighted to compile the newsletter with contributions from our colleagues across the PrimeGlobal firms. Click on the below link to read our newsletter. Click here to download

Maintaining good cash flow Cash flow is the amount of money coming into and out of your business. Positive cash flow is when you have more coming in than leaving and negative cash flow is the opposite. Cash flow is your current position and it’s important to check you can cover your costs. Monitor your

What is a sole trader? Our key considerations With more than 60 per cent of UK businesses identified as sole traders, there are many more around than you might think. So, what is a sole trader and what does it mean? If you are a sole trader, you run your own business as an individual

Westcotts accredited as Real Living Wage employer Westcotts has just become an accredited Real Living Wage Employer certified by the Living Wage Foundation. It means that we join a growing list of UK firms who are working to ensure that their staff are paid an amount that meets their everyday needs. This is now more important than ever as

HMRC introduces new VAT penalty regime from January A new VAT penalty regime and changes to VAT interest are being introduced from January 2023. VAT registered businesses will see a shake-up in the way that HMRC levies penalties for the late submission and payment of VAT returns. From 1 January next year, the current default

Westcotts’ new agricultural business adviser has farming in his blood A new agricultural business expert appointed by Westcotts brings with him a wealth of experience of Devon’s farming industry. Will Fisher, who joins the firm’s agricultural consultancy, has been working in the sector for more than eight years and will be acting for clients across

Preparing a business plan: what you need to know We have all heard the famous quote, “If you fail to plan, you are planning to fail” and this historical adage could not be truer when it comes to writing a business plan. It would be fair to say that launching a business can be incredibly

Should you trade as a limited company? Being a sole trader is a good option for many small businesses, but there are various reasons why you may trade as a limited company. However, there are advantages and disadvantages of this option. Advantages of incorporation You have limited liability protection – This prevents individual company directors

Making Tax Digital: What you need to know If you have not heard of the strapline ‘Making Tax Digital’ yet, you soon will. If your business prepares VAT returns, then you should already be aware of some of the new requirements. Since 2019, all VAT registered businesses with a turnover of £85,000 have been required

Challenging times for South West’s hospitality sector It would be fair to say that the last few years have been incredibly tough for the hospitality sector in the South West. While the Covid pandemic was hard enough, the region’s leisure and tourism industry has continued to face a whole continuum of challenges in the aftermath

Meet the Team: Trainee accountant ‘scores’ success with Westcotts Westcotts’ Jenna Markham is keeping up with her training – both on and off the pitch. When she’s not working towards her accounting technician qualifications, the 18-year-old is practising her skills with Exeter City Women’s Football Club. AAT Trainee Jenna, based in Westcotts’ Axminister office, signed

Could higher interest rates benefit your charity? At our recent charity seminar in Exeter, we found there was lots of interest from delegates about the issue of charity deposits and how higher interest rates could benefit their organisation. As a guest speaker, I asked attendees whether they were being proactive (or not) in taking advantage

Slurry Infrastructure Grant The rules on the Slurry Infrastructure grant, worth between £25,000 and £250,000 per application, have just been announced. There are specific areas which will change over the period of the grant but below you can view the starting points on the map. The key elements are: The grant is available to help

Success Story – Whistl Fulfilment (South West) Ltd When the three owners of Clientbase Fulfilment Ltd were planning its future direction, it was the business advisers at Westcotts that they turned to for expert advice. Angus Dick, Robert Smeddle and David Fanous, the three founding major shareholders, had been long-standing clients of the largest independent

Cost of living crisis: make every pound count It seems that whenever I’ve been speaking to our clients recently, no matter what sector their business operates in, they are all facing the same strong financial headwinds. With recent political changes at Westminster, interest rates jumping exponentially each month, increasing inflation at over ten per cent

2022 Autumn Budget – No surprises? Following the turmoil of the Truss government with the appointment of Rishi Sunak as Prime Minister and Jeremy Hunt as Chancellor it was always expected that the running of government would be a smoother ride. The weeks leading up to today’s Budget have certainly been more ‘business as usual’

Click on the below link to read our Autumn Budget 2022 Summary. Click here to download

Charities and new financial software The way charities look after their finances is changing with the arrival of new software, including cloud products and customer relationship management systems (CRMs). In the past, charities have relied on traditional accounting methods to balance the books, such as spreadsheets or desktop programmes. These days, however, there is a

Accountant from Plymouth celebrates promotion with leading firm An accountant from Plymouth who has been with Westcotts since leaving school in the city is celebrating after being promoted to a director with the leading South West firm. Matt Keane, 29, (pictured) joined Westcotts in 2012 as an apprentice, after studying for his A Levels at

