The value of external audits for SMEs: enhancing credibility, best practices, and risk management External audit can be a daunting prospect for small and medium-sized enterprises (SMEs). But the benefits of having an independent perspective are far-reaching for growing firms. Here’s why… It gives your business credibility SMEs are the driving force of the South

Cybersecurity for financial data: Protecting your business in the digital age Why cybersecurity matters for financial data In today’s fast-paced digital world, businesses of all sizes rely on online banking, Customer Relationship Management (CRM) platforms, cloud accounting and digital transactions. While these technologies enhance efficiency and convenience, they also expose businesses to cybersecurity risks such

The Digital Transformation – What it means for local businesses The business world is evolving rapidly, with cloud technology, artificial intelligence (AI) and digital invoicing transforming financial management. For local businesses, embracing these advancements is essential for staying competitive ensuring compliance and maximising financial potential. Cloud accounting refers to the use of online applications that

Practical tips for improving your business cash flow Cash flow is the lifeblood of any business, ensuring that day-to-day operations run smoothly and future growth remains achievable. However, we are often called upon to support otherwise good businesses who are struggling with cash flow issues that threaten or have led to financial instability. Here are

The hidden value of a thorough audit: more than just compliance (seriously, it’s actually useful) Let’s face it – when most owner-managed businesses think about audits, they probably picture mountains of paperwork, long hours and possibly a few grey hairs. It’s not exactly the most exciting part of running a business. But here’s the thing:

Maximising your state pension: The importance of voluntary National Insurance contributions before 5 April 2025 As the 5 April 2025 deadline approaches, HMRC is encouraging individuals to review their National Insurance (NI) records and consider making voluntary contributions to increase their state pension entitlement. For those who qualify under the new state pension system, it

Key financial and strategic considerations when scaling a business The ultimate goal for most business owners is growth. Achieving and maintaining growth takes more than just ambition and hard work – it requires careful planning. Sean Bolter, Partner at Westcotts’ Plymouth Office looks at the key financial and strategic factors that businesses must address to

National Apprenticeship Week Case Study: Matt Keane For over a decade, Matt Keane has been an integral part of Westcotts’ talented team of accountants. His story is one of learning, growth and commitment, supported by Westcotts’ focus on providing extensive training and development opportunities right across the firm. From an entry-level position to a senior

Top tips for employee retention and engagement Employee retention and engagement are essential to building a thriving workplace. Good practices can reduce turnover costs and maximise team productivity. At Westcotts, we are proud to have achieved a Gold accreditation in Investors in People—a recognition of our commitment to our employees and developing a positive work

Westcotts hosts life-saving defibrillator at its Weston-super-Mare office A community-wide effort in Weston-Super-Mare has seen a new potentially life-saving defibrillator installed at Westcotts office in the town. The device, funded through the generous support of the Weston-Super-Mare Chamber of Commerce, in partnership with the Donate for Defib WsM Project, will be available 24/7 and ensures

Considerations for a buyer when purchasing a business Introduction The decision to buy a business is exciting but naturally carries with it an air of trepidation. There are many factors of a legal, commercial, and financial nature that the buyer will want to think about before and during the acquisition process. Likewise, the seller of

The tax considerations for incorporating your property portfolio Incorporating your property portfolio, transferring ownership of your properties from your personal name to a limited company, can generate some important tax advantages for landlords. However, taking this step may not be right for everyone so it is important to understand the tax implications. Ian Pring, Chartered

Labour’s First Budget: what it means for education The Labour Government’s first budget saw Chancellor Rachel Reeves announce a £2.3 billion increase in the core schools budget for next year. Of this total, £1 billion has been earmarked specifically for high-needs education. This budget boost brings school funding back to 2010 levels; however, some challenges

Westcotts Corporate Finance team in top 5 for dealmaking advisers in South West Westcotts Corporate Finance team has had a productive year supporting a number of valuable company transactions and deals across the South West. The firm was ranked in the top five dealmaker advisers in the South West by South West Business Insider, supporting

Changes to residence, domicile and remittance following the Autumn Budget The Government announced changes to the concept of domicile in the Autumn Budget 2024. This means there will be an end to the alternative remittance basis of taxation for non-UK domiciled residents and the introduction of a new foreign income and gains tax regime from

Understanding the changes to reporting benefits in kind The Government’s budget in October 2024 confirmed it will be mandatory to payroll all benefits in kind as of 6 April 2026. Benefits in kind are perks provided by employers such as company cars or private healthcare. What will these changes mean for businesses and how can

Marsh Holdings LTD MARSH MOTORCYCLES LTD (T/A PLYMOUTH HARLEY-DAVIDSON & SOUTHAMPTON HARLEY- DAVIDSON) SOUTH WEST MOTORCYCLES LTD (T/A TRIUMPH PLYMOUTH) MARSH GARAGES LTD (T/A EXETER YAMAHA & MARSH USED CARS) A Notice of Intention to Appoint an Administrator has been filed in Court with Jon Mitchell of Westcotts Business Recovery LLP being appointed as proposed

How can businesses use AI to support their finance function? Artificial intelligence (AI) has become a buzzword in many industries, but is it genuinely benefiting UK businesses? How can it be used to benefit your businesses finance function? Matthew Melksham, part of our digital specialist team working in business technology and innovation, explores how AI

