Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Can I claim the work from home allowance?
Q: Can I claim the work from home allowance? This is a question we’ve been asked a lot recently and so we asked our Senior Tax Manager, Lucy Orrow to answer in more detail For the 2021/22 tax year, HMRC allowed reimbursements of £6 per week/£26 per month as a work...
Agriculture – the need for self sufficiency
As a schoolboy I always remember being told that the Ukraine was the bread basket of Europe. Even so, I did not appreciate, until the conflict in the Ukraine that nearly one third of the world’s wheat is grown either in the Ukraine or in Russia. Already we are...
P11D – Employers return of Directors / Employee’s Expenses and Benefits in Kind
It is time to prepare the Forms P11D and P11D(b) for the 2021-22 tax year. The Forms are the employer’s responsibility. They are required for directors or employees who are provided with benefits or for whom you pay or reimburse non-deductible expenses. The Forms P11D...
Lambert Chapman reaction to Spring Statement 2022
Exactly two years since the first lockdown was announced, all eyes were on The Chancellor, Rishi Sunak, as he took to the despatch box in the House of Commons to deliver his Spring Statement 2022. Scroll down for reactions from Lucy Orrow, Craig Weavers, Sean Wiegand,...
NIC and PAYE Changes and Deadlines for Employers
5 April marks the end of one tax year and the 6 April indicates the beginning of a new one. It therefore feels like a good time to remind employers of changes that are coming into effect this April and deadlines that will be due. Firstly, a reminder of PAYE deadlines...
Selling or gifting residential property
The selling or gifting of residential property will be a Capital Gains Tax (CGT) event, whereby the gain will normally be calculated by reducing the market value/selling price for the cost of acquisition and for other allowable expenditure. The main relief from CGT...
Year-end tax planning 2021/22
5th of April will mark the end of the current 2021/22 tax year and it is therefore important, at the current time, to review an individual’s business and taxation affairs while there is still an opportunity to do so. Outside of taxation considerations, we would...
2021 Crop Valuations
Reduced wheat production around the world has resulted in the surge in crop prices in the last quarter or so of 2021. This may continue to be the case in 2022 if the crisis in western Ukraine persists. I am beginning to see the increased crop prices impact as we are...
Making Tax Digital for VAT
Most UK businesses that were VAT registered on a compulsory basis were obliged to sign up for 'Making Tax Digital' (MTD) from April 2019. At that time, there were exemptions available including any person or entity that had a voluntary VAT registration. Fast forward...
Tax on Airbnb Income
More and more individuals are now renting out rooms in their properties through intermediaries such as Airbnb. Often, it will provide an easy way to generate additional income. Many individuals may not realise that there can be taxation implications in these...
Events
The latest tax, employment, business and economic news affecting businesses and individuals alike.