VAT: Are your activities ‘business’ or ‘non-business? Charities and not-for-profit organisations are subject to the same VAT rules as any other organisation. The main objective for a charity or not-for-profit organisation is to undertake activities that allow it to achieve its primary purpose. While these activities will be charitable in nature, and may benefit from

The Charities Act 2022 – Incorporations and Mergers Many unincorporated charities such as charitable trusts have been looking at the benefits of converting from an unincorporated entity to a corporate structure in recent years, especially with the option of a Charitable Incorporated Organisation (CIO) now available. There are several benefits of a CIO, including increased

Believing in more than just numbers When it comes to working with charities, it is important that accountants believe in more than just numbers. It is fair to say that most people regard the not-for-profit sector as having higher moral standards than most businesses – and rightly so. The sector often works with the vulnerable,

Charities Act 2022 – what it means for your charity Several key changes to charity law are set to be introduced over the next twelve months with the aim of making life simpler for trustees and to help maximise what charities deliver. The technical amendments to the Charities Act 2011 were proposed in May last

Simon achieves accreditation to the Society of Later Life Advisers One of our chartered financial planners has been recognised for his skills in working with clients in later life. Simon Valentine-Marsh is now a member of the Society of Later Life Advisers (SOLLA) – the gold standard when it comes to advising people through some

Getting your payroll in order Payroll and employment legislation is changing all the time and compliance is not optional, so it is important that businesses get it right from the outset. Making simple errors in payroll, which is a key administrative function, can result in significant penalties and business owners potentially missing out on employment

Westcotts Corporate Finance Team Advise on ‘Electrifying’ £17m M&A Transaction Westcotts Corporate Finance acted as lead advisor on the sale of Fraser Anti-Static Techniques (FAST) to SDI Group plc in a deal worth circa £17m which completed on 21 October 2022. The Westcotts team led by Alison Watts ran a controlled sale process, securing multiple

Electric cars – are they right for your business? There is no doubt that electric cars are more environmentally friendly and for some companies, moving to a fleet of electric vehicles is part of their commitment to sustainability and move to net carbon zero. There are also tax benefits by changing to electric. While electric

Business debt: When it rains, it pours It seems that everywhere you look there’s more and more bad news around the corner. I try to keep the glass half full, but the reality is that it is going to be a struggle for many people and businesses out there, if not already. Cast your mind

Striding forward towards net carbon zero At Westcotts, it’s incredibly important to us that we focus on our sustainability and environmental values. So much so that we have a well-established Environmental Social Governance (ESG) team. For us, it’s all about the long-term and so ESG is absolutely key to who we are. Before the lockdown,

Disabled persons trusts: protecting your assets Dementia and Alzheimer’s disease affect hundreds of thousands of people every year – according to the Office for National Statistics, they are England’s biggest killer and the Alzheimer’s Society says that by 2025, one million people will be living with the condition in the UK. With these degenerative diseases

Chancellor’s latest statement – What next? It has been less than 72 hours since the new Chancellor Jeremy Hunt has been in post, and it has certainly been an interesting few days with much speculation about what approach he might take. While last week we heard that the former Chancellor had brought forward his economic

Supporting young farmers in the South West At Westcotts, we have been working with the farming community for over thirty years and our long-standing commitment to the agricultural sector is demonstrable. We have a dedicated agricultural team who look after the accountancy and business needs of our farming clients and we provide specialist knowledge of

Changes to R&D Tax Credits – what can businesses expect? In the 2021 Budget, it was announced that a number of potential changes to the UK’s R&D tax relief rules are set to commence on 1 April 2023. More recently draft legislation has been published giving more detail about what to expect from these changes.

Making Tax Digital for Income Tax Many businesses and individuals are used to filing quarterly accounts of their income and expenses for VAT purposes and Making Tax Digital (MTD) for VAT became mandatory for all VAT registered businesses from April this year. However, quarterly filing is due to be extended to a much wider range

Simon Irvin – Head of HR at Westcotts, discusses employee engagement in the workplace.

Deadline looms over Making Tax Digital for VAT Businesses are being warned that they could face tough penalties from HMRC if they miss the deadline to submit monthly or quarterly VAT returns using its online portal. HMRC has confirmed that it will close the online VAT services facility on Tuesday 1 November 2022 – this

Agricultural Breakfast We are delighted to invite you to attend our ‘Topical Farming Update’ seminar – a look at current farm business and management issues facing farmers. Exeter When: 8:00am – 9:30am Wednesday 26th October Where: Sandy Park, Sandy Park Way, Exeter EX2 7NN This event is free but for catering purposes please RSVP HERE.