How will National Insurance and National Minimum Wage changes affect employers? In October 2024, the government’s Autumn Budget announced changes to National Insurance Contributions (NIC) for employers and National Minimum Wage (NMW). As the first Labour budget in 14 years, what will the effects be on employers going forward? Jake Elms, Payroll Operations Manager at

The Autumn 2024 Budget: Inheritance Tax and Family Farms The Labour Government’s 2024 Autumn Budget announced significant changes to the inheritance tax system including around farm businesses. On the 30th October, Chancellor Rachel Reeves stood at the dispatch box and delivered Labour’s first budget in 14 years. Entitled ‘fixing the foundations to deliver change’, it

VAT on Private School Fees – What’s New? Last week the government confirmed that VAT will be applied to private school fees as part of the Autumn Budget announcements. We previously reported on HMRC’s draft legislation on the removal of the VAT exemption on private school fees back in July 2024. Since then, HMRC received

Autumn Budget – The new Capital Gains Tax landscape In time, Rachel Reeves’ first Autumn Budget is likely to be remembered mainly for the increase in employer’s National Insurance Contributions (NIC) that companies (or indirectly their employees) will have to bear from 6 April 2025. Alternatively for the proposed £1m cap on 100% Business Property

First Labour Autumn Budget: Initial reaction Today was day of firsts for the country, we heard our first female Chancellor stand up before parliament to deliver the first Labour Budget for 14 years. It was also one of the longest Budget speeches in recent history with the Chancellor speaking for 77 minutes. It had been

Westcotts grow Plymouth services with two promotions We are pleased to announce that Beckie Cox and Emma Mills have been promoted to Director in the Plymouth office. This set of promotions marks the continued growth of the Corporate Team in Plymouth, supporting the firm’s success in delivering audit, accountancy and tax services to a growing

Labour’s first budget – what might we see? On 30 October 2024 we will see the first Labour Budget since they were elected. What can we expect to see? Since they have been elected, there has been ongoing speculation as to whether they would stick to their manifesto pledges on tax. In addition, how they

Client Story – Lowton Stud Showjumpers When the Bratt family trio wanted to start up a Stud and showjumping business in Devon, the Westcotts team were on hand to support their journey. In 2019, daughter Alex Bratt was looking to turn her wealth of experience in producing showjumping horses for sport and sale, into her

Westcotts awarded Investors in People gold accreditation At Westcotts we are proud to announce that we have been awarded an Investors in People Gold accreditation, in recognition of our commitment to our employees and developing a positive work environment. The firm has been part of Investors in People for over 25 years, in the top

The do’s and don’t of advance tax clearances In the context of corporate transactions – company sales, reorganisations, demergers and reconstruction, and purchases of own shares – shareholders and the companies concerned may wish to ensure that anti-avoidance legislation does not trigger unexpected tax liabilities. Advance tax clearance allows a company to contact HMRC setting

Westcotts colleagues enjoy summer of fundraising Westcotts colleagues have been busy this summer fundraising for their five chosen charities for 2024/25. The charities are Exeter Leukaemia Fund, Spark UK, Hospiscare, Woodside Animal Welfare Trust, and Brainwave. This year teams across the South West had already taken part in running a bingo event and a sky

Latest update on taxation of UN pensioners in the UK 2024 In August 2022, I updated my original blog from 2018. You can find the 2022 version here: 2022 update on taxation of UN pensioners in the UK. As a few years have elapsed, it is worth summarising the position for new retirees from the

Westcotts charity golf day raises over £7,000 for local multiple sclerosis centre   This month our annual charity golf day raised £7,234 for the South West Multiple Sclerosis Centre. A self-funded charity, the centre provides oxygen therapy, physical and complementary therapies and information and support for people with multiple sclerosis (MS) and other neurological and

Financial Planning: Building a Safety Net for your Business Business resilience is more important than ever, and financial planning can help build a safety net for your business. Business owners often focus on growth and profitability but having a financial safety net is often overlooked. A safety net ensures a business can survive long term

Top tips for farm diversification Farm diversification has for decades been used by farmers looking to supplement their income streams. In recent years the phrase ‘farm diversification’ has become very in vogue but is now broader than ever. It incorporates a wide range of both active and passive income streams for farmers and other landowners.

International tax issues: Get your affairs in order Individuals and businesses who occasionally or frequently travel for work need to consider getting their international tax affairs in order. The 2023/24 personal tax filing deadline is 31 January 2025 which will soon be coming into view. At Westcotts, we look after a range of matters for

Westcotts Corporate Finance Team advises Calleva Limited on merger with Swedish based Wellma Westcotts Corporate Finance Team have advised Calleva Limited on the merger with Swedish based Wellma, a Swedish based nutraceuticals and pharmaceuticals group, in a multi-million pound transaction. Calleva is a UK-based specialist in the development and manufacturing of nutraceutical ingredients and products

Forecasting and flexible budgets for businesses in the South West Effective forecasting and flexible budgets are essential for businesses to flourish. In the South West we are blessed with stunning landscapes, coastal charm and places of historic interest creating a vibrant hub for the hospitality industry. Whether it’s cosy inns in the Cotswolds, luxury hotels

Westcotts in Top 50 SME Apprenticeship Employers for 2024 At Westcotts we are excited to announced we’re in the Top 50 SME Apprenticeship Employers 2024. This is the 2nd year in the row we have been named one of the country’s most outstanding SME apprenticeship employers. We are proud that as a firm we have

