Firm News
‘Exemplary Service’ – great feedback from a client!
It is always great to receive feedback from happy clients and so we thought we’d share this one with you…..
“We felt compelled to drop you a line with reference to one of your team whom we have been working with now for over 7 years. While working with him has always been great we wanted to let you know the exemplary service we have been receiving from him since the beginning of this pandemic in March.
We can only imagine the work that the pandemic has created for your staff with regards to new guidance; it's been hard enough for us and we are only one business. Despite all that he has never failed to reply to emails in a timely manner with good humour and with relevant and comprehensive information, enabling us to make decisions quickly and confidently. In a time of crisis for our business, our industry and indeed the whole country he has been a pleasure to work with.
We wanted to take this opportunity to email you and let you know how much we value him and in turn our relationship with Walker Moyle.”
L & D
St Ives
Great feedback and great work! We have passed these wonderful comments onto this member of our team. Thank you for your lovely email.
Helping you to help your business
The effects of COVID-19 have made the past year one of the most challenging ever faced by business owners. For some, Brexit is now an additional hurdle to add into the mix.
That said, we know there are some businesses that have prospered in the past year, making the most of opportunities that have presented themselves, or totally changing their operations or busines model to adapt to the ‘new normal’.
However, one thing remains constant for all businesses. Steering a path through the next 12 months is also going to be equally demanding as in 2020.
But you do not have to face this on your own. As Chartered Accountants and business advisers, Walker Moyle will listen and advise you on the best steps you can take to achieve your business goals over the coming year and beyond. With a range of clients across Cornwall, covering small and medium sized businesses, we have the expertise and experience to help you and your business weather this storm.
As well as advising you, we can work alongside you to help plan for the future and take care of the day-to-day accounting and financial management which your business needs. As an overview of how we can help, please take a look at our range of business services, most of which can be tailored to the specific needs of your business.
Furthermore, if you would like to have a chat about where your business is going and what actions you need to take, we are always here to listen and advise accordingly.
You can email Paula Thomas, our Managing Director at paula.thomas@walker-moyle.co.uk or call 01209 214221 and she will be happy to arrange a suitable time to chat with you.
Selling a residential property? Beware the new tax rules!
Since 6 April this year, property owners have been faced with new rules for reporting and paying any Capital Gains Tax (CGT) from the sale of residential property. We are receiving lots of enquiries from clients, and non-clients, who are unsure of what is now required, so here is an update.
The change in CGT rules
For UK property disposals made from 6 April 2020, you have 30 days after the property’s completion date to report and pay any Capital Gains Tax due on your UK property disposals.
You will need to create a Capital Gains Tax on UK property account with HMRC before you can report and pay the tax using this service. This firm can assist with calculating the tax due as well as completion of the return once the account has been created.
Additional tax changes will also effect selling your former home
Not content with reducing the amount of time some property owners have in which to pay their taxes, HMRC have also reduced the availability of Principal Private Residence (PPR) Relief. Previously where the homeowner had lived at the property as their only or main residence and were making a claim for PPR Relief they could claim for the last 18 months of owning the property, even if they weren’t living in it prior to the sale.
However, from 6 April 2020 this 18 month relief period has been shortened to just nine months, which is likely to increase the amount of CGT the homeowner will have to pay.
Changes in lettings relief see an end to £40,000 of tax relief
Further CGT changes could also have a significant impact on how much tax landlords pay on the disposal of their former home which they have been letting to tenants. Prior to 6 April 2020, an individual landlord could claim up to £40,000 of lettings relief against gains from the sale of their former home. However, since 6 April 2020 this relief is now only available if the landlord lived in the property with their tenants at the same time.
Paula Thomas, Managing Director at Walker Moyle Chartered Accountants said, “Property owners who have capital gains tax to pay only have a short period in which to report and pay the tax due. Please contact us if you have concerns and need advice on how to process your CGT return.“
If you have any concerns about these changes or about selling your property, please contact Paula Thomas on 01209 214221 or email paula.thomas@walker-moyle.co.uk.
