Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Farm Diversification
Many farms have diversified and operate additional commercial ventures, such as renting or introducing other business operations. There are often risks with the potential loss of taxation reliefs if different activities are undertaken and these should be considered in...
Management Accounts, Forecasts and Budgets
I recently read an article questioning if small businesses should be required to prepare accounts. The author argued that a small business owner knows how well their business was doing by the customers coming through the door and the cash balance in their bank. In...
Business Plans
Many businesses will often have a short-term focus and a business plan can help them set their longer term targets. A business plan is a written document and will normally set out aspirations and will include accounting and cash flow projections. Although factors are...
HMRC Penalties for Tax Evasion and Avoidance
Powers have been given to HMRC so that it can maximise revenue and clamp down on tax evasion and avoidance. What is the difference between evasion and avoidance? Evasion is illegal Avoidance is not advisable but not illegal Tax planning is allowable The blurring of...
Personal Tax Planning 2021/22 – last call to take action
As the end of the 2021/22 tax year is approaching, there are a number of different things that you could consider. These need to be actioned before 6 April 2022:- Marriage Allowance Where the lowest earning spouse earns less than the personal allowance (£12,570 for...
Year End Tax Guide
Have you maximised all of your tax-free allowances?
HMRC Time to Pay Arrangement
As we head towards the Self Assessment Tax Return filing deadline, HMRC customers will be calculating their tax liability due for payment by 31 January 2022. This payment date is still relevant even with the extended Self Assessment Tax Return filing deadline through...
Webinar Recording: Introduction to Inheritance Tax (IHT)
An introduction to Inheritance Tax (IHT) presented by Lucy Orrow – Senior Tax Manager at Lambert Chapman LLP. Could your Executors be at risk of paying 40% tax on your estate? In this webinar recording, Lucy takes us through the current IHT rules in the UK along with...
Divorce and Capital Gains Tax
The taxation implications of divorce will normally not be an initial consideration for the divorcing parties. However, the taxation rules can create unwanted liabilities and we would therefore recommend advice is obtained at the earliest opportunity. For Capital Gains...
Plan B announcements – “Who makes these decisions?”
When you wake to discover that Rory Burns was bowled first ball and Stuart Broad has been benched with his replacement the spinner Jack Leach unlikely to bowl a ball according to Jonathan Agnew, you do tend to ask the question “who makes these decisions?“ But as the...
Events
The latest tax, employment, business and economic news affecting businesses and individuals alike.
