Firm News

A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.

Audit Challenges for 2020

Audit Challenges for 2020

Following the latest audit quality review carried out by the Financial Reporting Council, the principal weakness highlighted by the report was audit firm’s shortcomings in challenging management effectively.  Failures were identified in a number of areas including...

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Relevant Life Policies

Relevant Life Policies

As part of my service to clients, I try and check out, periodically, that the client has strategies for: Retirement income Critical illness cover Life cover Income replacement It is nice to have all bases covered but sometimes one has to prioritise, especially where...

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Cash Flow Statements – The Neglected Friend

Cash Flow Statements – The Neglected Friend

When I discuss a set of financial statements with a business owner, an often uttered lament is “I have made this profit but where’s the cash gone?”. In days of your, it was a requirement that a set of financial statements would include a cash flow statement as an...

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Annual Christmas Video 2019/20

Annual Christmas Video 2019/20

The Partners at Lambert Chapman LLP swap their Tax Returns for Torquay to present a special, festive edition of Fawlty Towers! On behalf of all the Staff and Partners at Lambert Chapman LLP, may we take this opportunity to wish you a very Merry Christmas and a happy...

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Update: The Trouble with Child Benefit

Update: The Trouble with Child Benefit

We are well aware of the charge on high earners for the Child Benefit allowance, which has been in place since 2013. This means that those earning over the £50,000 have a charge which means that the benefit is completely lost for those earning more than £60,000....

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Update: Making Tax Digital for VAT

Update: Making Tax Digital for VAT

Making Tax Digital (MTD) started becoming mandatory from 1 April 2019, meaning that the vast majority of VAT-registered businesses that are on a quarterly stagger should have submitted their first MTD VAT returns by now. I say 'should' since an HMRC announcement on 1...

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IR35 and Control

IR35 and Control

For there to be a contract of employment in place, there are three main elements that need to be present. These are: Personal service – the need to carry out work by your own hand. Mutuality of obligation – there must be a mutual obligation between the parties for one...

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Pension Planning Update

Pension Planning Update

Planning for your future or planning for now? We are all aware that putting money into a pension enables us to save for our future retirement but have you considered the savings that are available now? Each year, we all have up to £40,000 of annual allowance for...

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Tax Planning

Tax Planning

Once upon a time, Tax Planning was seen as a right of all taxpayers. In fact books even had forewords such as ‘The aim of this book is to enable the taxpayer to minimise his commitments to the Revenue’ (1966). In the current climate however, the Courts and public...

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Events

The latest tax, employment, business and economic news affecting businesses and individuals alike.