Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
HMRC issuing nudge letters for Business Asset Disposal Relief (BADR) claims
HMRC are sending nudge letters to Business Asset Disposal Relief (BADR) claimants, who have made a claim within their 2021-22 Tax Returns. HMRC believe these claimants may have exceeded their lifetime allowance. Previously known as Entrepreneur’s Relief, BADR is an...
Gift Aid
We all like to help local charities and as we near the World famous Maldon Mud Race on 14 May 2023, which has raised over £30,000 and broken countless washing machines over the years, now is a good time to look at the tax opportunities that come from Gift Aid... Gift...
Claim tax relief for working from home
The pandemic saw millions of people forced to work from home and as a result, found themselves eligible to claim temporary tax relief on expenses they incurred for that period. Figures from HMRC suggest that more than 3 million claims were submitted for the 2020/21...
Tax Year Basis of Assessment
It was announced back in 2021 that from April 2024, businesses, including sole trades and partnerships, would be taxed on their profits arising in the tax year, rather than on their accounting year end. This is referred to as the tax year basis of assessment. This...
Protection for taxpayers using repayment agents
HMRC have recently announced a number of steps to improve transparency in the repayment agent market in order to protect taxpayers. This has come as a result of repayment agents who have not been clear about their terms and conditions, which led taxpayers to not...
Spousal exemption for Capital Gains Tax (CGT)
Previously when couples separated, they had until the end of the tax year to transfer assets between them, in order to benefit from spousal exemption for capital gains tax purposes. This could and did put significant pressure on both parties to potentially make quick...
Increase to the Corporation Tax rate
Generally, Corporation Tax rates have been falling for many years. The main Corporation Tax rate was over 50% in the 1970s, before reduction to the mid 30% during the 1980s, before falling further to 30% in the early 2000 and down to 20% in 2015 before reducing to...
How to utilise surplus cash
Surplus cash is the excess a company has which is not required for day-to-day operations or for future expenditure. If a company is profitable, over time it may find that surplus cash reserves have built up. Assessing how much surplus cash the business has will often...
Winners at the Tees Law Quiz Night
On Thursday 16 March 2023, Lambert Chapman LLP attended a Charity Quiz Night, held at the Essex County Cricket Ground, which was organised by Tees Law to raise funds for the Better Future Fund. The team was made up of: Paul Short, Richard Hamilton, Mike Carabine, Lucy...
Lisa Greenwood – Budget 2023 comments
Boring Budget or what was the point Budget? The question really has to be what was the intention of the Budget as I can’t really say I know... Most businesses have a staff shortage issue at the moment and a sensible solution is to extend free childcare funding, but...
Events
The latest tax, employment, business and economic news affecting businesses and individuals alike.
