Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Update to the Trust Register
It has been a requirement for some time that if a trust is liable to pay any tax, then the trust must be registered on the HMRC Trust Register. HMRC have now released guidelines outlining the requirements for trustees of non-taxable trusts to also register. The trial...
Beat the tax rises!
'Beat the tax rises!" - this was the headline of one of the next day articles after the Chancellor’s Budget earlier in the year. It was an article by Taha Lokhandwala, which started very sensibly by starting up the freezing of allowances and the likelihood that some...
Tax efficient benefits in kind
A number of benefits can be provided by employers to their staff without creating a taxable benefit in kind on the employee. These include: Trivial benefits in kind –the benefit cannot be cash, the cost does not exceed £50 and it is not provided in recognition of...
Business Valuations
I have seen a pickup over the last few months in the number of appointments we are securing to provide business valuations and individual shares therein. Many of these are in the context of divorce proceedings, where we are instructed by lawyers. We are very fortunate...
Self-Employment Income Support Scheme fifth grant (SEISS)
HMRC have now issued guidance for the Self-Employment Income Support Scheme fifth grant (SEISS). As predicted, the grant will be determined by a turnover test that compares the self-employed income in the 2021 tax year compared to pre-coronavirus trading. The 2021...
How secure are your SEISS or CJRS claims?
Nick Forsyth looks at the potential problems as we (hopefully) approach the end of the pandemic With the vaccination programme showing some light at the end of the tunnel, we might see some normality returning to our lives and work patterns as the summer approaches...
UEFA Euro 2020 – the dice edition
Just prior to the 2018 World Cup, we decided to host an alternative running of the tournament at our UK200Group Professional Breakfast at the Braintree Golf Club, Stisted. The results of the matches were decided by our guests, who were rolling dice in order to...
Forensic Accountants: Tax Based Appointments
As Forensic Accountants, many of the instructions we take from solicitors, who use our services, relate to the delivery of a report on the tax implications of the disposal of properties within divorce proceedings. This is perhaps a reflection of the fact that so many...
Gift Hold Over Relief on Divorce
Gift Hold Over Relief allows the gain on a transfer to be deferred when a qualifying business asset is gifted. The relief defers the gain for the donor by reducing the base cost of the asset in the hands of the donee. It is noted that gift relief is restricted for any...
Tax Planning through Wills and Variations
An individual’s Will and the use of Deeds of Variation potentially allow mitigation of Inheritance Tax liabilities on the person’s death. Planning factors to minimise Inheritance Tax liabilities include: Utilising the spouse exemption. This potentially allows assets...
Events
The latest tax, employment, business and economic news affecting businesses and individuals alike.