Enhancing Law Firm Success: The Role of Effective Client Onboarding For law firms, the client onboarding process serves as both admin and the critical first step in establishing fruitful relationships. Effective client onboarding sets the stage for client engagement and is a key element in overall client satisfaction. Law firms are facing increasing competition and

End of the domicile concept and remittance regime of taxation This is an update to the original blog article of 1 May 2024 on changes to the UK Non-Domicile Tax Regime with the Government confirming it will end the domicile concept and remittance regime of taxation. The government released a policy paper on 29 July

Abolition of Furnished Holiday Lettings (FHL) tax regime – bad news for holiday let owners! The 2024 Spring Budget announced Furnished Holiday Lettings (FHL) tax rules would be abolished from 6 April 2025 (1 April for companies). The stated aim of the policy was “eliminating the tax advantage for landlords who let out short-term furnished

Removal of VAT exemption on private schools At Westcotts we previously reported that in its manifesto, the Labour government said that it would remove the VAT exemption for supplies of education by private schools in the first 12 months of winning the General Election. The new Labour Government has confirmed it is moving ahead with

Labour’s first Budget date confirmed After weeks of speculation since Labour took power the Chancellor has now confirmed that Labour’s first Budget will be on 30 October 2024. It will certainly be a date to put in your diary with the Chancellor having committed to only doing one Budget event a year it will give

Westcotts sponsor award for outstanding Devon agricultural business At Westcotts, we’re proud to support agricultural businesses across the South West. In May we were delighted to sponsor the Agricultural Innovator Award, at the Devon Farm Business Awards. The Devon Farm Business Awards are one of the main highlights of the farming year in the South-West.

Barnstaple and Holsworthy teams walk 16 miles for charity Earlier this month the Barnstaple and Holsworthy office colleagues embarked on a 16 mile walk in aid of Spark UK. The sponsored walk saw 9 colleagues walk from Barnstaple to Ilfracombe in just over five hours. Spark UK is this year’s nominated charity for the Westcotts

Estate planning and taxes: What you need to know Estate planning is a crucial aspect of financial management allowing you to manage and preserve your wealth during your lifetime. It also helps you to efficiently transfer your assets to your beneficiaries after death. Understanding the intricacies of estate planning can help you minimise tax liabilities

Financial benefits and strategies of sustainable tourism At a time when environmental considerations are becoming a priority for many people, sustainable tourism has seen an increase in popularity. It is more important than ever for businesses to consider how to operate in a more sustainable way. It is very easy to see the costs associated

Westcotts support new generation of football talent At Westcotts we are delighted to announce our sponsorship of Alphington Football Club’s under 16 Barcelona tour. Alphington FC located near our Exeter office is a unique football club with over 100 years history in the local community playing football and supporting local events and activities. Taking place

The General Election Result – what it means for you The Labour Party has won a landslide victory in the General Election, unseating the Conservatives after 14 years with polls suggesting the swing will be close to the all-time record of 12.1% at the first post-war General Election in 1945. Here we look at the

New apprentice joins Westcotts Payroll team At Westcotts we are excited to share that our payroll team has welcomed a new member to help service demand in the region. The payroll team supports businesses across the South West to help them get this technical and time-consuming process right for their employees, freeing up valuable time

Client Story – Forest Glade Holiday Park The Westcotts team, led by Mandy French (Partner at Westcotts) have been providing accountancy support to the Forest Glade Holiday Park family business for over five years. From preparing partnership accounts and personal tax returns to helping with grant funding during Covid-19, Mandy has always been at the

Innovation on show at Xerocon London 2024 Xerocon is Xero’s flagship event, bringing together accountants from across the globe to showcase its latest innovations and product updates. This year’s Xerocon, held in London, continued this tradition with a focus on new tools designed to enhance efficiency and compliance for businesses. Stuart Pedlar, Digital Lead at

Update to Xero plans and pricing At the end of May 2024, Xero announced significant changes to its platform to take effect from 12 September 2024. This included a shakeup of its plan offerings, how add-ons interact with these and product price increases. Existing users of Xero have begun being notified of the changes via

The employment (allocation of tips) act 2023 – are you ready? Westcottsuk · The Employment (allocation Of Tips) Act 2023 – Are You Ready There is currently no employment law in place that dictates how UK businesses should distribute their tips, if at all. The Government has introduced the Employment (Allocation of Tips) Act 2023

VAT on Private School Fees — what’s the latest? It has been widely reported that the Labour Party plan to introduce VAT on private school fees if they win the General Election on 4 July 2024. There are just under 2,000 private schools in England and Wales and 70% of those are registered as charities.

