The tax team at accountancy firm,
Moore Stephens , has been busy supporting local businesses with their tax affairs.
The specialist team of four is headed up by Tim Woodgates and includes Associate Simon Reid, Tax Assistant Sharon McColgan and Apprentice Accountant Laura Hicks. Associate Tim has been with Moore Stephens for seven years, moving across from accounts to tax three years ago. Simon has been at Moore Stephens for more than 30 years and has a wealth of experience. Sharon joined the team in July last year, quickly followed by Laura in January.
The team works with more than 1,000 clients on their tax returns, self assessments, VAT, corporation tax and much more. Clients range from sole traders turning over £20,000 a year to large multinationals across a wide variety of industries. Some family businesses have also been with Moore Stephens for generations.
“There is no such thing as a typical day for the tax team at Moore Stephens,” says Tim. “Working in tax is wide-ranging as there are so many different types of taxes that impact so many things.”
This is why the tax team at Moore Stephens offers tailored advice to its clients.
“One of our unique selling points is that we are small enough to offer the approachability and personal attention of a local accountancy firm but we are also part of a global accountancy network, which means we can call upon connections and expertise in the network for specialist advice when required,” said Tim.
The team also stays up to date with HMRC and law changes so that it can educate clients and prepare them for the changes to come in plenty of time. One recent example of this was Making Tax Digital. Making Tax Digital (MTD) came into force on Monday 1st April 2019 for VAT registered businesses. Under the new rules, businesses with a turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD compatible software. In preparation for this coming in, Tim and his team put together a webinar explaining who would be affected, and what businesses needed to do to ensure compliance with the new regulations. This was shared on YouTube and amassed more than 12,000 views. Tim also landed a slot on Radio 4’s highly acclaimed Money Box programme in March, educating listeners on the upcoming changes and what business owners needed to do to comply.
Another change that came into force this April was around the introduction of new tax rules for landlords with buy to let properties. Landlords used to be able to offset mortgage interest payments against rental income, but in 2015 the government announced they were phasing this out. In 2017/18 the tax relief you could claim reduced to 75%. Now, it’s only 25%. Next year, it’ll be gone completely and replaced with a tax credit system.
“These new tax rules and reliefs are quite complicated and affect lots of other things such as Inheritance Tax, Capital Gains Tax, Trusts and more, so we have had to advise our clients accordingly and look at their individual circumstances,” said Tim.
“When it comes to tax, there is no ‘one sizes fits all’ solution, which is why we need to keep learning to be able to offer expert, tailored advice to our clients.”
For more information on Moore Stephens’ tax services, visit www.moorestephens.co.uk or call 01536 461900.