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Posts Tagged ‘westbury accountants’

London – AWAD Social at The Cynthia Corbett Gallery, Pall Mall (6.00-8.00pm)

Friday, October 7th, 2016

AWAD, the Association of Women Art Dealers (London chapter) cordially invites all AWAD Friends (including both men and women) to our next quarterly Social that takes place during Frieze Week and it is generously sponsored by our Partners Westbury’s:

Date: Friday October 7th 2016
Time: 6.00 – 8.00pm
Hosted by: The Cynthia Corbett Gallery during their exhibition Young Masters : Celebrating the Launch of the 4th Edition – 
For more information on the Young Masters Art Prize, contact

Where: Royal Opera Arcade Gallery,  5B Pall Mall, St. James’s | London, SW1Y 4UY

In addition to networking, this event will include a brief introduction to the Young Masters Art Prize, now in its 4th Edition.

Looking forward to seeing many of you there!

This event is free of charge but space is limited so to attend, please RSVP by emailing

Note changes to date and/or venue, although unlikely, may occur. Please check this page on the date of the event.

From our Partners at Westbury: What can artists do to preserve their art for future generations

Monday, September 5th, 2016


This article was written by Keith Graham, Partner at Westbury Accountants and Business Advisors, AWAD’s Partner in this field


  1. What will happen to my art after my death?
  2. How can I ensure my family benefit from my lifelong work?
  3. Will my art retain its value?
  4. Who will manage my collection?


These and others are the sort of questions that we are being asked increasingly by our many artist clients. Of course, there are many advantages to becoming successful as an artist but success brings with it a whole new set of challenges.

What to do with your art?

In our experience, once artists begin to think about their own mortality, they become increasingly concerned with the question of what to do with their art. Many think that this is something that could be dealt with just by a well-drafted will; others wonder whether they should be setting up a foundation during their lifetime.

What is clear is that these questions have to be faced up to. Picasso died without a will leaving a legacy of massive legal battles. Dalí set up a foundation but his affairs were still extremely untidy. Rothko left clear instructions but his executors certainly did not understand fully (or chose not to) his real wishes. On the other hand, the Henry Moore Foundation is an excellent example of careful planning and competent management of an estate. (more…)

From our Partners at Westbury: How individuals and businesses prepare a Brexit Action Plan

Wednesday, July 27th, 2016
This article was written by Keith Graham, Partner at Westbury Accountants and Business Advisors, AWAD’s Partner in this field.

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 exit become clearer.  Against that background, we all face some challenges. We have already heard of property and investment transactions having been cancelled or put on hold, and of medical research projects whose funding is now in doubt. Clearly there is a good deal of anxiety about proceeding with investment projects, although, paradoxically, the weakness of sterling can act as an incentive to overseas investors.
The most important thing to do is to think about the possible impact on you and your business.  It is too early to say – and the truth is that no one has a clue – what the business environment will look like once the dust has settled.  This may take many years whilst we negotiate our exit, decide what areas of our business life need change, e.g., regulation, laws, taxes, bureaucracy, etc., as well as trading relationships with the EU and with the rest of the world.

Below are some points to consider: 

  • To what extent are you exposed to the currency markets?  Do you buy or sell overseas and, if so, how will the fluctuations in sterling in the short and medium term affect you? Is there any action you may take (such as hedging) to lessen the blow. In particular, those who import are likely to have to be extremely careful about managing their currency exposure.  On the converse, exporters may have an opportunity to generate some additional profits.
  • Do you need to review your pricing particularly if you import?
  • If you are exposed to the property world, to what extent may a slow-down in the rate and/or value of transactions affect your business?
  • Those businesses that foresee a significant drop in turnover or rise in costs following Brexit may need to consider reviewing staff levels as well as upcoming pay reviews/bonuses to see where unnecessary costs may be saved.
  • Are you reliant on foreign labour?  Have you considered the possible impact if there were to be some form of restriction on such labour?
  • Is your business particularly affected by Environmental or Health and safety legislation emanating from Europe, or one that may be prone to tariffs?
  • If you are in the inward hospitality sector you may well find there is a boost to UK tourism but if you are exposed to the outbound sector, will a potential drop in business (because foreign holidays become more expensive) have an effect?
  • Were you reliant on/expecting any grants or subsidies from EU sources? Can you make alternative arrangements or at least put a contingency plan in place.
  • Will there be an effect on your pensions and investments?  As a general rule, one might take a longer-term view and not panic at the current extreme volatility in stock markets to which many investments are linked.  But perhaps a review of investment policy might seem sensible, particularly if you were planning to take pension benefits shortly, or to cash in investments.
  • Is now the time to consider incorporating your business into a limited company, particularly with the announcement of an intent to reduce further  the rate of Corporation Tax?


Get in touch with Westbury with us to discuss how Brexit might affect you and how we can help you plan for it.

From our Partners at Westbury: When Does Your Art Hobby Become an Art Business?

Tuesday, November 17th, 2015

This article was written by Keith Graham, Partner at Westbury Accountants and Business Advisors, AWAD’s Partner in this field.

You start off with an interest in art, perhaps going to your local evening classes and painting the odd still life or male model.  A friend likes some of your work and buys it from you.  Your local church runs a fundraiser and a couple of your works sell, so for the first time you cover the costs of your hobby.  The local arts centre takes an interest in your work and asks if you would be prepared to put on an exhibition.  The local paper picks this up and shows a few of your works in its pages.  The pace picks up, as does the price, and suddenly your paintings are selling for a tidy profit.

Bear in mind that you don’t have to be an artist; much the same is true for those who collect art.  Maybe after investing for personal pleasure for a while, you start to buy and sell and this becomes a more and more regular occurrence. If you are successful, accumulating profit may enable you to start buying more expensive works and so the profit you can realize per sale is likewise increased.  It is also likely that you will start to devote more time end effort to acquiring knowledge useful in the field.

Plenty of different scenarios and many that are repeated day-in and day-out all over the country.  The question is:-

WestburyWhen does your hobby become a business with all that entails in terms of keeping records and paying taxes?

The first thing to say is that this is not a precise science and it is important to consider all the facts.  It’s all about when you start to ‘trade’, and unfortunately there is no statutory definition of ‘trading’.  However, it is likely that you will know when your hobby becomes something more than just that and there will be a point from which you actively intend to make a profit, rather than simply enjoying what you do and seeing if you can get something out of it financially.  What is absolutely clear is that the onus is on you, the taxpayer, to notify HM Revenue & Customs when you have started a trade. (more…)

London – AWAD Monthly Meeting (October 2015)

Wednesday, October 28th, 2015


The Members’ meeting this month takes place on Wednesday 28th of October from 10.15am to 12.15pm at Westbury Accountants, 2nd Floor, 145/157 St John Street,  London EC1V 4PY – Members Only & RSVP essential.

Guest Speakers: Hollie Smith-Charles an expert fundraiser in the creative sector who has recently added arts crowdfunding to her know-how. She will share with Members her expertise and will be able to also answer questions so come prepared. Among other topics Hollie will cover the following:

Raising funds for your micro-business:
– Why talking about art is more important than talking about money
– How your mission and vision tie into your business plan
– Signposting to resources and ideas for business development
Crowdfunding & the Arts – Opportunities & Challenges

If you are not a Member of AWAD but are interested in AWAD Membership, click here.

Find out more about AWAD Members worldwide via this page.

Note changes to date, venue and guest speaker may occur. Please check this page on the date of the event.

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