Westcotts colleagues to tackle the Three Peaks Challenge Next month six Westcotts colleagues will be scaling the three highest peaks of Scotland, England and Wales to raise money for Woodside Animal Welfare Trust. The Three Peaks Challenge will see the team tackle Yr Wyddfa (Snowdon) in Wales, Scafell Pike in England and Ben Nevis in

Client Spotlight – S&B Cinemas In 2022, Pat and Beryl Scott, the Directors of S&B Cinemas, added a third venue to their repertoire with the official opening of the Avenue Cinema in Minehead. Having dreamt of owning a cinema since he was a child, Pat was able to realise his dream for the third time,

How can charities benefit from Gift Aid? Gift Aid is a Government scheme which allows charities and community amateur sports clubs to claim tax relief on donations made to them. If you are a charity, this is an important way to increase the donations you receive. In the April 2023 tax year, 1.6 billion in

Upcoming Changes to the UK Non-Domicile Tax Regime This is an update to the original blog article of 1 May 2024 on changes to the UK Non-Domicile Tax Regime with the Government confirming it will end the domicile concept and remittance regime of taxation. The government released a policy paper on 29 July 2024 about

New Partner appointed at Westcotts brings decades of experience We are delighted to announce that Heather Davis, Director at the Weston-super-Mare office, has been promoted to Partner. Heather Davis is currently a Director at Westcotts with a general practice portfolio and oversees the firm’s payroll team. Heather started as a trainee and has worked her

Westcotts raise £8,000 for Woodside Animal Welfare Trust On 11 April 2024, Westcotts held a fundraising bingo event to raise money for Woodside Animal Welfare Trust. The evening, held at Plymouth Argyle, saw guests enjoy several rounds of bingo alongside good food and a raffle. An animal rehoming charity based on the outskirts of Plymouth,

Client Story – Kids in Action Westcotts have been looking after Kids in Action for more than two years, and previously Ellie’s Haven for over a decade, prior to their merger. The Westcotts team supported Ellie’s Haven with their accountancy needs since the charity was formed in 2007 including systems implementation, VAT reclaim on the

Westcotts announces support for five new charities for 2024/25 At Westcotts, we are committed to supporting the communities in which we live and work. That is why every year, we choose and then fundraise for our chosen charity. This year every region of the Westcotts office network has selected their own charity to support for

UK company size thresholds to rise from 1 October 2024 On 18 March 2024 the Prime Minister announced increases to the company size thresholds which determine whether a company is a micro-entity, small, medium, or large-sized company. The aim of these measures is to simplify non-financial reporting and ease the administrative burden on small and medium-sized

Westcotts celebrate the best of business at the Somerset Business Awards Last month we were delighted to attend the Somerset Business Awards gala, on 22nd March 2024. The annual awards offer a unique opportunity for businesses across the county to come together and celebrate the best of business in the region. Hosted at the Winter

VAT changes for OFSTED registered Supported Accommodation Providers If you are a Supported Accommodation Provider who recently registered with OFSTED, your VAT position may have changed. All providers of supported accommodation in England were required to apply to register with OFSTED by 28 October 2023. They also had to adhere to mandatory national quality standards

Payroll Pain Points: National Minimum Wage Westcotts⁠ and ⁠Mogers Drewett⁠ collaborated on this mini-series of podcasts to answer some of the questions you may have concerning a range of employment related matters and to give to different perspectives, namely from a payroll specialist, ⁠Liz Marker ⁠and a HR specialist, ⁠Lucy Cotterell⁠. We have been covering

Client Story – Far Frontiers Travel Far Frontiers Travel, run by Fiona Brijnath, is a bespoke travel company which offers personal travel experiences, operating from offices based in an idyllic rural setting within Dartmoor National Park in Devon. Four years ago, Fiona was looking for a local accountancy firm that was approachable, jargon free and which offered a

National Minimum Wage Increases: Avoiding Underpayments and HMRC Scrutiny HMRC have released a list of companies who underpaid on National Minimum Wage (NMW) for the previous tax year. Often, this can be unintentional and occurs because of additional hours worked, unpaid travel and other expenses. The new tax year begins on 6 April 2024, so

SRA Account Rules 2023 In a recent collaborative session with PrimeGlobal members, featuring legal experts and independent advisers, the team provided a comprehensive review of the 2023 SRA Account Rules period, while pinpointing and examining emerging trends. The discussion sheds light on several pivotal developments. Among the topics explored were the notable shift towards automation,

Westcotts Spring Budget highlights Hear from Westcotts’ experts and client Dominic Walshe, Plymouth Learning Partnership, on the latest budget highlights. From tax adjustments to child benefits, get their take on what it means for you and your finances.

Budget 2024 – A final hurrah? Mark Tibbert, Partner and Head of Tax at Westcotts gives his reaction to the Government Spring Budget 2024. As the Chancellor stood up today for what will be the last Budget before a general election, and many expect to be the last Conservative budget, there was some mixed expectation

Landmark legislation for hospitality workers with Tipping Bill As of 1 July 2024, the Tipping Bill becomes law in a landmark move for hospitality workers across the UK. The Employment (Allocation of Tips) Act 2023 has achieved Royal Assent marking a new era prohibiting employers from withholding staff tips. The move is expected to benefit

Westcotts lends support to King’s College Taunton Equestrian Team At Westcotts, supporting the communities in which we work and live is integral to our values. That is why we have sponsored the King’s College Taunton Equestrian Team, providing them with the resources needed to ride, train and compete in comfort and style! King’s College Taunton

Client Story: The Inclusivity Group A corporate group committed to revolutionising support services for disabled and deaf people has been launched with the help of expert advice from Westcotts. Three South West firms – Complete Communication, Complete Training, and Complete Independence – have joined forces to become The Inclusivity Group.   The Plymouth-based company provides

The common technical pitfalls of payroll Payroll is one of the most crucial elements to get right when it comes to business operations. Beyond its role as a transaction at the end of the month, it represents the livelihood of employees and the financial health of an organisation. It’s a signifier of steadiness and security

