Insights

On Friday 6 September, HMRC issued Revenue and Customs Brief 10 (2019) announcing that the introduction of the Domestic Reverse Charge for construction services will be delayed for a period of 12 months, until 1 October 2020.

With just weeks to go to the introduction, HMRC have now responded to the concerns raised by industry representatives around the impact of the new measures.

An MBO, or management buy-out, occurs when a business is sold to its existing management team. A trade sale is when a business is sold to another, often competing, business. In this blog I explain some key benefits of an MBO.

Our options will depend on your circumstances and will be specific. There is a range of corporate and personal options available, as detailed in this brochure.

Whilst we will always try to help you rescue your business, sometimes formal insolvency is unavoidable. This brochure will explain more about corporate insolvency. 

Your options will depend on your circumstances and will be specific. There is a range of personal options available, as detailed in this brochure.

We are running a Manufacturing & Engineering Survey which will help to compile a nationwide picture of what the sectors think. This is our seventh annual survey and although none of us have access to a crystal ball, your views in the here and now will help our specialist advisers gauge where the sector is.

On Budget day, all eyes are typically focused on potential tax increases, the state of play of UK finances and whether there will be a rabbit pulled from the hat which shocks and surprises us all.

MHA Larking Gowen is pleased to welcome new trainees to the firm. The students, who will be based across Norfolk and Suffolk, will each be completing either their AAT (Association of Accounting Technicians) or ACA (Association of Qualified Accountants) apprenticeship with the firm.

There’s a common misconception that your company has to be involved in rocket science to be eligible for Research and Development (R&D) tax credit

The implementation date for the new SRA Accounts Rules is set for 25 November 2019.  On that date the current 52-rule SRA Accounts Rules 2011 will be replaced by the less prescriptive 13-rule SRA Accounts Rules 2019. 

Welcome to month eight of our publication, Using Conflict as a Catalyst for Change - A Guide for Embracing, Managing and Mitigating Conflict Within Your Charity.

Published recently, the Experian Mergers & Acquisitions (M&A) report for H1 2019 ranked MHA Larking Gowen’s Corporate Transactions team joint top by deal volume in the region, with the firm advising on ten deals in the East of England.

This guide briefly covers the tax issues involved with letting furnished holiday homes.

Over the years, there’s been a lot of talk about IHT tax reliefs and tax rates. At the moment, every adult has a £325,000 nil rate band.

Further to the Autumn 2018 Budget announcement, draft legislation to be
included in the Finance Bill 2019 is set to reform the intermediaries legislation – usually referred to as IR35 – with effect from April 2020.

In recent years, business sales in the healthcare sector, specifically care homes and domiciliary care agencies, had slowed down, with buyer interest placed in the larger company acquisitions.

Further to the Autumn 2018 Budget announcement, draft legislation to be
included in the Finance Bill 2019 is set to reform the intermediaries legislation – usually referred to as IR35 – with effect from April 2020.

The second round of the Countryside Productivity Small Grants Scheme, administered by the Rural Payments Agency (RPA), opened for applications on 9 July 2019. 

Despite Brexit and the process of electing a new Prime Minister, the Government does seem to be getting some useful business done, although perhaps a bit under the radar. An example is the UK’s first ever tourism sector deal.

On 24 July, Sajid Javid was confirmed as UK Chancellor of the Exchequer.  At the top of the new Chancellor’s to do list will be whether to implement all of Boris Johnson’s tax and spending pledges made during the Tory leadership campaign and, if so, how.

Motor retail is one of the more challenging sectors to operate in from a VAT perspective.

The latest quarterly Insolvency Statistics were released on 30 July 2019 by the Insolvency Service.

In a long running battle, the University of Cambridge has challenged the way HM Revenue & Customs’ recovers VAT on investment funds of donations and endowments.  The University claimed that they should be able to claim back a proportion of the VAT because the investment returns were used to support wider business activities.

HMRC’s latest statistics reveal that taxpayers underpaid £7.4bn in tax last year, up 10% from £6.7bn in 2016/17. This represents 21% of the total UK Tax Gap last year (£35bn), which is an increase from 20% in 2016/17 (£33bn).

Whilst much noise has, and continues to be made about the proposed changes to IR35, which will take effect in relation to services provided to medium and large businesses in the private sector from April 2020 (draft legislation was issued last week), it largely falls on deaf ears within government.

East Anglian-based accountancy and business advisory firm MHA Larking Gowen is extending its company wellbeing programme to reach beyond the doors of its offices.

New rules on pricing transparency for solicitors came into force on 6 December 2018. The rules require solicitors to publish their pricing and service information on their websites about certain legal services. 

The rules about PETs are a bit more complicated but, in summary, to be free of inheritance tax you need to survive the gift by at least seven years; although what’s known as taper relief arises after year three.

Welcome to month seven of our publication, Using Conflict as a Catalyst for Change – A Guide for Embracing, Managing and Mitigating Conflict Within Your Charity. This month we focus on how sometimes conflict can be just what a charity needs.

Last month we looked at the example of Mrs Lambert, who sold her residence and realised a capital gain. At present her tax bill is £1,400 but HMRC are consulting on changes to a valuable relief that would see her tax charge increase to £14,700 if she sells the property on or after 6 April 2020