Devon Business Show 2022 We attended the Devon Business Show last week, brought to us by the Devon & Plymouth Chamber of Commerce, where our team were on hand to discuss all things digital, MTD and beyond. Here’s a video of our time at the show.  

New appointment boosts financial planning team at Westcotts We have bolstered our financial planning team with the appointment of a new chartered financial planner. Steven Clemence (pictured), who is based in the Plymouth office, joins the firm with over 35 years’ experience and specialises in complex pensions work, employee benefits and business protection. He is

Westcotts Charity Golf Day raises more than £5,000 for South West MS Centre A charity golf day has raised more than £5,000 to help provide treatment and support for people with multiple sclerosis (MS) and other conditions. Up to 92 players of all ages and abilities took part in the event, organised by Westcotts Chartered

Charity Seminar 2022 We are delighted to be holding our Annual Charity Seminar on Thursday 3rd November 2022 where we will be providing an update for trustees covering topical issues and hope you are able to join us. The seminar will include: Current updates on the Charity Sector including recent Charity Commission enquires Finding the

New director appointed to support financial planning arm of Westcotts Westcotts Chartered Financial Planners, part of the Westcotts group, has strengthened its senior leadership team with the appointment of a new director. Andrew Hammond (pictured) has been recruited by the practice, bringing more than 20 years experience in the financial services sector. He is responsible

 Four brothers’ Atlantic rowing challenge secures backing of Westcotts A challenge by two sets of twins from Tiverton to become the first four brothers to row any ocean in the world is being supported by Westcotts. Jack, Hamish, Arthur and Euan, known as ‘The Friend Brothers’ will be rowing 3,000 miles unsupported across the Atlantic,

Westcotts shortlisted in the Investors in People Awards 2022 We are delighted to have made the final shortlist for the UK Employer of the Year: Silver award in The Investors in People Awards 2022. In a record-breaking year for entries, with over three hundred organisations involved, this is an outstanding achievement and one that everyone

Some very bold announcements were made by new Chancellor of the Exchequer Kwasi Kwarteng in his Growth Plan announced earlier this morning. The Chancellor made it very clear he regards taxation as a significant drag and disincentive to business investment and growth. This was truly a tax cutting Growth Plan. The key NIC, Income Tax,

Westcotts ‘kicks off’ support for Bridgwater & Albion RFC with new branding We have unveiled its new logo and branding at College Way Ground, the home of Bridgwater & Albion Rugby Football Club. The Somerset firm’s Bridgwater-based Director Tara Bell and Phil Butterworth, Partner, joined Geoff Sluman, Director of Rugby (pictured) and players from the

Could audit reforms leave you without an auditor? Over the last five or six years, the UK audit market has been in an enormous state of flux. Audit is a highly regulated business and regulatory bodies have become increasingly strict about how audit firms interpret and apply auditing standards. Larger companies require an audit each

New Okehampton office move for leading firm of chartered accountants Westcotts has relocated its office in Okehampton to a new larger premises from Monday 5 September. The firm’s seven strong team (pictured) will be based at new premises on Cranmere Road, Exeter Road Business Park on the outskirts of the Devon market town. The move

We have unveiled our new logo and branding at Sandy Park, the home of Premiership and European Champions Exeter Chiefs. Managing Partner Shona Godefroy and Financial Planning Partner Iain Andrews (pictured) joined players and coaches during training earlier to show their support ahead of the rugby union club’s first home game against Leicester Tigers at

Common payroll errors cost businesses thousands of pounds Businesses in the South West are at risk of making costly payroll errors resulting in significant penalties and missing out on employee benefits that could run into thousands of pounds each year. As we mark National Payroll Week (5-9 September 2022), we are urging companies to act

As a leading firm of chartered accountants and business advisers in the South West, we are very pleased to share with you the news that we have a new name and brand identity. We are rebranding Thomas Westcott and will be known as ‘Westcotts’. Our new identity is part of the firm’s business strategy aimed

So, today is a big day for us and as you are here reading this blog, you will no doubt have noticed something a little different! From today, Monday 5 September, we have a new name and brand identity, as well as a new look website. We have rebranded from Thomas Westcott and are now

An introduction to our payroll management team, discussing the pandemic, as well as tax year end and upcoming legislation changes.

