Category Archives: Larking Gowen

Incorporating/not incorporating?

Daniel Jefferson

Hot on the heels of the Budget, I’m sure the questions being asked by many partners at solicitor practices across the country are, “Should we consider incorporation to obtain limitation to liability or not?” and, “What are the consequences now?”

The majority of the legal practices that we see are predominantly partnerships and partners are looking at how to structure the practice in order to attract and obtain potential future partners.

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Charity reserves: building financial resilience

Giles Kerkham

There has been a significant change in the focus of the Charity Commission’s guidance on reserves (CC19 – revised in 2016). The new key messages include underlying steer towards keeping reserves to address risks of ‘unplanned closures’ and to plan for the maintenance of essential services. This is a turnaround from having to justify why reserves are being retained, to requiring an explanation as to why they are adequate.

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National insurance contributions and working overseas

Michael Morter

There are proposed changes to the national insurance system which will impact on a number of people, and in particular those who have left the UK to work overseas.

The proposal is that Class 2 national insurance contributions (NIC) will be abolished. Class 2 is £2.85 per week from 5 April 2017 and for UK residents it is normally paid by self-employed people, together with Class 4 NIC, which is charged as a percentage of profits made.

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Dividend Surprise

Hayley Stockwell

There has been much commentary in the last week or so concerning the reduction in the Dividend Allowance. This follows the Chancellor’s surprise announcement in the Spring Budget that this would be reduced to £2,000 from April 2018. It would seem an appropriate time to remind individuals that significant changes took place to the taxation of dividends at the start of this current tax year when the £5,000 Dividend Allowance commenced.

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Tying the knot with your business

Glenn Matthews

I have been working with new businesses for the best part of five years at Larking Gowen, and having married last year, it struck me how similar the two things can be.

Taking the leap

From the moment I proposed, it seemed that every free hour was consumed with making plans. Having your own business can feel the same; it will take a lot of time, but it really is worth taking that time at the start, as this will mean that everything that follows is likely to be smoother.

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Charities’ management accounts: what do they need to show?

Jo Fox

Consider a charity which delivers services that are funded through a blend of contracts and grant income. To comply with the Charity Statement of Recommended Practice (SORP), the year end accounts need to recognise income from service contracts to the extent that the service had been delivered, whereas grant income would generally be recognised at the point that the grant was receivable.

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National Minimum Wage – risk areas

Tessa Brown

With the forthcoming change in rates for the National Minimum wage (NMW) I wanted to take the opportunity to highlight a number of risks that may arise for employers.

Paying the incorrect rate

With every NMW increase there is the risk that the increase is not applied in a timely manner to your employees’ pay.

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