Apply now to spread the cost of your Self Assessment tax bill
As part of the government’s package of support measures to help those who are struggling financially due to COVID-19, the Chancellor has announced a new measure to help the self-employed and those who complete Self Assessment tax returns.
His latest incentive allows those who have completed their 2019-20 tax return, to apply to pay their tax bill over several months, rather than in full by 31 January 2021.
Using HMRC’s ‘Time to Pay’ service, taxpayers who have a tax liability of £30,000 or under are now able to apply online, rather than having to call HMRC to request more time to pay their bills. If your application is successful you can pay any tax which is owed in monthly instalments up to a 12-month period, by direct debit.
Warning - conditions apply!
However, as with many of the government schemes, it’s not always straight forward to access the scheme. In order to spread your tax payments you will need to access your online personal tax account at www.gov.uk and also meet the following criteria:
- to have completed your 2019/20 tax return
- have no outstanding tax returns
- not owe any other taxes
- have no other HMRC payments set up
- have a Self Assessment bill of between £32 and £30,000
- be no more than 60 days late in paying your tax bill
Anyone who is considering accessing the ‘Time to Pay’ service should also understand that they will have to pay interest on any overdue tax which is not paid by 1 February 2021.
HMRC has also stated that anyone who does not meet the above criteria may still be able to get help, but they will need to call HMRC rather than trying to access support online.
Submit your 2019-20 financial records now!
The first step you need to take is to make sure you have completed your 2019-20 Self Assessment tax return. Rather than leaving this until January, give yourself peace of mind that you will be able to spread your tax payments, by submitting your tax return sooner rather than later.
If you would like Walker Moyle to complete your tax return for you, please contact us to book in your work and send us your income and financial records no later than 30 November 2020.
If you would like help with submitting your Self Assessment tax return or how to access your personal tax account, contact your nearest Walker Moyle office:
Penzance – Tel: 01736 362265 or Email: penzance@walker-moyle.co.uk
Redruth - Tel: 01209 214221 or Email: redruth@walker-moyle.co.uk
St. Ives: Tel: 01736 795378 or Email: st.ives@walker-moyle.co.uk
Time for a fresh start?
The coronavirus has caused many people to take stock of their lives. That could be related to how their business is performing or by taking a close look at their personal situation. Unfortunately, some people will find themselves in a situation where they didn’t envisage they would be at the start of the year, whether that’s having to close their business or because they have been made redundant.
Whilst these last two scenarios are dreadful, they also can create opportunities. Business owners who have been forced to close because of the pandemic are unlikely to rest on their laurels. They will be looking for the next opportunity. Where employees have been made redundant, some will cease this as an opportunity to finally be their own boss and to set up their own business,
New beginnings will happen, and Walker Moyle can help make it happen. Here’s how:
A friendly ear
If you have been made redundant, are at risk of losing your existing business, or just want to do something different, now is a good time to chat through your ideas. We will listen to your plans, ask relevant questions and give you advice on how to make your plans into a reality. We can advise on the benefits of running your own business, but also make you aware of the challenges that you may come across and how best to overcome them.
Mapping out the future
While many business plans have ‘gone out of the window’ during the past few months, it is still important that you have a workable strategy for you new business. The plans of the future must consider how the business will adapt and change should similar events happen again. We can help you work on those plans, suggesting how best to keep your business trading and looking at other markets you may want to consider in order to maximise your customer base. We can put together cash flow projections and trading forecasts looking at a range of different scenarios, so that you can see whether the business will be viable, before you fully commit to the new venture.
The set up and ‘get-go’
When you’re ready to start we can advise on what trading structure is likely to work best for you. This will depend on the type of business you are creating, who is involved and how you‘d like to be remunerated from the business. If setting up a limited company is best for your business, we can take care of all the company formation legalities to ensure everything is set up correctly. We would also give advice on which trading structure would be the most tax efficient for your business and set up the registration processes with HMRC.
