Gifts and inheritance tax

How gifts can reduce your liability for inheritance tax. Inheritance tax (IHT) at 40% is due on the portion of a person’s estate that exceeds £325,000. This can be reduced to 36% if 10% (or more) of the estate is given to charity. Married couples and civil partners can transfer any unused allowance to their […]

Childcare vouchers and the new tax free childcare

Childcare vouchers were introduced some time ago to help working parents pay for childcare. So what are childcare vouchers? Childcare vouchers are tax free employee benefits that usually work through ‘salary sacrifice’ by exchanging part of gross salary to pay for registered childcare before Tax and NIC are deducted, hence, swapping taxable pay for a […]

How an audit can benefit your business

An audit is an official inspection of a company or organisation’s accounts by an independent body. A company can choose to be audited in order to prove to its investors or shareholders that its accounts are sound. An external audit should also determine whether all financial reporting is in accordance with current accounting standards and […]

How to be more successful in business

What do we mean by “successful”? – you may have your own ideas but most people would agree on at least three things they want: More profit More fun (and less hassle) More life (less time at work!) Below are a few ideas to help you achieve these: Identify and systematically measure everything that matters […]

Is your business eligible for R&D Funding or Tax Relief?

Many UK businesses are undertaking activities that they don’t even realise fall into the category of research and development. There are a significant number of funds aimed at supporting forthcoming projects as well as tax relief on work or projects that may have already been done or are currently underway. Westbury have partnered with T4C […]

Lifetime ISAs

A guide to the Lifetime ISA. Announced by Chancellor George Osborne in Budget 2016 and launching on 6 April 2017, the Lifetime ISA is designed to provide a tax-efficient option for people saving for a first home or retirement. Buying a first home and saving for retirement represent 2 of the most important aspects of […]

Brexit Action Plan

The vote is over and we have made the momentous decision to leave the EU.  Businesses and individuals need to consider the short and long-term implications. We are of course in a period of uncertainty with extreme volatility in currency and stock markets and this is unlikely to change much until the terms of our […]

Changes to Companies House requirements

The confirmation statement replaces the annual return As they did with the annual return, every UK company will need to file a confirmation statement at least once a year. While Companies House will still charge an annual fee (£13 for online filing and £40 for paper filing) for submitting a confirmation statement, companies can file […]

Extracting profits from your business

A guide to tax-efficient profit extraction for business owners. Owning and running your business is a tough proposition but it is vitally important that people continue to do it. As well as the rewards that come from hard work and determination, there are also monetary benefits to running your own business. There are a variety […]

Auto-enrolment for businesses

A guide to staying compliant with auto-enrolment. Auto-enrolling employees into a workplace pension scheme is a legal requirement for all businesses, from those employing hundreds to those with 1 or 2 people on the payroll.  Over 6 million workers have been enrolled since 2012, with a further 1.8 million due over the next 2 years […]