Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Finalising end of year Financial Statements
During my years of dealing with related businesses (majority being group companies) the concluding meeting point on finalising the end of year financial statements is sometimes ‘what management charges should we apply?’ To have this as a final adjustment within the...
Reverse charge VAT for the Construction Industry
News Update - September 2019: The Government has just announced that it will delay the introduction of VAT Reverse Charging by a year after it was heavily criticised for rushing through the changes without consultation with trade bodies and organisations in the...
Rental Properties – Termination of Lettings Relief
With effect from 6 April 2020, the Principal Private Residence (PPR) extension has been reduced from 18 months to just 9 months (oh for the halcyon days when it was a full 36 months). Rental Properties A second measure being introduced is the restriction in the...
Embrace the power of the Salary Sacrifice Scheme
Only 41% of SME businesses offer a pension salary sacrifice scheme to their employees compared to 61% of large and 85% of very large companies.(FT Advisor). Even less offer salary sacrifice arrangements to their employees and I often question why this is the case....
General Data Protection Regulations (GDPR) – One year on
It is just over a year since the General Data Protection Regulations (GDPR) came into effect. Organisations all over the country spent considerable time and energy working out what steps would be required to make themselves ready for compliance with the new General...
Electric cars get a huge boost from HMRC from slashed taxes
Company cars are an expensive option for a salary package and I can’t remember the last time I recommended a company car for the owner of a business. However for some clients, I can see that this is about to change as HMRC will be introducing some attractive tax rates...
Raising the Higher-Rate Tax Threshold to £80k
In the Tory leadership contest, Boris came out with a proposal to raise the Basic Rate Tax threshold to £80,000 (currently it is £50,000). This seemed like an outrageous and impractical proposition. At the time, some commentators saw it as an example of dead cat...
Corporate Quiz in aid of Helen Rollason Cancer Charity
Having won the quiz at Bishops Stortford a month or two previously, we were invited to take part in The Helen Rollason Cancer Charity Corporate Quiz which took place on Thursday 11 July 2019 at the CloudFM County Ground in Chelmsford. As always, we were very pleased...
Common misconceptions relating to Rental Income from Residential Property
Following on from Lucy Orrow’s article on “Incorporating your Rental Business”, I thought I would share some common misconceptions that are made by clients when discussing the subject of Renral Income from Residential Property. I don’t need to declare my rental income...
Client Case Study: Residence and a reminder to check your status
The Statutory Residence Test has been around since 2013 and has given a proper basis for determining residence status. Our client left the UK in 2012 and subsequently made a large capital gain on the disposal of shares in a unlisted trading company. This was not...
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The latest tax, employment, business and economic news affecting businesses and individuals alike.
