Firm News
A little bit of everything, written by the Lambert Chapman team. Join in the conversation, we would love to hear from you.
Tax changes announced in 2023
We are heading towards another Autumn Statement 0n 22 November 2023, but what about tax changes which have already been announced? Capital Gains Tax Allowances When you sell an asset and make a profit, if capital gains tax is due, allowances of £12,300 used to be...
A Guide to the Companies House Reforms
Prepare Your Business for the Companies House Reforms
Withdrawal of tax relief for EU and EEA charities and Community Amateur Sports Clubs
From 15 March 2023, income tax relief is being withdrawn on donations made to EU or EEA charities and Community Amateur Sports Clubs (CASCs). This will mean that income tax relief will no longer be available to claim against taxable income on tax returns from this...
Taxation of holiday accommodation
As part of their diversification plans, farms might consider providing camping or glamping facilities and the provision of holiday accommodation in existing buildings and cottages, but have you also considered the taxation of holiday accommodation? Unless a...
Farm Diversification
Many farming businesses continue to face uncertainty. Diversification allows a farm to produce alternative sources of income, potentially reducing the risk on a specific sector. The range of activities for diversification continues to increase with the sector opening...
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...
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The latest tax, employment, business and economic news affecting businesses and individuals alike.
