Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Inheritance Tax and Lifetime Giving
Lifetime giving can be an effective tool for individuals seeking to reduce their Inheritance Tax liabilities on death. The exemptions available which provide potential relief from Inheritance Tax include: An annual exemption of £3,000 per year. Wedding gifts up to...
Wills and Intestacy
We recommend that our clients have Wills prepared and that these are regularly reviewed and updated to reflect changes to their circumstances. A Will allows the individual’s Estate to be passed as the deceased intends and it also allows Inheritance Tax planning and...
Company purchase of own shares
For many small, unquoted companies - it may be difficult to find a purchaser when a shareholder wishes to dispose of their shareholding. In this article, we look at company purchase of own shares. The company may be owned by a limited number of individuals, often...
What should you do if you or your staff are ‘pinged’ by the NHS COVID-19 App?
It is being reported that there are an increasing number of people being ‘pinged’ by the NHS COVID-19 App. The terminology ‘pinged’ is referring to when a person is sent an alert by the App. The App sends anonymous alerts if the user has been in close contact with...
Freedom Day in the United ‘Pingdom’
“There’s a warnin’ sign on the road ahead” says Nick Forsyth as he considers the issues businesses face connected to Freedom Day In what became an expected move, our Government predictably threw the workplace safety measures back into Employers faces with effect from...
The Insolvency Process
Many companies will experience short-term trading and cashflow issues during their lifetime. If these become significant and the company is unable to recover, then the Directors may need to consider placing the company into insolvency. In law, a company is insolvent...
Tax Relief for Virtual Staff Parties
Covid has brought many changes to our lives including announced changes by HMRC to the tax relief provided for staff parties. Historically a £150 per head exemption existed for social functions and parties. To be exempt the function must: Be open to all employees. Be...
Reminder – Claim Working from Home Tax Relief
Employees can claim Tax Relief for working at Home due to Coronavirus HMRC have confirmed that employees can claim tax relief for working at home due to Coronavirus for the 2020/21 and 2021/22 and tax years. HMRC have an online portal allowing individuals to make the...
What does ‘Freedom Day’ mean for employers?
Legal restrictions in place in respect of Covid-19 will start to end on Monday 19 July in England, Wales and Scotland. Each country is taking a slightly different approach to timings and some of the detail around what is required, but in all countries, 'Freedom Day'...
Using the Online Capital Gains Tax Reporting Tool
Keeping on top of property taxes within the UK over the last year has been tricky for all. Our Senior Tax Manager, Lucy Orrow, published two video updates in May 2020 looking at Capital Gains Tax (CGT) reporting and changes to Principal Property Residence Relief (PPR)...
Events
The latest tax, employment, business and economic news affecting businesses and individuals alike.