Westcotts announce participation in South West Apprenticeship Ambassadors Network (SWAAN) In celebration of National Apprenticeship Week (5th – 11th February 2024), Westcotts is proud to announce we are now an Employer Ambassador with the South West Apprenticeship Ambassadors Network (SWAAN). As an employer with apprentices in our 16 offices across Devon and Somerset, we’re proud

National Apprenticeship Week 2024: the importance of apprentices This week is National Apprenticeship Week (5th to 11th February) and the 17th annual celebration of apprenticeships in the UK. Every year there is a theme and this year’s focus is Skills for Life. These next few days offer an opportunity to celebrate the value, benefits, and

Payroll Pain Points: Real Examples of Payroll Pain Points  Westcotts and Morgers Drewett are excited to launch a mini podcast series, tailored for business leaders in South West England. This series features frequently asked questions from CEOs, MDs, Directors, HR, and finance experts posing issues concerning a range of employment related matters. Payroll expert Jake

Payroll Pain Points: Hybrid & Home Working Westcotts and Morgers Drewett are excited to launch a mini podcast series, tailored for business leaders in South West England. This series features frequently asked questions from CEOs, MDs, Directors, HR, and finance experts posing issues concerning a range of employment related matters. Payroll expert Jake Elms and

Payroll Pain Points: Recruitment & Retention of Employees  Westcotts and Morgers Drewett are excited to launch a mini podcast series, tailored for business leaders in South West England. This series features frequently asked questions from CEOs, MDs, Directors, HR, and finance experts posing issues concerning a range of employment related matters. Payroll expert Jake Elms

Payroll Pain Points: Cost Reduction, Downsizing, and Restructuring  Westcotts and Morgers Drewett are excited to launch a mini podcast series, tailored for business leaders in South West England. This series features frequently asked questions from CEOs, MDs, Directors, HR, and finance experts posing issues concerning a range of employment related matters. Payroll expert Jake Elms

DIY Housebuilders Scheme for VAT: A Q&A Guide The DIY Housebuilders Scheme allows individuals to reclaim the VAT they have incurred on building their own home. On 5 December 2023, legislation was introduced to allow individuals to submit claims using HMRC’s new online form. For claims made after this date, an extension of the time

Client Story: Bang & Olufsen It looked (and sounded) like the perfect opportunity – running a high-end audio-visual store in a busy city centre. Matt Dibley decided to become a retail partner at Bang & Olufsen back in 2012. Since then, he has run the luxury brand’s shop in Exeter, which is full of the

How charities should be addressing ESG ESG stands for Environmental, Social, and Governance. Around a decade ago, nobody had ever heard of ESG. This isn’t because the ideas and concepts were not around, they were just under the name Corporate Social Responsibility (CSR). This focused on giving (or trying to give) a corporate entity a

Payroll: Autumn Statement Updates Join Payroll team managers Jake Elms and Liz Marker as they discuss key updates from the recent Autumn Statement announcements. Including National Insurance contributions, PAYE tax updates, Auto Enrolment, pensions, National Minimum Wage, and Real-Time Information (RTI). With significant measures and deadlines taking effect from January, we’re here to help you

Changes to Class 1 National insurance from 6 January 2024 As part of the Autumn Budget, presented in November, the Government announced changes to Class 1 National insurance for employees which will be implemented from 6 January 2024. Jake Elms, Payroll Operations Manager, outlines these changes and what it means for your business. The changes

Client Spotlight – Rathkenny Stud In March 2023, Gordon and Amie achieved their dream and launched Rathkenny Stud, an Equestrian Centre based in Bondleigh, Near North Tawton, Devon. Named after Gordon’s mothers winning horse, who was a championship showjumper, Rathkenny Stud was the culmination of years of study and hard work.     Gordon and

What’s IT got to do with it? How technology can help your farming business with finance Over the last few years, more and more technology has been implemented into farming at all levels and sectors. At the same time, margins are getting tighter and tighter. How do you know if it’s worth using, what is

Westcotts support next generation of talent in Plymouth At Westcotts, we are passionate about supporting young professionals in the industry to build relationships with their peers. That is why we provide spaces for those having just launched their career in the sector to meet others and learn. Last week (on 29th November 2023), we held

Westcotts announce partner promotion in Plymouth office Veronique Walkey, Director and Head of Professional Services based at Westcotts Plymouth office, has just been made a Partner. Veronique initially joined Westcotts following the merger with Riley in Plymouth two years ago. She advises a variety of entities and individuals across a range of industries, with a

Westcotts proud sponsors of Spark UK’s ‘All Star Advent’ campaign Westcotts were one of the proud sponsors of Spark UK’s launch event for their ‘All Star Advent’ Calendar this December. Last week (on 1st December) the group launched their flagship annual campaign at Exeter Cathedral, and our own Daniel Turton was there to mark the

Capital Gains Tax explained In today’s episode, Kelly Davies and Sophie Laird look at Capital Gains Tax, specifically focusing on the 60-day reporting requirements. We’ll cover what qualifies as a capital gain, what needs reporting, and how to communicate it to HMRC.

