Latest news with #ForvisMazars
ITV News
6 days ago
- Business
- ITV News
Somerset's historic Hestercombe estate put into administration as running costs rise
Hestercombe House and Gardens has been put into administration after Trustees declared the estate is 'no longer viable in its current operational model'. The historic estate near Taunton features a 16th century house and gardens which span four centuries of design which are open to the public and used as a wedding venue. The 50 acre estate includes a Georgian Landscape Garden, Victorian shrubbery and Edwardian formal gardens. It's staged events including a Christmas Light trail, live music and theatre and a sunflower walk. Forvis Mazars have been appointed administrator of Hestercombe Gardens Limited and Hestercombe Gardens Trust - a charity set up in 1996 to oversee restoration of the gardens and protect their future. Mark Boughey, Joint Administrator, said, 'Visitor numbers are down over the past year and wedding/cafe operations are failing to deliver the profitability the wider estate requires.' 'Despite the passion and commitment of the current management team and following a period of cost-cutting and reorganisation it is sad to see a popular and historic house and gardens left with no real alternative but to appoint administrators to protect the asset.' The business continues to trade under the Administrators' supervision and the estate remains open to the public. In a statement the Trustees said 'Hestercombe, a beloved historic estate and gardens, has played a central role in the cultural and social life of Somerset and beyond.' 'We hope the appointment of administrators will ensure a structured and professional approach to managing the Trust's cash flows and assets while exploring potential avenues for future sustainability including a restructuring and/or the sale of assets.'
BBC News
7 days ago
- Business
- BBC News
'Beloved' historic estate and gardens enter administration
A "beloved" historic estate and popular wedding venue has entered trustees of the 16th-Century Hestercombe House and Gardens, near Taunton, Somerset, have said running the site is longer viable due to low visitor numbers and cost firm Forvis Mazars, which has been appointed as an administrator, issued a statement confirming it will remain open for the time Boughey, from Forvis Mazars, said it is "sad" to see this happen "despite the passion and commitment of the current management team". He added that visitor numbers have been down over the past year and wedding operations are failing to deliver the profitability the wider estate requires."Like many businesses, Hestercombe has continued to suffer with increasing cost pressures to operate, leaving the trustees with little option but to seek the protection of Administration and the support of administrators."Hestercombe will continue to remain open and operate normally for the time being, whilst we explore all options for future sustainability," he added. Sale of assets Hestercombe Gardens trustees said the "beloved historic estate and gardens" played a central role in the cultural and social life of Somerset and beyond. It is hoped the administrators will ensure a structured and professional approach to managing the trust's cash flows and assets while exploring potential avenues for future restructuring and/or the sale of assets", a trustee spokesperson added.
Mint
05-08-2025
- Business
- Mint
Income Tax: Why you should make a special note of July 23 as you file your ITR? All you need to know
On July 23, 2024, Finance Minister Nirmala Sitharaman tabled Budget 2024-25, which carried an array of landmark changes, especially with regards to long-term capital gains tax. These changes include lowering of long-term capital gains tax rate to 12.5 percent (from 20 percent earlier) while indexation – that allows for adjusting the cost of asset with regards to inflation -- was phased out. Pathbreaking! Isn't it? The changes were certainly significant, but much needed at the same time, argued experts then. As tax filing season for FY 2024-25 is on, these changes gain a lot of significance, and several taxpayers would be struggling to comprehend the nuances of those changes. We have deconstructed most of those changes relating to long-term capital gains, which were introduced on the D-day of July 23. Notably, the provision of indexation, which was phased out on July 23, 2024, was restored for those asset owners who had purchased their asset(s) before July 23, 2024. They could simply opt for one of the two options: use indexation with a 20 percent tax rate, or skip indexation and pay the capital gain tax rate at 12.5 percent. And one is expected to choose the option (with or without indexation) that leads to lower tax liability – for obvious reasons. Gaurav Jain, Partner, Direct Tax, Forvis Mazars in India, simplifies the tax provision relating to long-term capital gain. 'For any capital asset sold on or after July 23, 2024, the new regime applies. The changes are significant and affect how tax is calculated on gains. Now, a uniform tax rate of 12.5% applies to long-term capital gains (LTCG) across most asset classes, regardless of indexation. In the case of land and buildings sold on or after July 23, 2024, tax will be charged at 12.5 per cent without indexation. If the aforesaid asset, being land or building, was acquired before July 23, 2024, the taxpayer has the option to choose between12.5% without indexation, or20% with indexation,' says Jain. Short-term gains on financial assets: These assets now attract a tax rate of 20 per cent instead of 15 per cent earlier. Other financial assets: On all other financial assets and non-financial assets, there will be an applicable tax rate based on the tax slab that applies. Long-term capital gains: All financial and non-financial assets attract a tax rate of 12.5 per cent instead of 20 percent earlier. Exemption limit: The limit of exemption of capital gains on certain listed financial assets is ₹ 1.25 lakh per year instead of ₹ 1 lakh earlier. For all personal finance updates, visit here
South China Morning Post
04-08-2025
- Business
- South China Morning Post
China's youth seek stability over entrepreneurship as economy lags
In a departure from the 'mass entrepreneurship and innovation' encouraged among China's youth in the 2010s, in a new survey the country's Generation Z has defined its life and career ideals around flexibility and financial freedom. 'Freelancer' was the most favoured career for those born between 1995 and 2009, according to a report released on July 25 by Forvis Mazars, an international provider of advisory and consulting services. Based on the preferences of 4,171 respondents, the study presents a new portrait of the values, lifestyles, and careers sought after by 260 million young Chinese. In a ranking of their 'ideal career,' 49 per cent of respondents included 'freelancer'. 'Public sector employee' was the second most common result with 47 per cent, followed by 'technical professional' with 39 per cent, 'corporate employee' with 34 per cent and 'entrepreneur' with 31 per cent. A relatively low position for entrepreneurship indicates its waning appeal among young Chinese, with some saying a laggard economy has diminished the allure of starting a business. 'The economy was poor during the Covid-19 pandemic, and it's even worse now,' said 23-year-old Crystal Pang, a recent graduate with an education degree currently job-hunting in Shenzhen.
South China Morning Post
04-08-2025
- Business
- South China Morning Post
China's youth seek stability over entrepreneurship as economy lags
In a departure from the 'mass entrepreneurship and innovation' encouraged among China's youth in the 2010s, in a new survey the country's Generation Z has defined its life and career ideals around flexibility and financial freedom. 'Freelancer' was the most favoured career for those born between 1995 and 2009, according to a report released on July 25 by Forvis Mazars, an international provider of advisory and consulting services. Based on the preferences of 4,171 respondents, the study presents a new portrait of the values, lifestyles, and careers sought after by 260 million young Chinese. In a ranking of their 'ideal career,' 49 per cent of respondents included 'freelancer'. 'Public sector employee' was the second most common result with 47 per cent, followed by 'technical professional' with 39 per cent, 'corporate employee' with 34 per cent and 'entrepreneur' with 31 per cent. A relatively low position for entrepreneurship indicates its waning appeal among young Chinese, with some saying a laggard economy has diminished the allure of starting a business. 'The economy was poor during the Covid-19 pandemic, and it's even worse now,' said 23-year-old Crystal Pang, a recent graduate with an education degree currently job-hunting in Shenzhen.
