Meet the Team at Stephenson Smart in March
Stephenson Smart acquired an office in March when it took over Alan Day & Co in 2014. The team there provide clients with business and tax advice as well as help with VAT, payroll and accounting software.
Chris Goad BFP FCA
The managing partner at March. Chris is a Fellow of accounting with 17 years’ experience in the industry and specialises in business finance and tax planning. As well as managing the team at March he also manages the Wisbech and Downham Market offices.
Paul Rumbellow FCCA
Paul is a manager with over 30 years’ experience in accounting. He is in the process of making the move over to the March office from the King’s Lynn office. Paul specialises in corporate and small business tax.
Paul Wood MAAT
Paul is a manager with 30 years’ experience in accounting. He is a specialist in cloud accounting and is the firm’s lead on QuickBooks software.
Louise Collop MAAT
Louise started her career in accountancy at the Wisbech office, fresh from completing her A-Levels in Maths, Further Maths and Biology. She has always been good with numbers and supports clients with accounts preparation.
Stuart has 24 years’ experience as an accountant and joined Alan Day & Co straight from school. He specialises in small business tax, VAT and payroll.
Pam’s career in accountants has spanned 30 years and she is the face of the March office. Pam sits on reception but also supports clients with payroll and CIS and offers the team general administration support.
Becky offers administrative support to the team at the March office. She has a degree in Business Management and has returned to work at Stephenson Smart after having a career break to concentrate on being a full-time Mum.
Stephenson Smart accountants opened an office in March in 2014. The team there include partner, Chris Goad BFP FCA and managers Paul Rumbellow FCCA and Paul Wood MAAT.
Chris Goad BFP FCA advises clients on issues ranging from basic accounts and tax returns to the more specialised areas of accountancy and tax planning, including capital gains and inheritance tax planning. Chris also holds a certificate in probate and estate administration and is a designated Business and Finance Professional (BFP), accredited by ICAEW.
Paul Rumbellow FCCA works with clients from sole traders to large corporate entities and has extensive experience managing and advising clients on tax and financial reporting requirements.
Paul Wood MAAT manages a wide range of clients, dealing with personal tax, pensions scheme and corporate and management accounts. He has a keen interest in cloud accounting and works with new and established businesses to help streamline their business accounting systems and allowing them access to real-time accounts information. Paul is also our QuickBooks champion.
Chris Goad FCA of Stephenson Smart explains the forthcoming new Capital Gains Tax rules for people disposing of property.
For people about to dispose of property there are important tax changes on the horizon, because from April 2020 you’ll need to factor in new capital gains tax (CGT) rules.
Until now, private residence relief (PRR) has meant there is usually no CGT to pay on the sale or disposal of your main/only residence – but the 2018 Budget announced important changes to the final period exemption and lettings relief.
Currently, the final period exemption means you’re generally not liable for CGT on the sale of a property which was once your home (even if you no longer live there) for the last 18 months of ownership.
However, from April 2020 that will be cut to nine months. The change could affect significantly higher numbers of property transactions, and if you’re buying a new property before selling the old one, it will be important to sell within nine months to avoid a possible CGT bill.
As for lettings, the current rules allow up to £40,000 relief (£80,000 for jointly-owning couples) for letting part/all of a present or onetime main residence.
Under the new regime, lettings relief will only be available when occupation is jointly shared with a tenant.
These new rules will apply to disposals from April 2020 regardless of when the period of letting took place which is likely to considerably reduce the scope of the relief.
April 2020 will also see a major change to current CGT deadlines when disposing of residential properties.
In the future, there will be a 30-day window after the disposal completion date in which to file a return, calculate and pay the CGT due.
If no payment is due (for example, if PRR is available in full) reporting will not be required.
The change mirrors the current obligations of non-UK residents.
Since April 2019, non-resident CGT has applied to direct and indirect disposals of UK land or property, with non-resident companies being chargeable to corporation tax.
There is a 30-day reporting requirement even if there is no tax to pay, and where tax is due, it must be paid within 30 days of completion.
As with any changes to taxation, complexities can arise and taking your individual circumstances into account is essential.
It’s always prudent to discuss the potential tax implications of any property transaction, and for peace of mind, please contact one of our qualified tax advisers for more details and information specific to your situation.
Paul worked for another local practice for over 20 years before he joined Stephenson Smart in 2008. He qualified in 2007 and is based in our King’s Lynn and March offices. He works with clients from sole traders to large corporate entities and has extensive experience managing and advising clients on tax and financial reporting requirements. Paul is married with a young family and enjoys various sports especially football, rugby, running and cricket.
Stuart has been working with Stephenson Smart since 2013, when the practice from Alan Day and Co was acquired, where he had worked since 1996. Stuart is experienced in all areas of accounting, auditing and taxation, which he combines with commercial awareness, to help provide clients with advice and tax planning services. He regularly undertakes work on VAT and management accounts and enjoys assisting clients with the provision of management information reporting systems, such as Sage and Quickbooks. Away from the office Stuart is a keen traveller, swimmer and cyclist. He is based in our Wisbech, March and Downham Market offices.