Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Partnership Agreements for Farms
Many businesses run as partnerships, whereby a number of individuals will be involved in running the business. In this article, I am going to look at Partnership Agreements specifically for Farms. For farming partnerships, the following common factors will often...
Capital Gains Tax (CGT) – Residential Property Pay and File Regime
New rules were introduced in April 2020 requiring that individuals who sell residential property on which CGT is payable must report and pay the gain to HMRC within 30 days of completion of the sale of the property. We are continuing to assist clients in meeting their...
Inheritance Tax – Business Property Relief and Agricultural Property Relief
Inheritance Tax is charged on the value of assets and two important reliefs are available in the form of Business Property Relief (BPR) and Agricultural Property Relief (APR) which provide an exemption at either 100% or 50% on qualifying assets. Business Property...
Should I incorporate my property rental business?
Following the introduction of the tax relief restriction on finance charges for residential lettings, we often receive enquires asking "should I incorporate my property rental business?". The restriction which has been introduced restricts the tax relief on finance...
Cycle to Work Scheme
The Cycle to Work Scheme is an incentive scheme offered by the Government which allows an employer to provide a bicycle to an employee without a benefit in kind being assessed. Normally, it will be combined with a salary sacrifice scheme, whereby the employee reduces...
Selling a Business – Value Building
To ensure the highest value can be achieved on the disposal of a business, we recommend careful planning, in good time, is undertaken before there is any urgency for the sale to take place. We recommend that one of the initial considerations should be ensuring that...
Business Acquisitions
Many businesses continue to make business acquisitions as part of their strategic growth plans. Reasons may include: To speed up growth. It may be argued that growing a business organically is slow and problematic. Diversification, which may allow risk to be spread...
Disposing of your Business
An owner may decide to dispose of a business for a number of reasons. This may include for retirement, family reasons or due to trading or cashflow issues. The timing of the exit will be important. In addition the taxation consequences will need to be considered to...
Construction Industry Domestic Reverse Charge (DRC) VAT
The Construction Industry Domestic Reverse Charge (DRC) was brought in on 1 March 2021 and changes the treatment of VAT in the construction industry. It was brought in as HMRC felt there was a risk in the construction industry of sub-contractors charging VAT on their...
The Super Deduction of 130%
Budget 2021 introduced a new super deduction of 130% on qualifying capital expenditure incurred by companies between 1 April 2021 and 31 March 2023. Qualifying expenditure includes plant, equipment and also fixtures within properties. The Government’s intention is to...
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The latest tax, employment, business and economic news affecting businesses and individuals alike.
