Insights

Larking Gowen LLP is delighted with the announcement that Norfolk ProHelp has secured significant funding, as well as new sponsorship. Norfolk ProHelp provides free professional and strategic advice to charities and community interest groups throughout Norfolk.  Julie Grimmer, Partner at Larking Gowen LLP, acts as voluntary Chair for the organisation.

New data shows that HMRC’s tax take has been bolstered by more successful investigations into individuals and SMEs. The investigation units that focus on those small businesses and individuals collected £16 extra in taxes for every £1 spent on their investigatory staff in 2016/17, up on the £15 collected the year before.

A recent accountancy survey highlighted that 60% of college and university students can’t explain terms like: ISA, bonds, shorting, hedge funds, index tracker fund and derivatives.

Download our regular newsletter for academies and free schools.

Our legal team have many years’ experience and our sector lead, Jon Woolston, is one of the top legal specialist accountants in the UK. As well as handling your business accounts and tax affairs, we can provide specialist advice in several key areas for legal practices.

Making Tax Digital for Business (MTDfB) is a key part in the Government’s plan to modernise the tax system – it’s the biggest change in tax administration in decades. It will affect every business in the UK, including those with rental income, and will change the way that businesses keep their accounting records, report profits and interact with HM Revenue & Customs (HMRC).

Rotarian John Button of the Ipswich East Rotary Club (pictured on the right in photo above) has received the award of Event Organiser of the Year from Community Action Suffolk. Community Action Suffolk champions community action in Suffolk by supporting the voluntary, community and social enterprise sector in its work

When it comes to personal tax, there are always issues that get us accountants excited (well relatively!). Three current hot topics are: Claiming for tax deduction of clothing, Making Tax Digital (MTD) and VAT campaign  reduce the VAT rate in the hospitality and tourism industries.

The Chancellor delivered his Budget speech this week and what a speech it was! There were new taxes introduced, threshold amendments, brilliant-one liners and more. 

The trust registration service (TRS) last year caused all sorts of issues. So, we’re disappointed that the scope of the existing Trust Register is to be extended in 2020 by yet another EU directive.

Fundraising is difficult, especially with more and more demand on donors’ income. However, there are opportunities; 70% of potential donors indicated they would be more inclined to give to a charity if they knew how their money was directly helping.

Most of the immediate reaction to Phillip Hammond's 2018 Budget statement dwelt on the headline grabbing increase in personal allowances and the question of whether or not the Budget marked an end to austerity.

How will the Budget affect you?

This booklet summarises the important changes; but how these affect you, or your business, depends on your circumstances – which are specific to you.

How will the Budget affect you?

Download our Budget Summary and Tax Rates, which explain the important changes.

You may have read a Budget summary and have a good idea of the key policies that are set to affect the UK. However, less reported are the impending changes that will affect the insolvency landscape.

Did you miss our Budget webinar, where our tax experts shared their understanding of Budget announcement from Phillip Hammond on Tuesday 30 October?

Click on the button below to view the recording of our webinar. 

In my recent blog, Solicitors and SAR audits – common problems, I discussed some common problems I’d noticed in this year’s SAR audits. Here, I’ll discuss how to tackle other key issues.

Given the current political situation and the furore caused by the removal of the Business Asset Taper Relief (BATR) in 2008, it may be a surprise if Capital Gains Tax Entrepreneurs’ Relief (ER)  is abolished next week. However, don’t rule out some tinkering with the existing rules.

We previously reported that from 1 April 2019, VAT registered businesses with a turnover above the VAT registration threshold (currently £85,000) will be required to keep digital records, and submit their VAT returns via the Making Tax Digital for Businesses (MTDfB) system.

Britain’s farmers are generally feeling more optimistic about the future than they did in 2017, according to a survey conducted by MHA, the UK-wide group of accountancy and business advisory firms.

The survey, undertaken at Cereals 2018, is based on interviews with over 100 farmers from across the country.

We are proud to announce that the Larking Gowen Corporate Transaction team have been shortlisted for two categories in the Insider Central and East Dealmaker Awards 2018; Corporate Finance Advisory Firm of the Year and Deal of the Year (transaction size under £10m).

Changes have been introduced to the annual allowance for pension contributions. This change has had significant impact on medical practitioners who are contributing to the NHS scheme.

I hadn’t given it much thought until last year but, up until about 2011, the Default Retirement Age (DRA) was 65 for men and 60 for women. The ending of the DRA, and the requirement for age equality, has had a significant impact on older workers. The exception is for those lucky enough to be able to retire early due to having a significant pension pot!

Like many businesses, you’ve been filing your VAT returns online and have kept your records in line with HMRC requirements. However, HMRC are changing those requirements and introducing Making Tax Digital (MTD).

HM Revenue & Customs (HMRC) collected £832 million in extra tax through investigations into inheritance tax, charitable donations and trusts last year. This shows how HMRC are approaching non-compliance from all possible angles and, as a result, almost all taxpayers are at risk of investigation from the taxman.

The scenario is a common one: Mr Smith owns some rental properties. During a tax year he wanted to buy a new home for himself. He raised the funds by remortgaging one of his rental properties. The interest charged on the new loan was claimed as a deduction against his rental income.

As another season of Solicitors Accounts Rules (SAR) audits draws to a close, I’ve observed some trends and key problem areas that keep cropping up. In this blog and my next, I’ll discuss how to avoid or overcome these common problems.

East Anglian based chartered accountants, Larking Gowen, is proud to be announced regional winner of the Workplace Wellbeing Award in the British Chamber of Commerce ‘Chamber Business Awards 2018’, it has been announced today.

As we move into the period of autumn cultivations, and clients continue the search for ways to cut a cost here and there, some will look in the barn, consider the cost of fresh seed, and decide that maybe this year they’ll take some of their own best sample, have it dressed and save a few pounds.

HMRC recently held a consultation requesting views on the proposed introduction of a reverse charge mechanism to combat VAT fraud in the construction sector.  Following its conclusion and analysis of feedback, HMRC have published draft legislation in the form of a Statutory Instrument, which will become section 55A of the VAT Act 1994 with effect 1 October 2019.