Take a look at our new brochure introducing Westcotts:   Download your own PDF of the brochure here

Back in 2018, I wrote a blog about this subject, which received widespread interest. My research suggested that United Nations (UN) pensioners should be entitled to a partial exemption from UK taxation on some of their pension. At the time, I was not entirely confident that HM Revenue & Customs (HMRC) would accept this position.

Wow. Where do I start?? What an event! When Partner Stuart Carrington first came to the ESG (Environmental Social Governance) team asking for volunteers to help him with ideas for Westcotts first ever firm-wide Family Summer Event I jumped on board straight away. I knew it would play to my strengths and would really enjoy

The finance lead in any business has a key role to play and, as such, needs many skills to effectively perform the role. Firstly, and most obviously, they need to be numerate and understand figures, ratios, key performance indicators (KPIs). A good test is whether they know the difference between ‘mark-up’ and ‘margin’! They need

As accountants, we are uniquely positioned to be the key advisor to business owners, as we have a close business relationship throughout the year. As such, one of the first things we would suggest is looking at the turnover of your business and whether your prices could be raised to offset the increased energy costs

All individuals, trusts and estates which dispose of UK residential property, should be aware of their potential obligation to file a UK Capital Gains Tax (CGT) return. Gains must be reported, and CGT paid within 60 days after disposing of the property. The filing window was previously 30 days but was extended to 60 days

Here’s our tax cards for the year 2022-2023. Click here to download

The Government has recently announced their new initiative ‘Help to Grow Digital’. The initiative is in direct response to assisting small and medium sized businesses to grow using digital platforms to assist in the management of businesses. The assistance certainly comes as a positive step in the Government viewing the use of Digital technology as

A knock on the door opened up an opportunity for two well-established local property firms to build a future together. Angus Watson, Director at letting agents Aspen Property Management Ltd in Cullompton, Devon, was working in his office when John Parkin, a director at nearby estate agency Thorne and Carter called in to ask about

A growing number of businesses are considering moving to electric company cars, but what are the tax benefits? Many employers offer company cars to their employees, especially if their vehicles are required for work. For some businesses, moving to electric vehicles is an important part of their commitment to sustainability and the move to net

During National Apprenticeship Week, Head of HR Simon Irvin answers questions about why apprenticeships matter at Westcotts. 1. Can you tell us about the apprenticeships you offer at Westcotts? We offer accountancy apprenticeships at levels 3,4 and 7. These are with the Association of Accounting Technicians, the Institute of Chartered Accountants England and Wales and

As we start a new year and look to the end of the pandemic, this could be a crucial time to refocus on your finances and undertake some financial planning. The Government’s Covid measures are easing back a little and it feels like the nation is starting to come off pause and we’re ready to

DEFRA and HMRC have at long last clarified the tax treatment of the proposed lump sum payment to be made to farmers to exit the industry. The lump sum exit scheme was originally proposed last year but it was not clear whether it would be taxable as income or capital. It has now been confirmed

Leading South West accountancy firm Westcotts Chartered Accountants today announced it is further investing in its growth through the acquisition of Bridgwater-based Sully & Co Chartered Accountants. With a team of ten, Sully & Co is an established local firm and has served businesses and individuals in and around the town since 1865. The Sully

Fast-growing South West firm Westcotts Chartered Accountants has expanded its team by appointing a new Corporate Finance Manager. Will Mudd brings 15 years’ corporate finance experience, gained in the UK and Australia. Will is working closely with Partner and Head of Corporate Finance Alison Watts to provide clients across the South West and beyond with

We are coming out of the pandemic, but businesses continue to feel its impact. Over the last two years, many of our clients have made use of Government support packages, including Bounce Back loans, CBILS loans and, of course, the generous furlough scheme. Many businesses were also able to claim rates relief and defer VAT

If you didn’t submit your Self Assessment tax return ahead of the deadline, you may be wondering if HMRC will consider your excuse reasonable. While HMRC has recently broadened its definition of a reasonable excuse, the onus is still on the taxpayer to make their case. At Westcotts, we asked our specialist tax team what

Staff at Westcotts have raised more than £11,000 for Children’s Hospice South West (CHSW) during an ‘incredible’ year of fundraising for the charity. Colleagues in our 17 offices across Devon and Somerset, chose to support CHSW in 2021, the charity’s 30th anniversary year. As part of our charity of the year partnership, our team members

From April 2022, the rate of National Insurance contributions you pay will increase – while the employee will feel the change in their pay packet, employers will also feel the burden. The amount is increasing by 1.25p in the pound for both employers and employees. This will also be the case for the self-employed. Employees