We can also advise on what accounting package would best suit your business. Plus, if your turnover is likely to be above the VAT threshold (currently an annual turnover of £85,000 or more) we can advise and provide hands-on support to make sure you comply with HMRC’s Making Tax Digital regime.
Going forward we will also work closely with you to make sure the routine aspects of running your business are taken care of. This includes bookkeeping and accounts preparation as well as calculating and submitting tax and VAT returns where relevant. Complying with the necessary deadlines and producing the correct documents is often an unseen aspect of running a business, but it is a requirement and we can make sure that it happens on time and is done accurately.
Free Consultation
Making a fresh start can be an exciting, yet daunting, prospect. However, you do not have to do it all on your own. Walker Moyle has been helping businesses across the West of Cornwall for nearly 100 years, so we have a mass of experience and in-house expertise that can guide you in the right direction.
The first step is always the hardest, and that’s starting the conversation. We’re always happy to chat to local business owners, or people currently considering their first steps in running a business. We promise you a warm welcome and a friendly, helpful discussion. We will help you consider the validity of your ideas and to then turn these ideas into reality.
For a free consultation please email Paula Thomas, Managing Director on paula.thomas@walker-moyle.co.uk or contact your nearest Walker Moyle office: Penzance - Tel: 01736 362265, Redruth - Tel: 01209 214221 or St. Ives - Tel: 01736 795378.
Study success for Ben
For many people 2020 so far hasn’t panned out the way they intended. However, for one of our trainee accountants their recent exam successes has shown that their careers are very much still on track.
Ben Williams, who is based in our Penzance office, sat his Association of Chartered Certified Accountants (ACCA) Strategic Business Reporting exam in March and has recently found out that he successfully passed. Ben will now go on to study for his Strategic Business Leader exam, which all being well he hopes to take in September, but in the meantime, he is working through the ACCA’s Ethics Module. With another two exams to complete over the coming months, Ben is hoping to become a fully qualified Chartered Certified Accountant next summer.
Further Exam Success
Sarah Carbis, who is based in Walker Moyle’s Redruth office, has recently passed the ACA Advanced Level examinations. These exams represent the final stage of the ACA examination regime meaning that Sarah will shortly be able to apply to the Institute of Chartered Accountants in England and Wales (ICAEW) to become a Chartered Accountant.
A total of 4,921 students sat the July 2019 session. 8,246 exams were attempted in total, with 3,549 students passing all the exams they took – Sarah being one of them.
Paula Thomas, Director at Walker Moyle said, “This is a fantastic achievement for Sarah and clearly demonstrates how committed she has been to gaining the ICAEW qualification. Sarah joined Walker Moyle in 2016 and since then has completed the ICAEW’s Certificate in Finance, Accounting and Business (CFAB) before continuing to sit the Professional and Advanced level examinations. It is a pleasure to see ‘home grown talent’ such as Sarah reaching their potential and fulfilling their career ambitions and I am very pleased that Walker Moyle has been able to support Sarah with this and join her in celebrating her success”.
Well done Sarah!
Celebrating Exam Success
Four members of the team at Walker Moyle have good reason to celebrate, following notification of their recent exam results.
Mollie Porter, Sarah Carbis, Roxy Polhill and Ben Williams have been studying hard over recent months, but their efforts have paid off with all of them passing their respective exams.
Mollie has taken her final exam for the Association of Chartered Certified Accountants (ACCA) qualification, which means she is now a fully qualified accountant. Mollie’s aim is to focus on the audit and assurance side of accounting, whilst continuing to prepare accounts and management accounts for her clients.