Westcotts announce partner promotion in Crediton office Matt Melksham, Crediton office based Director at Westcotts, has just been made a Partner. Matt joined the Westcotts family as a Director earlier this year to head up the Crediton office and support a growing number of clients in Mid Devon. Originally from the South West and with

Client Spotlight – Atlantic Workboats Ltd Our clients mean everything to us. They do amazing things and inspire us with their passion and dedication. The South West is home to such a diverse range of businesses, and we’re proud to collaborate with so many great people across our region. That’s why we’ve launched our new

National Living Wage increase set for April 2024 On Wednesday 22 November 2023 the Government shared their Autumn Budget, an annual statement which is made by the Chancellor of the Exchequer to the House of Commons setting out the Governments planned spending and revenue gathering measures. As part of the 110 measures announced yesterday was

Westcotts hosts packed charity seminar Earlier this month our charity specialists at Westcotts held a seminar to bring together those who work in the sector, clients and new faces alike. The event offered an opportunity for attendees to hear from our experts on a range of issues that are impacting the sector. The event was

An Autumn Statement full of tax cuts? Mark Tibbert, Partner and Head of Tax gives his take on the Autumn Budget today and what this means for businesses in the region. In the days preceding the Chancellor standing up this afternoon to deliver his Autumn Statement we heard increasing speculation over potential tax cuts in

Negative press and when to focus on the positives Negative press is a challenge most businesses will have to deal with in this information age. Jon Stacey from our hospitality and leisure team reveals why it is essential to turn negative press into an opportunity for growth and improvement, while focusing on the positives One

Autumn Statement – what can we expect on Wednesday? Ahead of the Chancellors Autumn Statement on Wednesday, Mark Tibbert, Partner at Westcotts shares his thoughts on what we can expect. With just a few days to go until the Chancellor delivers his Autumn Statement we have had a number of weeks of speculation of what

Westcotts announces the appointment of Alex Lannin Westcotts Chartered Financial Planners have appointed a new operations manager to their senior team. Alex Lannin, who has more than 20 years’ experience in the financial services sector, joined the Westcotts group this month. His appointment comes as part of a successful drive to strengthen the financial planning

Rossiter & Sons Westcotts have been looking after Weston-super-Mare based Rossiter & Sons Jewellers for more than three decades, providing them with all the compliance services required for their business to thrive. Rossiter & Sons Jewellers is a family run business which has been trading since 1832 and is now owned and managed by the

Westcotts lends support to Plymouth’s young people We’re proud to be sponsoring the YMCA Plymouth Youth Awards 2024, supporting the community in which the team live and work. With 16 offices across Devon and Somerset, including an office based in Plymouth, the team has a long history of supporting local organisations which bring benefit to

Sparkling through centuries: an interview with Rossiter & Sons Jewellers In this episode, Partner Peter Lomax welcomes our first client guest, Jeremy Rossiter, of Rossiter & Sons Jewellers. With shops in Weston-super-Mare, Clevedon, and Barnstaple, this family-run gem has been trading since 1832 and is now owned and managed by the sixth and seventh generations

Join Westcotts colleagues in supporting record breaking 35-hour spinathon We’re excited to be sponsoring a record-breaking attempt at a 35-hour spinathon, in support of Weston Hospicecare. Former Westcotts colleague Susan Herd will be leading an ultimate endurance challenge on the 11th and 12th of November in an attempt to shatter the current world record (of

Is your legal practice paying too high a price for technology? Over the last few years, the raw costs of technology and IT for professional practices have seen a sharp increase. This includes the physical costs and the cost of wasted hours of productivity through teams using unreliable or slow tech. Here Matt Melksham, Director

Navigating negative feedback on TripAdvisor: a guide for the UK Hospitality Industry Customer feedback plays a vital role in shaping the reputation of businesses in the hospitality industry and TripAdvisor is one of the most prominent places to post reviews. Here, Jon Stacey from our hospitality and leisure team explores how and if businesses should

Westcotts solidifies year of growth with fifteen new team members Fifteen new members of staff have been appointed to work across the business of leading South West chartered accountants and business advisers, Westcotts. This cohort of new recruits, spread throughout six Westcotts offices across the region, are a mix of roles from trainees up to

Plymouth Law Society Partnership Head of Professional Services, Veronique Walkey, is joined by Rebecca Wood, Partner and Head of the Criminal Department at Woollcombe Yonge Solicitors. Rebecca also holds the position of President of the Plymouth Law Society, a group representing local solicitors. In today’s episode, we’ll delve into Rebecca’s role and discuss the valuable

Effective Business Budgeting: Tips and Advice Effective budgeting goes hand in hand with running a successful business. As any good business owner will know, when you are looking at your budgets you are creating a plan for the future. Budgeting can help you to make better financial decisions, it helps you to control your expenses

Westcotts announces new sponsorship of Plymouth Argyle Westcotts is thrilled to announce their sponsorship of Plymouth Argyle for the 2023/2024 season, representing Westcotts largest sponsorship to date. This partnership marks an exciting new chapter in the journey of the Plymouth office, with colleagues continuing to build relationships with the community. Plymouth Argyle was founded in

Leveraging Trusts for effective Inheritance Tax planning Inheritance Tax is the tax imposed on the value of your estate (assets, possessions, property) which is transferred to your beneficiaries after death. If not adequately prepared for, this could mean you leave behind a financial burden. However, with careful planning, you can reduce or even eliminate this

Costing, Purchasing, and Monitoring Margins: A Practical Guide In the highly competitive hospitality industry, effective cost management and margin monitoring are crucial for the success and profitability of any business. Jon Stacey from our hospitality and leisure team highlights some key strategies and best practices. Conduct a comprehensive cost analysis: Before implementing any cost-saving measures,

