Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Year-end tax planning 2021/22
5th of April will mark the end of the current 2021/22 tax year and it is therefore important, at the current time, to review an individual’s business and taxation affairs while there is still an opportunity to do so. Outside of taxation considerations, we would...
2021 Crop Valuations
Reduced wheat production around the world has resulted in the surge in crop prices in the last quarter or so of 2021. This may continue to be the case in 2022 if the crisis in western Ukraine persists. I am beginning to see the increased crop prices impact as we are...
Making Tax Digital for VAT
Most UK businesses that were VAT registered on a compulsory basis were obliged to sign up for 'Making Tax Digital' (MTD) from April 2019. At that time, there were exemptions available including any person or entity that had a voluntary VAT registration. Fast forward...
Tax on Airbnb Income
More and more individuals are now renting out rooms in their properties through intermediaries such as Airbnb. Often, it will provide an easy way to generate additional income. Many individuals may not realise that there can be taxation implications in these...
Tax Rates and Allowances 2022/23
Download our Guide – Tax Rates and Allowances 2022/23
Tax reliefs when you sell a business
Over the years, a number of different reliefs have been introduced and subsequently replaced, with the intention of providing a lower taxation rate to an entrepreneur selling their business. It was felt unfair that someone who had built up a business over a number of...
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...
Events
The latest tax, employment, business and economic news affecting businesses and individuals alike.