Sarah is studying for the Institute of Chartered Accountants in England and Wales (ICAEW) qualification. Having successfully passed her latest exam, Audit and Assurance, Sarah is planning to take three separate papers next July. These papers are Corporate Reporting, Strategic Business Management and the Case Study. On successful completion of these papers, she will then be a fully qualified Chartered Accountant.
Roxy is studying for the ACCA qualification and has recently passed her Financial Reporting paper. However, there’s little rest for Roxy as she now prepares to take her Audit and Assurance exam in December. She will then have a further five exams to sit over the next couple of years and hopes to be fully qualified by the middle of 2020.
Ben is also studying for his ACCA qualification and is approximately half-way through his studies. He has just passed the Performance Management paper and in December will be taking the UK Taxation paper. At the moment his plan is to sit one paper every six months and is aiming to qualify in 2021.
Paula Thomas, Director at Walker Moyle said, “I am really proud of everyone’s exam successes. It is very difficult to juggle work, family life and exam revision at the same time, but these guys have shown it is possible. I’d like to congratulate Mollie on becoming fully qualified and I know that with the massive effort they are putting into their studies, Sarah, Roxy and Ben will also qualify in due course”. She goes on to say, “At Walker Moyle we have a policy of training and developing staff to help them fulfil their career objectives. We want to help them focus on the areas of accountancy they most enjoy so they can deliver the best service to our clients”.
Handpicked Accountants
We are pleased to announce we have been chosen to join Handpicked Accountants, a specialist website dedicated to helping business owners and company directors find their perfect local accountant. Launched in 2017 by Begbies Traynor Group, Handpicked Accountants features over 1,100 industry leading practices, each carefully selected only after a rigorous examination of their service and client care.
With over 320,000 registered accountants in the UK, Handpicked Accountants helps you find the very best for your business, exclusively listing accountancy firms renowned for their experience and expertise.
At Walker Moyle we are committed to exceeding the expectations of each of our clients. Our firm’s roots date back to 1925, making us one of the most experienced, trusted, and long established accountancy practices in West Cornwall including in redruth.
David Tattersall, Head of Client Relations at Handpicked Accountants says, “It’s always a pleasure to see a firm have such strong engagement with their local community. Walker Moyle clearly understands their client’s needs as they consistently deliver outstanding guidance with a personal touch. Not only do they relieve the pressures of running a business but develop and enhance the enterprise of every client. Their professional team is a valuable addition to Handpicked Accountants.”
You can view our page on Handpicked Accountants here.
Exam success and top honours!
Following on from his exam success last summer, we are proud to announce that Andrew Symons is now a fully qualified Chartered Tax Adviser. In true Andrew style, not only did he pass his final tax paper, which he sat last November, he was also awarded the Ian Walker Medal for obtaining the highest mark for this paper.
542 people, including Andrew, sat the Chartered Institute of Taxation’s (CIOT) General Tax Awareness Paper. 397 people passed the paper, with Andrew securing the highest score in the country.
This final tax exam marks the end of nearly nine years of studying for Andrew, all of which he has done whilst working full time at Walker Moyle.
Speaking about his studies Andrew said, “It’s been a long haul in becoming Chartered Tax Adviser, but I am delighted to have passed some of the most gruelling exams in the profession”. When asked what he was going to spend his evenings and weekends doing now he’s passed all of his exams, Andrew said “I really don’t know! Since 2008, when I haven’t been working I have spent nearly every waking hour with my head in a tax book. I’m open to suggestions on how to start spending my weekends!”
Now that he has passed his exams, clients and business contacts in West Cornwall are likely to be seeing and reading a lot more from Andrew as he puts his studies into practice. He will be helping clients to make their tax affairs as efficient as possible and also writing tax articles and guides on the Walker Moyle website, which local businesses and individuals will find informative and helpful.
However, Andrew is not the only one who has reason to celebrate at Walker Moyle!