Westcotts celebrate Somerset Businesses We’re delighted to be celebrating businesses across Somerset by supporting the Somerset Business Awards 2023. With offices across Somerset, including Bridgwater and Somerton, we’ve helped businesses to thrive across the region. The Somerset Business Awards are an opportunity to recognise and celebrate business success across the county. The event itself is

Golf day raises over £8,000 for the South West Multiple Sclerosis Centre Our charity golf day has raised £8,000 to help provide therapies and support for people with multiple sclerosis (MS) and other conditions. Up to 98 players of all ages and abilities took part in the event. We support a range of local charities

  Alex Tozer, from our hospitality & Leisure team, discusses some important factors of shared goals and how they contribute to the overall success of businesses.

Westcotts becomes official partner of Plymouth Law Society We are delighted to become the Official Accountancy Partner of Plymouth Law Society for 2023/24. This is an exciting opportunity to showcase the team’s expertise to Society members and continue to build local business relationships. The Plymouth Law Society represents solicitors in the Plymouth travel to work

Westcotts scramble support for Devon’s Classic Motorbike Club Devon’s Classic Motorbike Scramble Club held its DC-23 Dash event on Sunday 10th September and we were there in full force to show our support for the high-adrenaline day out. Westcotts is committed to supporting local community events and the firm has a long history of looking

Make the most of your pension this Pension Awareness Week 2023 and start planning for retirement When you add the word pension to anything, it feels more complicated than it should be. The good news is that pensions can really be quite simple. You’re saving some money now, while you are working, for when you stop

Key considerations for getting your payroll right Payroll is one of the most important aspects of any business and can have the largest impact on your employees and your business success. Employees quite rightly expect to be paid accurately, and on time, and when this goes wrong it can often undermine their trust and confidence

Join Westcotts in supporting Young Devon and run from Ilfracombe to Plymouth We are thrilled to be sponsoring the Young Devon Run Devon challenge, a yearly event that promotes health and wellbeing among young people in Devon, whist raising awareness and funds for the incredible work of Young Devon. Young Devon is a young people’s

Westcotts backs Bridgwater United for second season This week we have announced our continued sponsorship of Ellie Mitchell, goalie for Bridgwater United FC Women’s team for the 2023/24 season. We will be continuing to sponsor Ellie for the new season, which will support her and the club with equipment, match day and training costs. On

What is an Administration and what does it do? If you have been keeping up with the news in recent years, you would have noticed a number of Administrations taking the spotlight. Among them, prominent brands such as Debenhams, Paperchase and most recently Wilko’s have all entered into an insolvency process known as Administration. But

Have you considered a Members’ Voluntary Liquidation? An overview of the six-step process Members’ Voluntary Liquidation (MVL) is a process for solvent businesses which cannot be sold but need to be wound up. It is usually the most tax advantageous route to do this in a short period of time. On the other hand, if

A Guide to VAT registration Value Added Tax, or more commonly referred to as VAT, is a tax on the value added to most goods and services bought and sold for use or consumption in the UK. VAT is a significant source of revenue for the government. In this guide, we will explore the basics

How legal firms can improve their financial management information Aimed at Partners in small-medium sized legal firms on how to improve their financial management information, Veronique Walkey, Head of the Professional Services sector at Westcotts and Patrick Tigwell, Partner at the Exeter office, discuss three common areas that frequently come up in conversation: Format of

A guide to organising accounting records Accurate accounting records are essential for any business, as they provide a clear picture of the financial health of your organisation. Organising your accounting records can be a daunting task, especially if you have never done it before. However, with the right approach, you can complete the task efficiently

Bridgwater director secures top promotion A Bridgwater-based director, has just been made a partner. Experienced chartered tax adviser Tara Bell joined Westcotts in May 2022 after an impressive 20-year career working across a range of areas, including Inheritance Tax (IHT) and Capital Gains Tax (CGT), as well as specialising in guiding landlords on issues such as

Westcotts’ client Howard and Over Named Legal Firm of the Year Westcotts’ client Howard and Over have been named legal firm of the year at the prestigious Devon and Somerset Law Society Awards 2023. The event, held in the University of Exeter’s Great Hall, recognises the achievements of those working in the region’s legal profession.

Two new promotions announced for Westcotts’ Axminster team We are celebrating two new promotions in our Axminster office. Directors Robyn Gifford-England and Tom Stuckey, both based in our Axminster office, have each been appointed to the role of Partner. Robyn joined the firm as trainee nearly ten years ago after graduating from university. She has quickly

Westcotts is a top apprenticeship employer We have been named as one of the top apprenticeship employers in the country. The leading South West firm has been placed at number 10 in a list of 50 small and medium-sized enterprises in rankings produced annually by the Department for Education, in partnership with High Fliers Research.