Exeter is predicted to have one of the fastest growing economies in the country this year. Westcotts Partner Patrick Tigwell is based in our Exeter office and is also a board member on the chamber of commerce. Here, he looks at the rise and rise of a unique city… An engine of growth There was

As we come out of the pandemic and start ‘living with Covid’, what are the risks and opportunities for charities? It would be an understatement to say that these have been a turbulent two years. We advise a diverse range of not-for-profit clients, including hundreds of charities across the South West and beyond. While Covid

Bridgwater is the fifth largest town in Somerset and a major centre for industry and manufacturing in the South West which has seen significant growth in recent years. Kelly Davies, Partner with Westcotts in our Bridgwater office examines whether it’s boom time for the town… You would be forgiven for thinking that there’s not much

The sale of a company to an Employee Ownership Trust (EOT) is becoming increasingly popular as an exit strategy for controlling shareholders who are looking at their business succession planning. An Employee Ownership Trust is a discretionary trust set up by a company for the benefit of its employees. Retailers John Lewis and Richer Sounds

We are thrilled to confirm that the UK’s leading dementia charity, Alzheimer’s Society, is our charity of the year for 2022. Our team members chose Alzheimer’s Society from a shortlist, which we created after inviting charities to apply to be the Westcotts charity of the year. Teams from across the firm are now planning a

In its attempt to tackle economic crime, such as fraud and money laundering, the government has introduced a new tax which comes into effect on 1 April 2022… The economic crime levy. Economic crime touches virtually all aspects of society and ranges from low-level frauds through to sophisticated cyber-enabled market manipulation. Fraud is now the

Westcotts, the largest chartered accountancy network in the South West, has further invested in its staff development with new promotions for two senior Tax Managers to Director-level. Advisors Paul Webb and Lisa Lane have both been moved up within the practice and are based at the firm’s Exeter office on Southernhay East. Paul, who is

Here’s our tax cards for the year 2022-2023. Click here to download    

Here’s our tax cards for the year 2021-2022. Click here to download    

Choosing the right accountant is not as simple as plumping for the nearest, most expensive, or most highly reviewed firm. An accountant should help you to make smarter decisions, grow your business and most importantly relieve some of the pressures off you. We’ve gathered 10 top tips to help you in your research and guide

Put quite simply, small businesses have got to make the very best of what they can right now. With soaring costs, rising inflation, labour difficulties and supply issues, it is no wonder that SMEs are concerned about the pressures facing them. The Institute of Directors (IoD) recently said that a lack of confidence in the

We are expanding our Somerset team with the appointment of a new Director. Tara Bell, who will be based at our Bridgwater office, brings over 19 years’ experience in accountancy to the fast-growing regional firm. Tara specialises in landlord and property owners’ tax affairs, tax compliance and consultancy, inheritance tax planning, capital gains tax and

Andrew Brown and Iain Andrews discuss the reasons why business owners should take time to visit the subject of pensions and better understand how they can help the business.

All VAT registered businesses must register to submit VAT returns under Making Tax Digital for VAT from 1 April 2022. Becky Hayes, VAT Partner and Adam Croney, Head of Digital discuss what that means and the impact for businesses that are not already registered.

We launched the Westcotts Business Resilience and Protection Service to provide clients with access to a range of financial and legal advice to make their businesses more robust. One business owner who has already benefited from the depth and breadth of our financial planning expertise is Paul Waterhouse. Paul has achieved a small revolution in the

It started as small patch of land, a place to store sawn logs, woodchip and machinery. Today, as well as a tree-surgery depot, Old Oak Farm is a thriving wedding venue and holiday retreat, right in the heart of the beautiful Somerset countryside. Owners Andy and Rebecca Jones have worked tirelessly for more than 15

Susan Day Residential Home was founded in 1947 Westcotts has worked with the charity for more than 20 years Growing numbers of not-for-profit organisations are coming to our specialist Charities and Not for Profit team for advice and support on a huge range of issues. One of these is Susan Day Residential Home in North

At Westcotts we go the extra mile to share our expertise and advice with our clients, and none more so than for our long-standing client, Woodlands Retreats. Woodlands Retreats is a holiday property management company, run by Director Paul Crang (pictured above on left) and his family. The agency manages beautifully refurbished luxury properties that

A London-based design consultancy business, Tangerine Limited (tangerine), which was awarded a Queens Award for Industry for International Trade in 2019, has benefited from the support of Westcotts in the last twelve months. Tangerine has been successfully trading as a design studio for 30 years with company directors, and controlling stakeholders, husband and wife team