Mollie Porter has been awarded the Association of Chartered Certified Accountants’, Advanced Diploma in Accounting and Business, having successfully passed all of the Fundamental level papers in the exams. Over the next 2 years, she will continue with her studies with a view to becoming a qualified accountant by the end of 2018. Mollie said, “My studies so far have been really useful for many aspects of my role including completing tax returns, preparing management accounts and having a better understanding of the legal and ethical issues which affect most businesses. I’m looking forward to gaining new skills from the next round of accountancy exams and putting them into practice”.
And not to be out done on the exams front……
Matt Bick has recently passed his Institute of Chartered Accountants in England and Wales (ICAEW) Certificate in Finance, Accounting and Business (CFAB) exams. This moves Matt one step closer to taking the professional level of the qualification, which will ultimately lead to him becoming a qualified Chartered Accountant.
Commenting on his exams, Matt said, “I’m really pleased to have passed these exams which I have been studying for since I joined Walker Moyle in 2015. I shall soon start studying for the Professional Level of the ICAEW Chartered Exams, whilst continuing to get hands-on experience from working and putting into practice many of the things I learn from my studies.”
Paula Thomas, Director, said, “It is part of Walker Moyle’s philosophy to develop our staff to be the best accountants they can be, providing them with ongoing training and supporting them through their professional qualifications. It’s great news to hear that Andrew, Mollie and Matt have all passed their recent exams which will give inspiration to other members of our team who are keen to follow in their footsteps.”
Andrew achieves top marks!
We’re delighted to announce that a member of the team, Andrew Symons, has passed two specialist tax exams with flying colours!
Andrew, who is based in our Penzance office, is currently studying for the Chartered Institute of Taxation (CIOT) professional qualification. The CIOT is the leading professional body in the UK for advisers dealing with all aspects of taxation.
Having completed two exams in May this year, we (and Andrew!) were delighted to hear that not only has he passed both of the exams, but he has also been awarded the CIOT’s top prize for gaining the highest mark in one of the papers.
The two exams which Andrew sat were the ‘Taxation of Individuals’ and the ‘Taxation of Owner-Managed Businesses’. He was awarded the Ronald Ison Medal for having the highest marks in the ‘Taxation of Individuals’ exam and went on to win the LexisNexis prize for the highest total marks in two advisory papers taken in the same sitting.
And if those two prizes weren’t enough, he was the only student to be awarded a distinction for the Taxation of Individuals paper. To put this into context, 1,398 candidates, sat a range of CIOT exams back in May of this year. Of those who took the Taxation of Owner-Managed Businesses exam only 34% passed, with 52% passing the Taxation of Individuals paper, which demonstrates how hard these exams are.
On receiving his results, Andrew said, “I am absolutely thrilled not only to have passed the two technical advisory papers, but also been awarded the Ronald Ison Medal, LexisNexis Prize and distinction. The Chartered Institute of Taxation prides itself on being the ‘gold standard’ of UK taxation education and it is a great honour to be recognised in this way. I hope that I will be able to use my knowledge to assist Walker Moyle’s clients in meeting their tax obligations and planning for transactions in the most tax efficient manner possible.”
Commenting on his success, Paula Thomas, Director said “As a result of passing these exams, Andrew will be best placed to advise our clients with all their tax needs. Whether that’s doing individual tax calculations, advising on inheritance tax matters, or working with businesses to help them with their corporation tax and capital gains taxes. Andrew will join Michael Crookes and me in being able to offer our clients a comprehensive tax planning and compliance service, providing the technical skills and detailed knowledge to manage our clients’ tax affairs effectively”.
Unfortunately there’s no rest for Andrew though as he now starts preparing for his last CIOT exam in November, which is a general tax awareness paper. However, once he has passed this exam he will become a Chartered Tax Adviser and is looking forward to having evenings and weekends to do anything which doesn’t involve studying for exams!
Andrew will receive his awards at the prestigious CIOT awards and admissions ceremony which will be held in the spring next year.