Setting up as an employer: a step-by-step guide to payroll processing and compliance Running your own business is challenging enough, so if you are looking to expand and take on staff for the very first time, there are several key things that you need to consider when setting up as an employer. In this guide,

Funding tourism and leisure businesses Sustainable tourism is on the rise as more and more businesses turn their attention to environmental issues. In a bid to operate more sustainably, businesses within this sector are looking for improvements they can make to their daily operations to decrease their impact on the planet. Finding funding for tourism

Reading the small-print on pension changes Chancellor Jeremey Hunt announced in his Spring Budget that he plans to scrap the Lifetime Allowance and increase the Annual Allowance. This is primarily with the intention of stemming the flow of Senior Doctors taking early retirement. Most Financial Advisors and indeed many of their clients were rubbing their

Lifetime gifts and Inheritance Tax (IHT) – the facts Sheldon Cole, Tax Partner in our Weston-super-Mare office, looks at how making a lifetime gift can be an effective way of reducing your liabilities for Inheritance Tax (IHT). By making lifetime gifts and taking advantage of certain exemptions and reliefs, you can gradually reduce the value

Scrambling support for Devon’s Classic Motorbike Club Devon’s Classic Motorbike Scramble Club held its first big event of the year recently and Westcotts was there in full force to show its support for the high-adrenaline day out. Terry Burdon, a long-standing client, and chairman of the Scramble Club reached out to Westcotts for sponsorship, after

Charities: Time to get your house in order? It goes without saying that it is an incredibly busy time of year for many charities in the South West, as they get all their information together ready to send across to their accountant or independent examiner. As the year-end has recently passed for a significant number

Two key promotions for Westcotts’ Plymouth management team We have announced the promotion of two members from our Plymouth office. Tax manager Sean Bolter is now a director at Westcotts and accounts senior Paul Maddock becomes a manager. The two colleagues joined the firm within months of each other and have since enjoyed working together

Westcotts forging international connections Westcotts is one of more than 300 companies across the world working together with PrimeGlobal to deliver the best possible service for their clients. Here, Westcotts Managing Partner Shona Godefroy explains what it means to be part of PrimeGlobal, the Association of Advisory and Accounting Firms… As a leading regional firm,

How to exit your business Welcome to our discussion with Patrick Tigwell and Alison Watts, where we’ll be exploring the key factors to keep in mind when planning an exit from your business. During this conversation, you can expect to gain valuable insights on the importance of having an exit strategy, the optimal time to

A chat with Young Devon We are thrilled to sponsor the Young Devon, Run Devon challenge, a yearly event that promotes health and well being among youth in Devon, UK, while raising awareness and funds for the incredible work of Young Devon. Here, Andy Moreman, Young Devon Chief Executive Officer, explains more.

Maximising tax benefits: Understanding Relevant Life Insurance for SMEs As a business owner, you might be aware of the tax breaks that can help you save money. However, according to a survey of Small and Medium Enterprises (SMEs)*, 75% of them have not heard of Relevant Life, a legitimate tax break that can protect your

The updated pension annual allowances for NHS professionals – still a need to be careful? Good News News in the spring budget about the updated lifetime and annual allowances have been largely welcomed by those saving for retirement, especially people working in public services, such as the NHS. Westcotts advises many medical professionals at all

Westcotts announces Director promotion in expanding South West Corporate Finance Team Westcotts is continuing to see its corporate finance team go from strength-to-strength. As part of this growth, Will Mudd, has been made a director, it has been announced today. Will joined Westcotts in March 2022 and prior to that he provided advice to clients across

cCharity Commission’s Annual Return 2023: charities need to know The Charity Commission is the body responsible for registering and regulating all charities and not-for-profit organisations in England and Wales. Part of its role is helping us, the public, feel we can support charities with confidence and ensure that charities can fundraise legitimately and effectively. As

Diversifying a farm business – some key considerations In a bid to increase their profits and create some financial stability, more and more farmers are looking at diversifying their agricultural and farming activities. This comes after Brexit where previous EU farming subsidies have become uncertain, and many farmers are struggling to forecast their future income.

New director appointed to head up Westcotts’ Crediton team A new director has been appointed to head up our Crediton office. Accountant Matt Melksham joins the firm with more than 23 years’ experience and will lead the four-strong team, while supporting a growing number of clients in mid Devon. A Fellow Member of the Association

A sustainable business does not have to cost the earth In recent years thinking about sustainability and our impact on the climate has become more and more part of our daily lives. At the same time, an increasing number of business owners are looking for ways to run their businesses in a more sustainable and

Business exit strategy: Do you have one? In almost 30 years of practising as a chartered accountant, I have found that most business owners have not thought about an ‘exit strategy’ for their business. Having an exit strategy is crucial for any business owner, because let’s face it, we can’t work forever and for any

Submissions due for Annual Tax on Enveloped Dwellings (ATED) Entities who own properties that are subject to the ATED charge must file their annual ATED return by 30 April 2023, to cover the period from 1 April 2023 to 31 March 2024. Relief from the charge may be available; however, a return still needs to

Success Story – Exosoft A chance meeting with Westcotts at a local networking event in Devon proved to be invaluable for small South West software engineering firm Exosoft. For the company’s co-director and co-founder, Joe Wahab, the introduction to Westcotts’ partner Patrick Tigwell was the start of their journey with the firm of chartered accountants

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

Payroll Update – Tax Year 2023-2024  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

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

National Minimum Wage – PAYE Compliance Checks 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

The Taxes Surrounding Electric Vehicles  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

Employee Engagement 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

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

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

A catch up with Payroll 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

Latest update on taxation of UN pensioners in the UK 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

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

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

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

Charity Update

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

Pensions and retirement planning for business owners 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.

Making Tax Digital – Changes from 1 April 2022 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