WSM Blog

Thinking of giving your home away? Think again!

People often ask about the benefits of giving their properties to family members before they die to avoid the clutches of the taxman, but experts have warned that certain pitfalls could result in you paying more than you save.

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Employees in Insolvency

Sometimes, when a business is facing insolvency, many of the most significant creditors can be employees of the business, particularly if there is a history of long service. This can be of great concern not only to the employees themselves, but also to the owners of the business who do not wish to see their loyal staff members facing their own financial strife as a result of losing their employment.

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Early action is the key

In conjunction with the Institute of Chartered Accountants in England and Wales (ICAEW), WSM Marks Bloom have produced a guide to restructuring and insolvency, the emphasis of which is that early action is the key to avoiding or surviving financial difficulties. The guide is about how to cope with difficult situations, recognising issues early when they arise, and seeking the right advice at the right time from the right professionals.

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DLAs

It is surprisingly common that a major asset of an insolvent company is an overdrawn director’s loan account (‘DLA’). It has also struck me recently that many directors and even accountants appear to be ignorant of how it arises and what its consequences can be.

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EuropeFides GM Prague June 2018

The beautiful city of Prague was the host this time for the EuropeFides GM in June and it was held at The Novotel Praha Wenceslas Square.

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Beware impact of VAT MTD

HMRC announced in July 2017 that Making Tax Digital (MTD) will be postponed for a year for all taxes except for VAT. MTD will affect all VAT-registered businesses with a taxable turnover above the VAT registration threshold for VAT periods beginning on and after 1 April 2019.

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Winding up petitions – The end of your business?

A winding-up petition can only validly be issued if a debt of £750 or more is indisputably owed, normally demonstrable by way of an unsatisfied statutory demand.

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Immersed in work and icy water

For those of us who have office based jobs, it may look and certainly feel like we spend alot of time at our desks, however, myself and the team at WSM actually have a really good work life balance and so instead of writing about our daily corporate musings, I have chosen to write about a passion of mine - a breathing and cold immersion technique known as the Wim Hof Method.

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VAT on school fees

There has been much debate in recent years over VAT on school fees. Last year the Labour party planned to tax private school fees to pay for free school meals. The VAT position on education really depends on the political party decision. In reality the government can change the law and apply VAT to school fees.

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GDPR – Is there any good news?

Just in case anybody has missed it, GDPR affects any business which holds personal data and GDPR has to be implemented by 25 May. As the definition of personal data can cover everything from a person’s name to their medical records and from their photograph to their bank details it is likely that every business will be affected.

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